Tax & BAS Agents Insurance

You help your clients with their taxes. We'll look after your insurance. Tax Agent's insurance. Done. Tick!

Insurance solutions for Tax Agents / BAS Agents

You do the numbers, let insurance.com.au take care of your insurance. 

 

A registered Tax Agent or BAS Agent is required to maintain Professional Indemnity (PI) insurance that meets the Tax Practitioners Board (TPB) requirements, including being able to demonstrate the cover in order to be eligible for renewal of their TPB registration. Not maintaining PI insurance that meets the TPB’s requirements means not meeting an ongoing TPB registration requirement and a breach of the Code of Professional Conduct.  

 

The minimum level of cover will depend on your business’ turnover. Registered Tax and BAS Agents, with a turnover of over $500,000 must maintain a minimum aggregate amount of cover (inclusive of legal and defence costsof $1,000,000. 

 

The cover must also include civil liability arising from any act, error or omission in the provision of tax agent services.  

 

Cover must be provided by an Australian Prudential Regulation Authority (APRA) approved insurer or a provider approved by the TPB.  

 

For the details of the TPB’s requirements, see here: https://www.tpb.gov.au/pii 

Key product benefits 

  • Option to purchase 1 year, 3 years, 5 years or 7 years of run-off cover. 

  • Ability to add Public Liability to your cover (of up to $20 million) 

  • Up to $5M Professional Indemnity. 

What events does this policy cover? 

Here are some examples of situations that you may be covered for. 

 

Errors in Tax Advice 

Mistakes in tax returns or BAS submissions may lead to financial losses for clients and result in claims for compensation. 

  

Compliance Breaches 

Misinterpretation or misapplication of tax laws could expose clients to penalties and fines, making agents liable. 

  

Confidentiality Breaches 

Handling sensitive financial information increases the risk of data breaches, leading to potential legal action and reputation damage. 

  

Fraud and Misconduct 

Professional Indemnity insurance can cover liabilities if a claim arises from fraud or dishonesty by an employee. 

  

Legal Defense Costs 

Even unfounded claims can be costly to defend, and PI insurance may cover these expenses. 

Why insurance.com.au?

We'd choose us, but why should you?

Quick and easy quote & purchase process

Policy benefits tailored to your occupation

Dedicated customer service team available

What do you want to do?

We're ready when you are.

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