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From 1st July 2011 it is compulsory for Tax and BAS Agents to carry a minimal level of Professional Indemnity Insurance.
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 Berkley Insurance Australia complies with both the Tax Practitioners Board's 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, SMSF Audits, 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 Berkley Insurance Australia, 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.
PI premiums are determined by your Turnover and PL Premiums by the number of staff under your employ. All insurers charge a minimum premium in both respects.
We believe we have negotiated highly competitive premiums for both classes of insurance, and will continue to monitor premium levels available in the market to ensure this remains the case.
Premiums vary between states as a result of differing stamp duty rates, however our minimum Total Premiums for Professional Indemnity ($250k cover) start from $272 (incl. GST).
From a compliance perspective and for your own protection you should have a minimum level of Professional Indemnity(PI) insurance. In the event that the services you provide for a client lead to a claim against that client they will generally look at claiming against the provider. PI insurance will protect you in the event that this occurs.
We have designed the Insurance application process so it only takes an average of 5 minutes to complete your application. In most cases your application will be instantly approved online, and you can print your Confirmation of Insurance to prove that you have the requisite cover in place... It's that easy!! All other documentation, such as your tax invoice, policy schedule and wording will be emailed directly to you for your records.
If the policy can't be issued immediately because we require further information, we will contact you generally on the same day.
Approximately one month prior to the renewal of your policy you will receive a renewal reminder email with a link that will allow you to review your previous years cover and renew the policy even quicker!
* We have minimized the number of referral situations so that most applications will be automatically accepted. However, if for example you have prior claims we will contact you to facilitate completion of your application personally with the Insurer.
Your Insurance policy is arranged by Express Insurance acting as an agent of Berkley Insurance Australia, a registered business name of Berkley Insurance Company (ABN 53 126 559 706) and part of the W.R.Berkley Corporation.
Berkley Insurance Australia underwrites a significant portfolio of general insurance business in Australia. They are fully authorised and regulated by the Australian Prudential Regulator Authority (APRA) which is the prudential regulator of the Australian financial services industry.
The financial strength rating of Berkley Insurance Australia is "A+ (Strong)" by Standard & Poor's.
For each Bookkeeper policy completed online we make a donation to the Ostara Australia.
Ostara Australia is a national not-for-profit organisation that assists people disadvantaged through disability or mental illness to find meaningful, sustainable employment. It is the largest mental health specialist in the Disability Employment Services sector, and last year assisted over 3000 people in their journey to employment, which included placing over 1700 people into sustainable work. Ostara Australia achieves this by building strong relationships with community organisations and employers that value the importance of diversity in the workplace
We will work with you to ensure that claims are handled in a professional manner and that you get a fair outcome from the Insurer. The first step is to lodge your claim as outlined below.