Data breach

Incorporating Data Breach Response Coverage into Your IT Security Strategy

Cybersecurity should be a top concern for accounting firms. There are countless cybersecurity tools and best practices to help mitigate the effects of a data breach and the impact they may have on accounting firms. Accountants, in particular, must prioritize cybersecurity as an on-going process as opposed to a one-time item that, once completed, does […]

Cybercrime

How Accountants Can Keep Up with Cybercrime

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 […]

Accounting Profession Disruption

In the ’90s, the Internet exploded with the introduction of the web browsers, Apple was a struggling company, Google didn’t have a website while Yahoo was the king of search, and AOL inundated mail slots with CDs to keep its stranglehold on email. In the 2000s, BlackBerry was king of the smartphone, only to be […]

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 […]

Reporting of Potential Claims: Understanding Your Policy

The question is often raised, what constitutes a “reportable incident” to my insurance carrier? To answer this one should review the specific language in your professional liability (aka. errors & omissions) policy. Each insurance policy is different. Only your specific policy can provide you with the conditions, definitions, and provisions relevant to your scenario. The […]

Watch the Small Print: Who Does Your Fidelity Bond Cover?

Insufficient coverage can be costly in the RFP process By Gary Sutherland, CIC, MLIS Recently I was asked to review a fidelity bond in a RFP that was in the final due diligence phase of acceptance. The investment professional carried their current bond for five-plus years and believed that it met or exceeded what was needed […]

Trustee Liability & Exposure

We frequently receive questions from individuals who have been asked to, or are currently acting as, a Trustee. The most frequent question is in regards to coverage for these services under their (accountants) professional liability policy. Although each policy form is different, it is our opinion that most accountants professional liability policies intend to provide […]

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 […]

Engagement Letter for Tax Practioners

Historical data shows that professional liability claims for tax services represents 55% of all claims.  Yet, individual tax engagements represent the service where accountants are lease likely to utilize formal engagement letters. Engagement letters have proven successful in mitigating and defending professional liability claims. Download sample Tax Engagement Letter Now McGowanPRO has now compiled all […]

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