Bookkeeping Insurance in New Hampshire
What is Bookkeeping Insurance?
Working as a bookkeeper or similar professional in the field of business finance comes with a substantial amount of responsibility and corresponding risk. In addition to the risks that many businesses face, bookkeepers also must consider the potential cost that an error in their work could have. Bookkeeping insurance helps protect bookkeepers in New Hampshire from many of the risks they face, including both ones that are common to many industries and ones that are specific to this line of work.
Though there is no specific bookkeeping insurance policy, bookkeepers can obtain a specialized form of commercial insurance that’s designed to meet the unique needs of bookkeepers and similar professionals. Because these professionals typically face multiple risks, most of these policies are package policies that contain several coverages within them.
What Professionals in New Hampshire Need Bookkeeper Insurance?
Generally speaking, the majority of New Hampshire professionals who offer business finance services should consider whether bookkeeper insurance is right for them. For example, bookkeepers, tax preparers and accountants may all benefit from this type of coverage.
Professionals who aren’t sure whether their work is best insured with a bookkeeper or other type of policy should speak with an insurance agent who specializes in this type of insurance. A knowledgeable agent will be familiar with the typical protections that a bookkeeper needs on a business policy, and they can give informed advice based on a business' particular situation.
What Coverages Does Bookkeeper Insurance Make Available?
The precise combination of coverages that bookkeeper insurance policies offer often varies, but there are many protections that are widely available through commercial policies. Some of the more common coverages include:
Professional Liability Coverage, which may cover claims related to errors that are made in work
General Liability Coverage, which may cover slip-and-fall and other common accidents occurring on a business’ property
Commercial Property Coverage, which may cover business-owned buildings and equipment
Business Interruption Coverage, which may cover suspended operations after a disaster
Electronic Data Processing Coverage, which may cover data that’s lost in an online attack or other covered incident
Cyber Liability Coverage, which may cover liability risks related to an online attack or data breach
Valuable Papers Coverage, which may cover vital physical documents and records
Electronic data processing coverage is also known as computers and media coverage.
What Incidents Does Professional Liability Coverage Protect Against?
The professional liability coverage that’s available to bookkeepers and similar professionals might cover a wide range of potential mistakes and errors. Depending on a policy’s terms and conditions, this coverage might extend to:
Alleged and actual errors
Incidents of professional negligence
Breaches of duty
Other claims related to professional performance
Does Professional Liability Coverage Protect Against Breaches of Fiduciary Responsibility?
For accountants who take on fiduciary responsibilities, making sure these activities are covered is especially important because a breach of these responsibilities may result in a costly claim.
Many policies exclude breaches of fiduciary responsibility from their professional liability coverage’s protections. If this protection is needed, though, an insurance agent who’s familiar with these policies can likely help accountants find a policy that does afford the required protection.
How Can Professionals in New Hampshire Get Bookkeeping Insurance?
For help finding bookkeeping insurance, contact the independent insurance agents at HPM Insurance. Our agents can help you compare quotes from multiple insurance companies in New Hampshire since we’re an independent agency, and they have the expertise necessary to help you select the best available policy for your business. With their help, you can be confident that you’re well protected when you help businesses with their finances.