Bookkeeping Business - Costs re Insurance etc.

I am considering doing some bookkeeping work from home, but only a few hours a week as I already work 5.5 days a week but want some extra cash. I know I looked into this a few years ago but decided against it when I looked into insurance. From memory it was around $2K a year, and was advised it didn't matter whether I earned $5,000 a year or $50,000 a year, the insurance was a set amount so didn't think it was worth the cost at the time.

I still don't think it's worth the cost, because I'm only talking about a few clients to do a few hours a week at home when it suited me. My question is, would I really need insurance for bookkeeping? We live in such a litigious society though, and I don't really want to risk everything for the sake of a few extra dollars. People seem to find ways to sue for everything though. :(

Does anyone here do bookkeeping from home, or have any other suggestions? I would like to earn a bit extra cash, but I want something flexible so I can still enjoy my life a bit without being tied to too many fixed jobs.
Bookkeeping from home has just now turned into a regulated field.
You will now need a cert IV in Financial Services (bookkeeping)
You are not permitted to prepare BAS anymore without that.

Not sure what happens with tradies and BAS's now?? I do hubby's Bas but he signs it. (note to self to ring accountant :confused:) He would have no idea as it is all done through Quick Books
Thanks Moyjos. I am aware bookkeepers can't sign BAS's off now unless they're qualified to, but I think a lot just get around that by doing the numbers and having the client sign it themselves. I have a Bachelor of Business and work as an accountant so I know my knowledge is more than enough to be able to do the work properly. I certainly won't be investing any of my time or money into getting any certificates so if that'd be the case then I won't investigate any further, although would be pretty annoyed, given the quality of bookkeeping I often see in my job from supposed professional bookkeepers!
check out the pages at the ATO.

I am still confused whether I am acting outside the act :confused:
(accountant is on holidays)

I am pretty sure I am "working under the guidance of a tax agent"

Anyway back on topic :D

yeah you probably do need insurance :( Ring a broker and shop around.
I would think you will need professiaonal liability (for the number crunching) and public liablility (for the clients coming to your home)

When you take on a new client...have a contract with a disclaimer in it that MAY indemnify you against some risk. (have a chat with a solicitor)

pop over to the flyingsolo forums and have a chat there are LOADS of bookkeepers on there, so they may be of help.
I know an insurance broker who's got access to a PI product he recons is about half the cost and just as good coverage specifically aimed at book keepers. He did a great job with my own PI cover getting me about 3 times the cover at the same price as my previous insurer.

Send me a PM if you're interested.