Bookkeeper Professional Liability Insurance

Bookkeepers play a critical role in managing financial records, payroll, tax filings, and reporting for their clients. Even a small error can lead to significant financial consequences and allegations of professional negligence. This is why Bookkeeper Professional Liability Insurance can be essential for protecting your business and reputation.

Ontario Bookkeeper Professional Liability Insurance is designed to help protect bookkeeping professionals against these risks while providing peace of mind and financial security. Secure your practice with a comprehensive insurance solution designed specifically for bookkeeping professionals in Ontario, including members of the Certified Professional Bookkeepers of Canada (CPB Canada). Managed by Bridges International Insurance Services (BIIS) and underwritten by Intact Insurance Company, this program offers robust protection against the unique risks of your profession. Therefore, choosing Ontario Bookkeeper Professional Liability Insurance means you receive specialized coverage tailored for your needs.

Common Risks Faced by Bookkeepers

Bookkeeping professionals handle sensitive financial information and perform critical business functions every day. Examples of potential professional liability exposures include:

• A missed payroll remittance resulting in CRA penalties and interest.
• An HST filing error causing reassessments and fines.
• A bookkeeping mistake affecting a client’s loan application.
• Incorrect financial reporting impacting a business transaction or sale.
• Allegations of negligence discovered months after services were provided.

Even when allegations are unfounded, legal defense costs can be significant.

Bookkeeper Professional Liability Insurance Core Coverage Highlights

Our policy follows a “claims made and reported” structure, meaning the policy responds to claims first made against you and reported during the policy period.

Maintaining continuous coverage is important because claims may arise months or even years after professional services are performed. Depending on the policy terms, prior acts and retroactive coverage may help protect work completed before the current policy period.

• Professional Liability (Errors & Omissions): Covers “Loss” arising from actual or alleged errors, omissions, or negligent acts in your professional services.
• Vicarious Liability: Protection for wrongful acts committed by others for whom you are legally liable.
• Personal Injury Coverage: Includes defense against allegations of libel, slander, defamation, or invasion of privacy while performing professional duties.
• Disciplinary Proceedings: Reimburses reasonable expenses incurred in defending yourself during regulatory or disciplinary investigations.
• Crisis Management: Access to funds for public relations services to mitigate reputational damage following a covered claim.
• Retired Professionals Extension: Automatic 6-year extended reporting period for retired executives or employees for acts committed prior to retirement.
  

Coverage Limits & Options

Tailor your protection to your firm’s specific needs in Ontario. With Ontario Bookkeeper Professional Liability Insurance, you gain flexibility to select the right options for your business.

Coverage Type	Available Limits
Professional Liability	Options of $500,000, $1,000,000, or $2,000,000
Commercial General Liability	$2,000,000 or $3,000,000
Office Contents	Standard $50,000 limit (higher limits available upon request)
Business Interruption	Actual Loss Sustained (Profits Form)

Additional Recommended Protection for Bookkeeper Professional Liability Insurance

Many bookkeeping professionals handle banking information, payroll records, tax information, and other sensitive financial data.

Additional coverage options may include:

Cyber Liability Insurance

Cyber Liability Insurance is protection against ransomware attacks, data breaches, privacy claims, and cyber-related business interruptions.

Commercial Crime Insurance

Coverage for theft, fraud, forgery, employee dishonesty, and certain social engineering losses.

Important Bookkeeper Professional Liability Insurance Features

• Worldwide Territory: We provide coverage for wrongful acts committed anywhere in the world, as long as the claim is brought in Canada or the USA.
• Duty to Defend: The insurer has the right and duty to defend any covered claim, even if the allegations are groundless or false.
• Defense Expenses: Generally included within your limit of liability (except in Quebec, where they may be in addition to the limit).
• Extended Reporting Option: If you do not renew the policy, you may purchase a 1-year extension to report future claims for past acts.

Eligibility & Applications

This program is designed for firms and individuals providing:

• Standard Bookkeeping and Tax Return Preparation.
• Financial Statement Preparation and Review Engagements.
• Property or Asset Management for others.

Ready to protect your business? 
If you have any interest or questions, please feel free to contact us.
In conclusion, Ontario Bookkeeper Professional Liability Insurance provides peace of mind with robust protection and dependable support for bookkeeping professionals.

Why Choose BIIS for Bookkeeper Professional Liability Insurance?

• Backed by Intact Insurance Company.
• Designed specifically for bookkeeping professionals.
• Competitive coverage options and limits.
• Experienced underwriting support.
• Fast turnaround on applications and certificates.

We understand the unique risks facing bookkeepers and help clients find practical insurance solutions that fit their business needs.