You are not alone — new bookkeepers and even those you may consider established bookkeepers also ask, “Can I get away without an insurance policy for my bookkeeping business?”
We chatted with Adam N, a CPA in Baltimore about the dangers a bookkeeper faces in business. He says, “Thankfully, I bought professional liability insurance policy just a couple of months after I started my bookkeeping business. Well, I must confess that my colleague in this field was the scapegoat I learnt from.”
As bookkeepers and financial experts, taking care of the daily financial health of clients is not just rewarding but also challenging. Just one entry error, or work injury, or record keeping fraud accusation could spell doom for your business. This is why you need professional liability insurance or other bookkeeper small business insurance policies for protection against professional mistakes, employee injuries, fire, or other mishaps that may put your business in jeopardy.
Adam tells us about why he decided to get small business insurance when he started his own bookkeeping business. “Unfortunately, my colleague Brian had no professional liability insurance in place, or even any form of business insurance. So, his bookkeeper business came to a halt because he had to sell off some assets and incurred huge expenses in the course of the lawsuit. His experience inspired me to contact an insurance company and buy the appropriate business owners policy without delay.”
Apparently the error was not even fault of Brian’s, but that didn’t stop the disaster. Brian was heard to say, “It was just a seemingly minor data entry error by my employee that fueled a lawsuit from the client. My client insisted it was a planned record keeping fraud and sued my business.”
Obviously as a bookkeeper, you work with sensitive information all the time, and of course money is involved. If something goes wrong in the business, especially financial-related matters the bookkeeper could be the one to bear the burden directly or indirectly, depending on what is involved. A professional liability insurance policy will add protection to your bookkeeping business. Contact Small Business Liability to protect your bookkeeping business.
ASK JOHN FOR THE BEST INSURANCE QUOTE YOU’LL GET ALL DAY!