Did you know that most Management Liability and Business Pack Insurance Policies have Tax Audit as a coverage item or additional benefit?
The increase in the number of audits being conducted by the Australian Taxation Office, and the State Revenue Office is significant. A Management Liability and Business Pack policy will typically extend to cover the often substantial associated costs to your company.
Coverage limits can be anywhere from $10,000 to $500,000 depending on the size of your business or the limit allowed by the underwriter.
A standalone policy cover for Tax Audit costs can be obtained, however when a comparison on cost and coverage versus a management liability policy is undertaken, you could find yourself as a small to medium enterprise, very exposed.
As a business owner or manager, you have enough on your plate – sales, managing staff, marketing, and developing customer relationships. It’s all very intimidating when you then have to consider things like company legislation, tax laws, employment laws, statutory regulations and workplace health and safety legislation!
You can also find yourself in hot water as a result of decisions your staff make – some of which you have no control over.
Management Liability insurance can protect you and your business from a wide range of potentially
devastating risks associated with managing a business – big or small.
We’ll take a look at some of these risks and just how Management Liability cover has saved the day.
In this day and age, there’s a wide spectrum of risks that business owners and managers face. Minimising exposure to risks such as the following should be front of mind:
- Breaching directors’ and officers’ duties
- Your company breaching laws and regulations
- Unfair dismissal or workplace bullying allegations
- Employee or third party fraud
- Expenses from tax audits
Of course, all these risks can immediately damage your company financially, but the flow on effects can be felt in the long-term through lengthy and costly litigation. You can’t control them either. What you can do however is protect yourself.
This is where Management Liability cover comes in.
If you want to know more or get some further advice and help with this, please feel free to contact us – Agile Services on 1300 4 AGILE. It’s what we do for all our clients that ask.