Business Insurance
The cover BAS agents are required to hold — and the one they usually also need
The Tax Practitioners Board requires every registered BAS agent to hold professional indemnity insurance. Most bookkeeping practices carry public liability alongside it, because the two answer different risks.
Professional indemnity — the required cover
The TPB mandates PI insurance for all registered BAS agents. It exists for consumer protection: it compensates clients who suffer financial loss because of the services you provided. The requirement applies to BAS agents, and it's worth holding whether or not it applies to you — accountants, tax advisers and bookkeepers all act directly on a client's financial position.
What counts as a breach of professional duty
Negligence, errors, failures, omissions or mistakes. In practice that means incorrect financial advice, errors in journal entries or financial statements, failing to deliver services you promised, work performed negligently, or documentation lodged late.
Where a client suffers a loss from any of these, PI cover meets the compensation and the legal costs of defending and establishing liability.
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Public liability — the everyday one
PI answers claims about your work. Public liability answers what happens to people and property on your premises, whether or not it has anything to do with the service you provide.
Incidents like these aren't connected to the services you sell. They can involve anyone on your premises — the public, business associates, clients, subcontractors.
Choosing your limits
The TPB sets a floor, not a target. Its minimum professional indemnity cover scales with your annual turnover excluding GST:
We arrange professional indemnity from $1 million to $20 million — the entry level is the TPB minimum for a practice turning over more than $500,000 — and four levels of public liability from $5 million to $30 million. Which level fits depends on your client base, the size of the accounts you touch, and any limits written into your client contracts.
Monthly payment options are available.
From our clients
“Our dealings with KeyInsure have always been very friendly and helpful, also very quick response and professional advice. Pretty sure they save us money on our insurances also. Thank you.”
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General advice only. Consider the relevant PDS & TMD before acquiring any product.