As a registered BAS agent, you play a critical role in helping businesses meet their taxation obligations. However, mistakes can happen in the course of your work, and when they do, you need to be prepared to deal with the financial consequences. That’s where BAS Agent Insurance comes in.

BAS Agent Insurance is a type of Professional Indemnity insurance that provides financial protection to registered BAS agents in the event of a claim arising from their work. Under the Tax Practitioners Board (TPB) regulations, all registered BAS agents who are not covered by an employer policy must have their own Professional Indemnity insurance.

Professional Indemnity covers the cost of defending yourself against claims of negligence, errors, or omissions in the course of your work as a BAS agent. This type of insurance covers legal and defence costs and any damages or compensation awarded to the claimant. It can also cover any associated costs, such as loss of income, incurred due to the claim.

The amount of coverage required for BAS Agent Insurance is based on the turnover of the business. The following table provides an overview of the cover options available and their corresponding costs:

* Please note: It is important to note that the minimum coverage requirements may not be sufficient for some businesses. BAS agents should carefully consider their individual circumstances and ensure that they have adequate coverage to protect their business.

This Professional Indemnity policy complies with all the requirements set out by the Tax Practitioners Board.

When dealing with other people’s finances, it’s important to protect your own. A Professional Indemnity policy will protect you, and your reputation, by providing the following:

• Scope of Cover:  Policy wording, specific to BAS Agents. Providing cover should you breach your professional duty while conducting your services resulting in a claim against you.
• Persons covered:  The agent, directors, partners and employees are covered, as are any contractors who perform work for which the policyholder is liable. Sole traders can also be covered.
• Exclusions: This policy does not exclude contractor cover and actually extends cover to the contractor subject to the terms of the policy.
• Excess: There is a $500 excess on this policy, exceeding TPB requirements (maximum of $1,000).
• Insurance provider: The insurer is an APRA approved insurer.
• Automatic Fidelity Cover: $100,000 sub-limit automatically provided (not included for sole traders)

Our Professional Indemnity policy will provide automatic cover for the following:

• Fraud/dishonesty
• Legal/defence costs
• One Automatic reinstatement
• Run-off cover

Please note that Public Liability cover is also available for BAS Agents.

Providing services other than as a BAS Agent? Try these pages:

• Bookkeeper
• Tax Agent
• Accountant

Please note we are able to combine services where needed into the one insurance policy. This can be done once the quote form has been recieved.

Arranging BAS Agent Insurance is a simple process. To arrange a quote, click the button below and complete our online form. If you would like more information or have any questions, please call us on 1300 932 237.