Professional Indemnity Insurance for Tax & BAS Agents

Our Policy is Fully Compliant with the New Legislation from 1st July 2011 -Get your PI Insurance now and receive 15% off our normal premiums with Nil excess

From 1st July 2011 it is compulsory for Tax and BAS Agents to carry a minimal level of Professional Indemnity Insurance. The Tax Practitioners Board released their exposure draft on the 15th October 2010 which outlines the various requirements, which you can access via the link below

http://www.tpb.gov.au/TPB/Board/Exposure_drafts/TPB/TheBoard/Exposure_drafts.aspx

In essence your turnover determines how much cover you need, with a minimum of $250,000 cover if your turnover is less than $75,000pa up to $1M cover if your turnover is over $500,000.

The legislation also outlines the minimum coverage required and makes recommendations on other features a professional indemnity policy should ideally have, including Fraud/Dishonesty/Fidelity cover, Costs in Addition, and at least one automatic reinstatement.

We are pleased to advise that the Professional Indemnity cover we have negotiated with W.R.Berkley complies with the draft legislation minimum requirements and the recommended additional features.

What is Professional Indemnity Insurance ?

Over the years, the types of businesses who purchase Professional Indemnity Insurance has changed. Where once it was only doctors and lawyers, Professional Indemnity is now the generic reference to insurance which deals with financial loss arising from, in this context, a Principal's reliance upon the service provided, and is a potential purchase by any professional providing advice.

Professionals are legally responsible for providing a higher degree of skill and care than most people. If a Principal suffers a loss than can be attributed to a professionals failure to uphold professional standards they risk being sued for a breach of professional duty.

In the event that the Principal suffers financial loss as a result of alleged neglect, error or omission, Professional Indemnity Insurance addresses the cost of defending claims and any damages payable.

This type of insurance is available to most professionals and in many professions the professional is required to carry a minimum level of Professional Indemnity Insurance by law.

Why do Tax Agents/BAS Agents need Professional Indemnity Insurance ?

Tax and BAS Agents provide professional advice and can reduce their business risk through Professional Indemnity Insurance.

Professional Indemnity Insurance will generally indemnify the Tax/BAS Agent in the event that a claim is made against them for professional negligence during the period of insurance.

Why purchase your Professional Indemnity Insurance through Express Insurance ?

Whether you provide your clients with Bookkeeping services, Tax or BAS Agent services, or a combination of both, our streamlined online system makes it easy to get a quotation and buy online. You will receive your insurance certificate immediately in order to prove you have the appropriate level of Professional Indemnity Insurance in place.

Not only have we negotiated great cover and pricing through W.R.Berkley, a respected global insurance company, we have Professional Indemnity specialists with years of experience in this area on hand to fully support you and answer all of your Professional Indemnity enquiries.