Insurance for Tax Agents and BAS Agents
Whether you are a tax agent or BAS Agent you have come the right place for a competitive quote on a suitable insurance policies.
From 1st July 2011, the Tax Practitioners Board (TPB) requires all Australian Tax agents and BAS agents to purchase a minimal level of professional indemnity (PI) insurance based on annual turnover.
The table below specifies the minimum level of cover required:
| Tier | Annual Turnover | Minimum amount of aggregate cover required |
|---|---|---|
| 1 | Up to $75,000 (ex. GST) | $250,000 cover inclusive of legal and defence costs |
| 2 | $75,001-$500,000 (ex. GST) | $500,000 cover inclusive of legal and defence cost |
| 3 | Over $500,000 (ex. GST) | $1,000,000 cover inclusive of legal and defence costs |
If you are trading as a Tax Agent or a BAS Agent, you need to protect yourself with Professional Indemnity Insurance. Professional Indemnity Insurance protects you against legal action initiated by your clients if you make any errors whilst performing your duties as a Tax Agent or BAS Agent.
Claims can run into the hundreds of thousands of dollars, so it is important that an adequate level of cover is chosen to protect against major financial loss, which will not only have an impact on your business, but could also affect your personal assets.
As a specialist business insurance broker, Insurance Web provides Tax agents and BAS agents with access to specialist insurers, underwriters to provide you with suitable cover for your profession.
To get a custom quote (and yes, you really NEED a custom quote so you don’t end up paying too much or, even worse, with insufficient cover, we really need to talk to you.