Cybercrime should be at the top of the list of threats to any business, regardless of size. Accounts, who are responsible for the security of their own data as well as the financial data of their clients, need to recognize cybersecurity as a daily action item. Because accountants are responsible for sensitive client information, they […]
Risk Management
Why should you tell your clients about Fiduciary Insurance?
Fiduciary Insurance is designed to protect Plan Sponsors against allegations of breach of their fiduciary duty. Fiduciary Insurance is “first party” insurance, which means it is purchased by the named fiduciary, or Plan Sponsor, of a company ERISA plan. Investment Advisors, Third Party Administrators, and other financial professionals are “third parties” to the ERISA plan, and […]
Top Ten Causes of Professional Liability Claims
Professional Liability Attorney, George Rockas, takes time to identify the most frequent causes of malpractice claims and some practical advise on how to avoid them. Every malpractice claim is different, but if you take the time to follow these best-practices, your likelihood of a claim will certainly decrease. Poor Relationship with Client Work to make […]
Mitigating Risk During Succession
With change comes the potential for professional liability risk, and CPA firm succession is no different. While the claims databases of professional liability insurance carriers are not teeming with these types of claims, there will be an increase in claims as a result of the succession issues — as well as the explosion of merger […]
Mitigating CPA Malpractice
By: John F. Raspante, CPA Professional liability claims faced by CPAs will never be eradicated, but they can be reduced if solid risk management and constant adherence to professional standards are followed. Follow these techniques to help lessen exposure in the increasingly litigious environment in which CPAs practice. Client Screening, Selection and Retention Client screening, […]
Understanding the Hammer Clause
And, its Impact on your Professional Liability Policy The Hammer Clause (aka cooperation clause or consent to settle clause) is a provision found in most professional liability insurance policies. A typical Hammer Clause contains two elements: 1. It requires the Insurer to obtain the consent of the Insured prior to settling a claim. 2. In […]