Category Archives: Insurance

Insurance

Importance Of Having A Cover Against Tax Investigation

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Filing tax returns and submitting the relevant documents to the tax department are major functions of an accountant. Any discrepancies in the tax statements will result in an enquiry from the department for your client and yourself.

Taking protection cover for insurance against tax investigation will help as a safeguard against the fees and the huge costs involved in tax investigation. The tax department can call any assesee for an enquiry even if they are accurate and without errors. The fee of such tax investigations can run into thousands of dollars. A proper cover will protect your company from these huge costs.

However, an insurance against tax investigation policy does not cover the costs of routine tax filing and processing. It is also not applicable for the investigation of the cases of fraud and criminal prosecution. The policy also does not cover any interest payments or fines due to fraud.

The policy offers protection against the costs involved in dealing with the audit conducted by ATO or any other government revenue agency. The policy covers matters relating to income tax, land tax and payroll tax, compliance matters related to BAS or GST, workers compensation issues, record keeping and FBT.

The one time annual fee cover for insurance against tax investigation protects the policyholders from the huge legal and other expenses that arise out of a tax audit or investigation. It helps the companies, individuals and superannuation funds to cover the fees of the lawyers, accountants and advisors who help in dealing with the audit. It also covers other expenses of tax audit.

Accountants can benefit a lot by opting for insurance against tax investigation policy for their clients. They can make some money and offer good protection for their clients, in the unforeseen circumstance of a tax enquiry. The cover required under the policy depends on the size of the business and the turnover of the company. Taking adequate cover will help the company to tide out of the time and money consuming tax investigation without any extra charges. The policy will take care of all the expenses related to the investigation and audit.

HEALTH Insurance LIFESTYLE News

What You Need To Know When Buying Health Insurance In Bangkok

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When you buy health insurance in Bangkok, you will probably be overwhelmed with the prices and options of the health plans. Health insurance is now one of the more expensive items in the budgets of many Thais; but it can also be one of the best decisions to make if you have some knowledge on choosing the right health plan for everyone in your family. Below are tips that help you purchase these plans:

Tip 1: Consider health insurance advice from someone who is a professional

You need to consider a proposition done by a professional when considering the right insurance most suited for your family. For instance, you can see a health insurance mess virtually every day, and when you ask them where they get the insurance, they tell you that this was recommended to them. Some say they had read reviews about the insurance company. However, is it really useful to you? So try to work with a specialist that can give you proper advice on what health insurance in Bangkok you need. Thailand has many options to choose from, and you need the right health insurance devoted to your needs.

Tip 2: Determine your actual needs

When you consider a health insurance, you need to consider the budget, patterns of hospital and doctor visits, and prescription drug usage. These are some questions you need to ask yourself: How many times do you need to see a physician? Do you go for sick visits or check-ups only? How many times have you been to the hospital? Do you have regular prescriptions to take and if they are branded or generic? You need to know the maximum coverage you need for a health plan, as it can take you more money if you need more. You also need to know how much budget to take so that you can pay the premiums on time. Talk to a specialist on how much you really need.

Tip 3: Resist the urge to over-insure!

Never over-insure as you’ll be wasting money on something you don’t really need. However, good insurance means you are totally covered whenever you need the plan. If you know and understand your health, you will know when you need health insurance in Bangkok without over-insuring.

Insurance News Tips

3 Advantages Of Getting Audit Shield Insurance

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You never know when you or your business is going to be subjected to an official audit by the Australian Taxation Office (ATO). Aside from the ATO, the tax enquiry can also be conducted by other relevant government agencies such as state, federaland territory based offices. These agenciesare sanctioned by the Australian government to look into your tax records. The only thing about these tax audits is that, whether the authorities find anything irregular on your books or not, the person or business being audited would have to shoulder the professional fees and charges incurred in the process. This is the reason why most businesses and professionals obtain Audit Shield to protect them against financial difficulties during and after the review. Here are some of the advantages that you can get out of having a tax audit insurance.

Professional services

Having the authorities check on your books and tax records can be intimidating especially if you do not have an accounting background. Without experience and professional background, you can get confused with the process. Aside from that, the process is time-consuming. To save yourself from the hassles of random audits, hire professional tax accountants and get an insurance to cover you during the process. With a professional accountant to represent you, you can deliver other tasks expected from you by your office despite the tax enquiry.

Protection against expenses

Tax audits by ATO and other government authorities can incur professional fees and charges. Without tax insurance by Audit Shield or your preferred tax audit insurance company, you can get financially shocked especially if you are not ready for it.

Peace of mind

One of the advantages of hiring the services of Audit Shield is you will more confidence in dealing with the government authorities because you have an expert to help you out in the process. You will also not be financially encumbered because you have an insurance to shoulder the expenses. Choose a tax insurance company that has been in the business for a good number of years and one that is trusted by more clients and businesses in Australia.

Insurance

Insurance Selling Strategies

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Chinese insurer Ping An is above par with Germany’s Allianz. The company is known as the world’s most valuable insurance brand. It’s actually the first time for a Chinese company to increase its apex with the global 100 most valuable companies, Britain’s Brand Finance reports. Certainly, it has implemented insurance selling strategies, which contributed towards its success.

Ping An is the second largest insurer in China. The brand has an estimate of US$16-billion in 2017, a 29% increase in 2016, according to Brand Finance. Meanwhile, Allianz has an estimated value of US$15-billion taking its second place.

China’s largest life insurer, China Life Insurance, remained unaltered at third place with an estimated value of US$10.3-billion.

Chief executive of Brand Finance David Haigh says, “Ping An has idealistic ambitions to become the world’s leading provider of personal finance. Based on evidence, it can happen on a long-term view.”

Ping An, settled in Shanghai and Shenzhen, reported a profit of US$19-billion in 2016. Its chairman and founder Peter Ma Mingzhenow claims a sales network force of 1.1-million insurance agents since it was founded in 1988. The sales force knows how to use insurance selling strategies, which gained billions for the company.

Over the past decades, the company boosted its Internet sales by financially selling insurance products, health care, real estate and cars. It also variegated with its Internet lending and wealth management financial platforms, making Ping An a successful insurance business this year.

Meanwhile, Allianz’s estimated value dropped as its revenueswere pulled down by higher incidents of floods and storms in Europe. Furthermore, a decline in sales from its South Korean business also impaired its profits.

However, retirement products for Allianz remain strong with Europe’s aging group having long-term benefits for the prominent brand.

AIA, Hong Kong’s biggest insurer and the largest in Asia, ranked fourth while French insurer AXA ranked fifth on the list.

The largest insurer in the US, Met Life dropped from fifth place last year to the ninth this year with its estimated value of US$6.6-billion. However, Met Life is planning a rebranding application, with a change of logo and eliminating a 30-year association of Snoopy as it wants a more serious concept of the image. It definitely needs to improve its insurance selling strategies to increase its ranking.