Without question, small- to mid-size businesses are watching every dollar more closely than ever as they navigate a sputtering economy, possible Payroll Protection Program loans, changes to the tax code and a wealth of other compliance issues.
Financial service professionals are on the front lines of many of these challenges and more. From bookkeepers and in-house accounting professionals to certified public accountants and tax preparation services, exposure to these and other bet-the-business risks are common in the accounting profession.
Errors in tax returns, incorrect tax advice, failure to recommend an audit, failing to detect fraud or embezzlement during an audit, manipulation of financial statements and inaccurate evaluation of financial statements, and disciplinary complaints and hearings are just some of the risks facing accounting professionals. Additionally, negligence and malpractice claims are commonplace. On top of these issues, the nature of accounting work also makes those working in the profession high-value targets for cyber security breaches and ransomware attacks.
All of this adds up to considerable liability risk for CPA firms, as well as independent bookkeepers. Having liability coverage that is tailored to these and other risks associated with the field of accounting is essential to protecting accounting practices from the unexpected.
Working with AM Best A-rated carriers, First Indemnity offers a new Accountants Professional Liability Insurance program for accounting professionals that offers the capability and expertise to build a customized risk management strategy for CPAs, tax preparers, bookkeepers and other accounting professionals. Coverages include: trial attendance reimbursement, disciplinary proceedings coverage, cyber breach liability coverage, diminishing deductible options, embezzlement coverage, and extended reporting period options, among others.