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You sort your clients’ taxes,we sort your PI, PL and Business Insurance With BizCover, Tax Agents get:
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BizCover understands the unique insurance needs of Tax Agents, and that’s why our comprehensive insurance offer includes: Professional Indemnity, Public liability and Business Insurance.
Professional Indemnity for Tax Agents
From the 1st of July 2011, the Tax Practitioners Board (TPB) requires Tax Agents (and BAS Agents) to have Professional Indemnity (PI) insurance. Professional Indemnity Insurance coverage helps to reduce the risk that a client’s losses (due to the conduct of the agent in the provision or failure to provide tax agent services) not be compensated, due to the agent having inadequate financial resources or for any other reason as far as this is practically possible.
The minimum amount of PI cover that Tax Agents need maintain should be based on turnover. The Board requires that agents have a minimum amount of cover as specified below, provided at all times the amount of cover obtained is adequate for the risks associated with the provision of tax agent services and BAS services in the circumstances of the agent.
| Tier | Turnover from the provision of tax agent or BAS services | Minimum aggregate amount of cover* |
|---|---|---|
| 1 | Up to $75,000 (excluding GST) | $250,000 cover inclusive of legal and defence costs |
| 2 | $75,001 – $500,000 (excluding GST) | $500,000 cover inclusive of legal and defence costs |
| 3 | Over $500,000 (excluding GST) | $1,000,000 cover inclusive of legal and defence costs |
* Please note that what is an appropriate amount of cover for an agent may in fact be more than what is set as the minimum requirement.
To learn more about the PII requirements as outlined by TPB, please refer to the Professional Indemnity Insurance Explanatory Paper.
To compare quotes from Australia’s leading insurers and buy online please click here.
NOTE: If you provide Bookkeeping and BAS services, but are not a Registered Tax Agent, please click here
Public Liability for Tax Agents
Public Liability Insurance covers Tax Agents for their legal liability in the event of personal injury or damage to property of others during the course of normal business operations.
If your business requires your customers or members of the public to visit your home or business, or if you visit their premises, you should seriously consider taking out public liability insurance for your protection.
To compare quotes from Australia’s leading insurers and buy online please click here.
Business Insurance for Tax Agents
BizCover offers business insurance packs tailored specifically for Tax Agents, covering risks such as fire/perils, business interruption, burglary, money, glass, machinery breakdown, electronic equipment, employee theft or general property and income replacement.
To get a tailored quote for your business needs please click here.
