Insure-Tax covers Specialty Risk for small businesses with a simple, streamlined sales process. Providing financial security to all industries, Insure-Tax specializes most in professional services, retail, construction subs, healthcare, logistics, real estate investors, and light manufacturing. Start earning a commission of 9% on New Business and Renewals. Watch the recording below to see how you can leverage Insure-Tax for your clients.
Insure-Tax IRS Audit Insurance Launch
Mackenzie Gilbert, Partnership Experience Manager at First Connect, introduced the launch of InsureTax's IRS audit insurance product, which offers instant access for brokers through the portal. Guy Cohn, CEO of InsureTax, explained the product's unique features, including its ability to cover IRS penalties and tax adjustments for small and medium businesses, with a focus on providing true audit peace of mind. Nadav, Chief Revenue Officer, highlighted the simplicity of the product's implementation and its potential as a new revenue stream for brokers. The presentation covered the product's structure, pricing, and sales strategies, emphasizing its cost-effectiveness and ease of bundling with existing policies.
Quote Creation Process Overview
Guy demonstrated the quote creation process from a reseller's perspective, showing how to input business information, assess risks, and configure coverage. He explained how quotes are shared with clients via email, allowing them to review and lock in prices. Once a quote is submitted for review, both the reseller and taxpayer receive notifications about its status, with the final step being the creation of an active policy valid for one year.
Referral Audit Insurance Product Discussion
The meeting focused on discussing a referral-based audit insurance product. Guy clarified that clients can initiate the quoting flow themselves using a dedicated referral link and confirmed the commission rate would be 12%, not 9% as initially stated. The discussion covered how the insurance product handles incorrect reporting and audit challenges, with Guy explaining they cover audits resulting from IRS challenges of reported deductions but not simple reporting mistakes. First confirmed that marketing materials and policy documentation would be available in the Resource Center, and Guy detailed that quick pay options are available for commissions.
Tax Insurance Product Overview
The meeting focused on discussing a tax insurance policy product. Guy explained that while the product is billed annually, they can offer monthly installments if needed, and clarified that clients should have proof of deductions. He detailed that tax professionals can purchase the product to cover their own business filings, but each client needs a separate policy due to regulatory restrictions. The company charges a $25 administration fee and collects surplus line taxes, and while they can offer broker fees by state, they do not charge a policy fee themselves. The product can cover tax filings from the previous three years, and while it helps provide audit peace of mind, it cannot prevent all audits.