Sluggo uses ferric chloride (aka iron(3) chloride), which is toxic to slugs. Slugs feeding on tender lettuce usually ignore Sluggo. Sluggo dissolves readily in rain or water from overhead sprinklers.
I have never had a slug problem with basil, but we sure have a lot of them in our bibb and romaine this year. Sparrows can be a problem with direct-seeded basil here. The damage is on the outer edges of leaves. Bird netting until the plants develop more and tougher leaves is the solution.
Edit: Sluggo uses iron phosphate as the active ingredient. Some other slug baits have used iron chloride. I should have checked my can rather than relying on memory. Sluggo can says "Remains effective after rain or sprinkling." Not very in my experience.