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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 […]

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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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Social Media in the Workplace

This information was developed by Kaufman Dolowich Voluck, LLP and is reproduced with the direct permision of Philip Voluck, Esq., Managing Partner. The expansion of Social Media, both in and outside of the workplace, impacts how professionals run their business, market their services, hire applicants, and manage their employees.  The law firm of Kaufman Dolowich Voluck summarizes […]

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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 […]

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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, […]

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How to Use Your Insurance as a Marketing Tool

Gaining new clients, and maintaining your current clients, is obviously a priority in growing your practice. As an Investment Advisor this involves several challenges including compliance issues and the overall stigma created by high publicity Ponzi schemes. But, are you be overlooking a valuable asset in marketing and retaining clients? Your insurance. Your clients and […]

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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 […]

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Investment Advisor ERISA Bonds: an Overview

What is an ERISA Bond ? An ERISA Bond is an amended Fidelity bond that meets the requirements of ERISA law. Unlike a Fidelity Bond, which pays losses to the insured, an ERISA Bond pays losses directly to the client whose assets are managed. It has no deductible, calculates limits on plan assets up to […]

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Affordable Care Act Confirmation Letter

The Affordable Care Act (ACA) was signed into law in 2010. One provision of the Act required that in 2014 all Americans must have qualified health insurance or face a “Shared Responsibility Payment.” Additionally, the Act allowed insurance providers and large employers a one-year delay in reporting the coverage in 2014 to both the IRS […]

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When Terminating a Client is Prudent Business Practice

  CLICK BELOW TO DOWNLOAD: When Terminating a Client is Prudent Business Practice