With so many people struggling to get a job and not earning enough, one of the best ways to solve this problem is to get more customers. The best way to get more customers is to serve your current customer base well. This article will show you how to do just that, get more work, and keep your customer base happy with bookkeeping liability insurance.
What is bookkeeper liability insurance?
If you work as a bookkeeper, you may feel that you could end up being sued if a client were injured, died, or sued.
If you provide services such as accounting, payroll, or tax services, your clients should take out insurance for your services. Whether they do not have insurance or cannot afford to pay the premium, it is the account holder’s responsibility to handle the situation.
Types of liability insurance
You can purchase general liability insurance, professional liability insurance, and motor vehicle liability insurance. These are the three most commonly used types of liability insurance.
general responsibility
Universal Liability insurance Provides protection against claims brought against you for personal injury or property damage. You may be liable for injury to employees, customers, clients or others who come into contact with the work you do.
Insurance protects everyone you employ. You must be able to prove that you have taken all necessary steps to protect your employees. For example, you should provide safety equipment and training. Otherwise your insurance will not cover them.
professional responsibility
In addition, if you provide services for a fee, you must have professional liability insurance. Your professional liability insurance must cover errors and omissions that occur in the practice of your profession. , or acts, errors or omissions performed as a subcontractor.
For example, your doctor may be sued for medical malpractice. Or an accountant could be sued for failing to prepare financial statements. All claims for your business are covered. Your Professional Responsibility Policy covers the costs of defending yourself against claims submitted by patients or clients. The purpose of this insurance is to avoid paying legal fees.
automatic responsibility
Your car is considered an automobile. Automobile liability insurance provides protection against claims brought against you if you cause personal injury or property damage to employees, the public, or others who come into contact with your vehicle.
This policy covers negligence or negligence committed by you, your employees, or members of the public whom you let drive your vehicle. You must have insurance.
For example, a child may accidentally hit a pedestrian while the car is moving. This accident is usually covered by your personal car insurance. However, if a pedestrian is injured as a result of your actions, it will be covered by motor vehicle liability insurance.
The most common policies are:
worker’s compensation
Workers Compensation is required in most states. This policy pays workers if they are injured in a work-related accident. To qualify, employees must meet certain qualifications. Workers Compensation pays for employee medical treatment and lost wages.
public responsibility
This policy protects you from claims filed by people whose rights have been violated by your business or its employees. may include claims filed against you by
commercial real estate
Commercial property coverage protects you against losses caused by negligence in maintaining or using your business premises.
What is the coverage of liability insurance?
Liability insurance can cover a variety of issues.
Physical damage to others
This includes personal injury and property damage. For example, an insurance company may be able to provide money to cover someone if they get hurt at work.
Industrial accident
This includes not only workers’ compensation claims, but also discrimination and sexual harassment claims.
Negligence Employment Claims
Some business owners use hiring as a way to weed out unwanted employees who can lead to workplace accidents. This may include situations where someone is injured at the hands of a boss or colleague.
Product defects and damage
Liability insurance that compensates for product defects such as product failure and injuries caused by misuse of the product. For example, if a piece of equipment malfunctions and injures someone, the policyholder is obligated to pay for the victim’s medical expenses and any resulting damage.
crime loss
This policy is intended to protect people from crimes such as theft, fraud and even kidnapping. For example, someone could be kidnapped in the parking lot of your business location and taken somewhere against their will. Insurance companies usually cover the costs of legal defense, including the cost of hiring a private investigator or expert to track down the kidnapper.
medical malpractice
Liability insurance covers medical expenses if someone is injured at your place of business. However, there are certain circumstances, such as death due to negligence, in which the insurance company cannot pay for medical expenses.
How can I protect myself?
If you work as a bookkeeper and you are unsure whether your client has liability insurance, you should contact your insurance agent or the agent who sold your policy. This is an ideal time to request a copy of the client’s policy.
Your client may be covered for medical expenses and lost wages. It also covers all damages caused to the client or property owned by the client.your Area of responsibility It should cover you and other employees of your company. If an employee’s car is involved in an accident and the client has liability insurance, the insurance will cover the rest of the bill.
The reason we mention the possibility of your car being in an accident is that this can be dangerous. If you drive a company car, you will cover the client’s medical expenses, damages, attorneys’ fees, and court costs. Your company is also responsible for any injuries your client may have caused while driving your vehicle.
