Once you’ve completed your MYOB courses in Brisbane and have decided to start your bookkeeping company you need to consider some of the realities of running a small business, like the need for insurance.
Many people think that they can get away with not having insurance, or they believe that they only need to insure their equipment and not their services. And, many bookkeeping professionals do get away with it, but there are those who find themselves on the receiving end of a civil claim after getting some calculations wrong, and if they don’t have insurance they could end up bankrupt, with their business in ruins.
What kind of insurance do I need?
You will need to insure all of your assets, of course. You don’t want to have your computer implode, taking all your carefully balanced MYOB ledgers with it and risking the wrath of your Brisbane clients. (That’s also why you need backups, backups, and more backups.)
Beyond that, you need professional indemnity insurance because all the MYOB short courses in Brisbane can’t protect you from the occasional error.
What is Professional Indemnity Insurance?
Australian Bookkeepers Network (ABN) defines professionally indemnity (PI) insurance as a policy that protects professional bookkeepers from losses suffered by third parties due to negligence, error, failure or mistake on the bookkeeper’s part.
It’s much better to pay a couple of hundred dollars a month than have to find several million dollars plus legal costs all at once.
You’ll also want to consider public liability insurance, which, according to Australian Bookkeepers Network, protects you from financial loss caused by injury or property damage to a member of the public in Brisbane as a result of negligence. So, if a client breaks a leg after slipping on the wet stairs leading from your driveway to your office, your insurance will cover the claim for medical expenses.
Where do I get insurance?
You can get professional asset, professional indemnity, and public liability insurance policies from just about any broker, but some companies offer insurance policies tailored specifically to bookkeepers. For example, the Australian Association of Professional Bookkeepers offers a comprehensive and exclusive package for contracting bookkeepers from QBE. RGIB provides specialised bookkeeping insurance that includes PI and stock and contents insurance. Nationwide Insurance Brokers offers speciality bookkeeping policies to ABN members. BizCover.com provides professional indemnity, public liability and business insurance specifically for bookkeepers and BAS agents. IH Group also provides specialised PI insurance for bookkeepers.
You’ll also want to consider public liability insurance, which, according to Australian Bookkeepers Network, protects you from financial loss caused by injury or property damage to a member of the public in Brisbane as a result of negligence
Of course, before you can benefit from any of these insurance packages, you need to have established your bookkeeping business and to do that, it’s best that you have qualifications (MYOB and other) from reputable and accredited Certificate IV Bookkeeping Courses in Brisbane.
TafeCourses.com.au offers a range of MYOB courses in Brisbane so you can start your own business or set yourself up as one of the consultants for course providers in the greater Brisbane area.