BAS & Tax Agent Insurance

If you’re a registered BAS agent and not covered by an employer policy, you’re obliged to have your own Professional Indemnity insurance to comply with the Tax Practitioners Board (TPB) regulations, as of July 1 2011.

As a registered BAS agent, the Tax Practitioners Board also require you to have a minimum amount of insurance cover, based on your total turnover, as outlined in the following table:

* Please note: What is deemed an appropriate amount of cover for a registered BAS Agent may be more than what is nominated as the minimum requirement.

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 Bookkeeping/BAS agent/Tax Agents, to provide cover should a breach in your professional duty, while conducting your services, results 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.
• 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)

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

To arrange cover, please click the quote button below and complete the quote form. After we’ve received and checked your information, we’ll send you a tax invoice so you can make payment.