What is the package available to AAPB members?
To ensure that AAPB members receive exceptional cover at competitive
terms the AAPB and James Wiltshire Pty Ltd have entered into
an exclusive arrangement with QBE Insurance (Australia) Ltd.
As a professional Bookkeeper your Association policy covers
you for up to 80 of the regular activities of a bookkeeper
(as described in the Nominated Task list of the application
form).
Cover for both Professional Indemnity and Public Liability
insurance is available at a fixed national price of $800 per
annum inclusive of all charges.
To find out general information on the types of cover provided
by professional indemnity and public liability insurance click
on the links below:
• What is Professional
Indemnity insurance?
• What is Public Liability
insurance? For further information on the exclusive package available
to AAPB members and application process please click on the
links below:
• How can AAPB members apply for
cover?
What is Professional Indemnity insurance?
Professional Indemnity
(“PI”) insurance is an insurance
package designed to protect businesses offering professional
services. Professions that often require Professional Indemnity
Insurance include: Consultants, Accountants, Engineers, Doctors,
Financial Planners, Bookkeepers, as well as dozens of other
professions.
As a ‘professional’ the law requires you to exercise
your skill at an appropriate level expected of your profession.
But professionals are only human and mistakes do happen. Any
financial loss arising from your mistake or failure may result
in an award in favour of a third party.
In today’s litigious
society, no professional Bookkeeper can ignore the real possibility
that a claim may be brought
against them by a disgruntled client during the course of their
career.
Professional Indemnity protects against claims for "Business
Injury", which means any financial loss that can result
from:
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Any negligent act, error or omission
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Unintentional Infringement of Intellectual
Property Rights
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Loss of Documents/Data entrusted to the
insured
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Unintentional libel, slander, defamation
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Unintentional breach of confidence, confidential
duty or misuse of information
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Professional Indemnity will pay all reasonable costs incurred
in the defence (i.e. legal fees) or settlement of such claims
arising from the above.
What is Public Liability insurance?
Public Liability insurance is an insurance policy designed
to cover your business in the event that you cause bodily injury
or death to a member of the public or damage to a third parties
property.
A third party could claim that as a direct result
of your negligence they have suffered a loss whether it is
damage to their property
or they have suffered a bodily injury. In the event that
you are pursued by someone who feels that your business activities
are a direct result of their loss they could sue you for
compensation/damages.
As examples of the types of events that could give rise to
a negligence claim:
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Introducing a virus via a computer disc
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Someone trips over a briefcase that you
placed on the floor and sustains bodily injury as a result
of the fall
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•
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A client visiting your business address
looses their footing on a loose floor tile and is subsequently
injured in the fall
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If you are working from home you will
not be covered under any household policy as these specifically
exclude claims “arising out of your business or professional
activities”. Similarly if you are deemed to be a contractor
you will generally be excluded from commercial insurance covers
maintained by your clients.
If you do not have public liability insurance and you get
pursued for compensation you will be liable to pay the full
amount of the claim. If you are not able to pay the compensation
you will potentially lose your business, home and any other
assets that you have.
How can AAPB members apply for cover?
AAPB members will be provided with details on how to access the secured section
of the James Wiltshire site containing further details of the package terms and
conditions, and application process.
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