Professional Indemnity Insurance protects you against claims against your competence as a bookkeeper.
As such the actuaries decide what makes a good risk from their perspective.
If you pass relevant exams then an insurer is likely to take on the risk of having you on their books.
If you have not passed the exams but have two years plus provable relevant experience then they are also likely to suffer the risk of admitting you to their books.
Basically you need either to have passed the exams or (but preferably and) have two years plus relevant experience for an insurance provider to consider you for PII.
Also not that if you do not have PII then the supervisory bodies would not give you a practicing licence and you will not cover you for MLR.
If you allow your PII to lapse your Practice licence and cover for MLR become null and void.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
I think it's like any insurance, the lower the risk the better. Having the quals sets you at a lower risk than someone without, but in my personal view you would be a higher risk just having the qauls than someone with experience, therefore having both would be ideal as Shaun says.
Quals are a great thing, experience is much better in my books. (Hehe get it in my books....................... i'll get my coat)
