Professional Indemnity Insurance Tax Agents
Whether you are a Tax Agent working from home or an employee at a large tax enterprise, make sure you have your insurance right. It can help protect your professional credibility and also ensure security for your clients. You need Professional Indemnity Insurance, an exclusive insurance product created specifically for Australian Tax Agents.
Accountants, bookkeepers and tax agents all have one thing in common. They offer professional advice and highly specialised services in a course of everyday work. And this can open your business up to potential legal trouble. No matter how well informed your advice may be, it takes one disgruntled client to bring a case of professional negligence against you.
This is why the Tax Practitioners Board (TPB) mandates all Australian Tax Agents to buy PI insurance. The coverage usually depends on the annual turnover of your services and it’s best to talk to an insurance broker to understand your needs for a PI cover.
Cover Financial Losses Expected From Legal Claims
Professional Indemnity insurance covers any compensation forwarded to your clients who have suffered a loss due to the error or omission of tax agent services.
Tax agents who fail to maintain a suitable level of PI insurance are considered in breach of the Code of Professional Conduct.
If you are an independent tax agent and working for a fee, it is imperative that you have PI insurance. However, if you are a contractor or an employee, you might not need a personal PI policy, but your employers are still required to have one.
Tax agents insurance is designed to cover the insured for a claim made while the policy is in effect. And that’s why, it is important that you get your coverage from registered tax agents as soon as possible.
Let Us Help You Sort-out Your Professional Indmnity Insurance
You sort out your clients’ taxes, and leave the insurance to us.
Here at 365insurance, we can help you access PI insurance products offered by different insurance providers. Remember there is a wide range of choice, all with different rates and terms of service as well as a variety of coverage available.
Click here to learn more about PI insurance for registered tax agents. Simply fill out the form and we’ll show you all the options for quick and definitive coverage. Compare quotes from leading Australian insurers and take advantage of our quick and easy online application process.