Free audit insurance a first: Brokerage
Business owners can now turn to their insurance to cover the cost of an IRD audit.
Tuesday, February 5th 2013, 10:20AM
Brokerage firm Apex General has included free audit protection in their management liability cover.
Apex liability general manager Jonathon Gillham said audit cover was available as a stand-alone policy from accountants, but could cost as much as $700, and that while more than 95% of Kiwi business owners had general liability insurance, “there are some pretty big areas of exposure there which they don’t have cover for.”
Gillham also said IRD audits are fairly common – and can prove expensive.
“They’ll come in and say we want to audit you, your accountant will do the full audit and that could be ten grand you’ve got to come up with,” he said.
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