Category: Insurance

Tax Audit Insurance: Who Should Purchase Them?

A tax audit insurance is different from a car insurance in such a way that it is not compulsory. You can opt from having a tax audit insurance if you think that you do not need it. However, you never know when you are going to be subjected to a tax enquiry and when that happens, you do not want to be financially caught off guard since the process involves payments and professional fees. Tax insurance is generally offered by accounting firms to their clients. Although tax audit insurance is not mandatory, you will be amazed at its benefits.

By having a tax audit insurance, you can be sure that all the professional fees and other expenses accrued during the process will be covered by the insurance company. The audit will be instigated by the Australian Taxation Office (ATO) or by other concerned government agencies. Reviews can be done on lodged return or compliance obligation. The audit can be done randomly with subjects chosen at random as well or they can be conducted among tax payers or businesses with questionable tax statements or misrepresentations that warrant an enquiry. Although one is not required to have a tax audit insurance, those who are susceptible to audits are advised to have an insurance.

Businesses and commercial establishments

The government can hold random audits among business establishments or firms to ensure tax compliance such as land and payroll tax, fringe benefits tax, workers compensation, goods and services tax, employer obligation and others. The ATO and other government agencies can peruse the company’s tax records, books and other related documents. The process can take days to weeks and it can be time-consuming. To avoid the hassles, it would be suitable for a business or commercial establishment to have a representative who will be represent in their behalf during the enquiry.

Professionals and individuals

Ordinary tax payers are advised to obtain tax audit insurance in order for the person to have an accountant to represent him during the tax inquiry. To obtain a tax audit insurance, consult your accountant so he can coordinate with the tax audit insurance company.

3 Simple Yet Effective Ways On How To Improve Insurance Sales

In a nutshell, there is no easy way on how to improve insurance business especially that you are encouraging your targets to buy an intangible product that they cannot enjoy right away. However, there can be simple yet highly ways to attract more leads and ultimately convert them into actual sales.  Here are some tips.

Present potential or possible problems to your prospects

People will not spend on anything that they will not benefit from and insurances are not something that policy holders can enjoy right away. However, in the event of an emergency or accidents, during catastrophes or loss of life, they can be sure to have an institution to lean on especially in terms of finances and security. Ask questions like what your prospects would do in case of accident and will their family or beneficiary have somewhere to go to meet their sudden financial needs?

Offer financial solutions

After you have presented the possible financial needs of your prospects, the next step is to offer solutions to these possible issues. Present your ideas in a professional manner and do not sound like you are desperate to close a deal because this is a no-no when you want to know how to improve insurance business. Customize your insurance policies based on your prospect’s needs.

Highlight the best features of your insurance policies

The next and last step is to educate your prospects about your insurance company and how it can help find solutions to their problems. Highlight the best features but do not dominate the discussion. Listen to what your prospects have to say and pay attention to their doubts or reservations on getting an insurance policy. For more information or if your prospects are not yet sure as to which insurance policy to take, offer electronic copies of resource material for them to refer to. You can also provide your website or link to your social media pages. There are a lot of ways on how to improve insurance business. Talk to your prospects in person is one good way.