Iowa Bookkeeping Insurance Policy Information
Iowa Bookkeeping Insurance. As a bookkeeper, you work with sensitive, personal financial information which could expose you to a lot of risk. Even the best bookkeeper can make a miscalculation or omit data that can cause a client to suffer financial loss.
Also, running a business or professional firm means that you face many business risks. The good thing is that you can get Iowa bookkeeping insurance to protect you from the many threats you face.
Iowa bookkeeping insurance protects your business from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
Types Of Bookkeeping Coverage
There are some fundamental Iowa bookkeeping insurance policies for firm that can keep it protected. Here are some of the most important coverages you can purchase:
General Liability Insurance: Let's say you visit a client's office to do some bookkeeping work, and you accidentally spill hot coffee on the client's laptop, damaging it beyond repair. Apart from protecting you from financial losses due to high costs involved in settlements, general liability insurance can also protect your reputation.
This type of Iowa bookkeeping insurance will also protect you against 'slip-and-fall' accidents that can occur in your office or on your premises.
Professional Liability Insurance: This is one of the most important coverages for IA bookkeepers. A bookkeeper's job involves recording financial transactions that a small business performs from day to day. Such an activity exposes you to human errors such as journal entry errors. Even if you've not made an error, you might still be sued for negligence - but fortunately, professional liability insurance will protect you against such a claim.
Property Insurance: In general, property insurance will protect a business and business owner from the costs of damage to property as a result of incidents such as fire, theft or weather destruction. Whether you own a building that is housing your IA bookkeeping office, or you rent an office, you need property insurance to protect your company's assets from events that are beyond your control. Apart from being expensive to repair, property damage can be devastating in other ways, such as disrupting your business and making you lose clients.
Business Income Coverage: On top of general liability and property insurance, you can also purchase business income coverage. This will protect you against loss of income in case you're unable to run your business as a result of property damage due to an unexpected occurrence. For instance, a storm might force you to close your business for several days while you try to salvage and repair your premises. With business income coverage, you can be covered to meet your financial obligations.
Data Breach Coverage: Bookkeepers store a lot of sensitive information, which could be lost or stolen. When this happens, your business could face penalties, regulatory fines, and a tarnished reputation. Keep in mind that data breach isn't confined to big business and hacking is not the only manner in which a business can lose data.
For instance, a thief may break into an employee's car and steal a laptop which contains your clients' personal information. Your offices may be broken into before thieves disappear with sensitive information. You therefore need Iowa bookkeeping insurance coverage to protect you against data breaches.
Employee Dishonesty Coverage: As a financial professional, you deal with a lot of sensitive financial information. This means that if an employee is dishonest and steals some records, it could pose huge risks to your company.
For example, an employee can use access a client's record and use the sensitive and valuable information to steal some money or shares. And employee could also enter ghost vendors into your system and start cutting checks payable to the fictitious vendor. You therefore need employee dishonesty coverage to protect you from an employee's fraudulent acts.
Workers Compensation Insurance: You need workers' compensation insurance if your business has any non-owner employees. IA workers comp covers you against employees' medical care in case they are injured at work. This coverage also takes care of sick workers as well as their income while they are recovering. Also, most states require workers comp and will impose fines or jail time for employers who fail to buy such coverage.
IA Bookkeeping Insurance
These are just some of the policies available as part of Iowa bookkeeping insurance and if you need coverage, you should speak to a professional broker to help you with a customized insurance package.
IA Corporate Headquarters Insurance
The protection of your corporate building is necessary. Taking the time to find the best protection is a wise investment that you can make for the future growth of your business.
Iowa Economic Data, Regulations & Limits On Business Insurance
Business-minded individuals who are thinking about starting up a new venture need to ensure that they choose a location for their operation that will allow them to achieve success. It's vital that the place you select for your organization offers a market that will respond to the products and services you offer, otherwise your efforts will be for naught.
If you are considering the state of Iowa as the home base for your business or as a new location for a branch of your company, being aware of the economic trends in the state are crucial. Furthermore, knowing what type of commercial insurance you need to carry is also vital for your success. Below, we offer a brief overview of both the economic trends for the state of IA, as well as what type of commercial insurance business owners need to carry in the state.
Economic Trends For Businesses In Iowa
The state of Iowa has experienced positive economic growth in the past few years. As of January, 2019, the unemployment rate in the state was 2.4 percent, a 0.4 decrease from the previous year, when the unemployment rate was 2.8 percent in January of 2018. Compared to the national unemployment rate, which rose to 4.0 percent in January of 2019, it's clear to see that Iowa offers promise for the workforce, as well as business owners. According to the state's Workforce Development, more residents of Iowa are working now than ever before.
While locations throughout the state offer promising opportunities for business owners, Des Moines, in particular, seems to show the most promise, as, according to economists, it's the third best city to start a business in the United States. Economists also suggest that areas surrounding the city of Des Moines also offer great potential for business development.
Several industries are seeing growth in The Hawkeye State, and are expected to continue to see growth throughout the 2019 calendar year. These industries include:
- Agriculture and food production
- Information and communication technology
- Renewable energy and fuels
- Warehousing and distribution
IA Commercial Insurance Regulations And Limits
The Iowa Insurance Division regulates insurance in the IA. As with every other state in the country, business owners in Iowa are legally required to have certain types of commercial insurance.
In IA, any business that has one or more employees must carry workers' compensation insurance, which provides coverage for workplace-related injuries and illnesses that employees may sustain.
Additional Resources For Professional Services Insurance
Get informed about small business professional services insurance, including Professional liability, aka errors and omissions (E&O insurance), that protects your business against claims that a professional service you provided caused your client financial loss.
- Answering Service
- Attorney Lawyer
- Business Consulting
- Corporate Wellness
- Court Reporter
- Debt Collection Agency
- Detective Agency
- Electrical Engineering
- Environmental Consultant
- Executive, Career & Life Coaching
- Executive Search Firm
- Expert Witness
- Financial Services
- Financial Planner
- HR Consultant
- Mediator - Arbitrator
- Medical Billing
- Music, Drama & Dance Therapy
- Office Machine Repair & Maintenance
- Project Management
- Temporary Staffing
- Tax Preparer
Let's face reality. People today are claims conscious, resulting in a significant share of malpractice lawsuits against professionals.
Liability resulting from the rendering of or the failure to render professional services is excluded in most liability coverage forms. This means that a policy covering a account's or lawyers' office will cover liability arising out of the maintenance or use of the premises, but specifically exclude liability arising out of the rendering of a professional service or the omission of such a service.
In addition to the professions in which actual physical or mental injury may be caused to clients, certain other professions are exposed to claims for malpractice.
Claims may be brought against lawyers, accountants, architects, and similar professional persons for errors or omissions in their professional capacity. Errors & Omissions insurance pays damages that might be awarded to a plaintiff alleging professional negligence.
Professional liability policies are made available to such risks, and these policies provide essentially the same protection as is afforded under the physicians, surgeons or dentists professional liability policy.
Minimum recommended small business insurance coverage: Business Personal Property, Employee Dishonesty, Accounts Receivable, Computers, Valuable Papers and Records, General Liability, Employee Benefits Liability, Professional Liability, Umbrella Liability, Hired and Non-owned Auto Liability & Workers Compensation.
Other commercial insurance policies to consider: Building, Business Income with Extra Expense, Earthquake, Equipment Breakdown, Flood, Computer Fraud, Forgery, Money and Securities, Special Floater, Cyber Liability, Employment-related Practices Liability, Business Auto Liability and Physical Damage and Stop Gap Liability.
Request a free Iowa Bookkeeping insurance quote in Adel, Algona, Altoona, Ames, Anamosa, Ankeny, Asbury, Atlantic, Bettendorf, Bondurant, Boone, Burlington, Camanche, Carlisle, Carroll, Cedar Falls, Cedar Rapids, Centerville, Chariton, Charles City, Cherokee, Clarinda, Clear Lake, Clinton, Clive, Coralville, Council Bluffs, Creston, Davenport, DeWitt, Decorah, Denison, Des Moines, Dubuque, Dyersville, Eldridge, Estherville, Evansdale, Fairfield, Forest City, Fort Dodge, Fort Madison, Glenwood, Grimes, Grinnell, Hampton, Harlan, Hiawatha, Humboldt, Independence, Indianola, Iowa City, Iowa Falls, Jefferson, Johnston, Keokuk, Knoxville, Le Claire, Le Mars, Manchester, Maquoketa, Marion, Marshalltown, Mason City, Monticello, Mount Pleasant, Mount Vernon, Muscatine, Nevada, Newton, North Liberty, Norwalk, Oelwein, Orange City, Osceola, Oskaloosa, Ottumwa, Pella, Perry, Pleasant Hill, Polk City, Red Oak, Sergeant Bluff, Sheldon, Shenandoah, Sioux Center, Sioux City, Spencer, Spirit Lake, Storm Lake, Urbandale, Vinton, Washington, Waterloo, Waukee, Waverly, Webster City, West Des Moines, Windsor Heights, Winterset and all other cities in IA - The Hawkeye State.
Also learn about Iowa small business insurance requirements for general liability, business property, commercial auto & workers compensation including IA business insurance costs. Call us (515) 207-7253.