Practice management is key to minimizing accounting malpractice claims

Practice management is key to minimizing accounting malpractice claims

One of the biggest risks to an accounting firm is an accusation that their mistakes caused a clients’ financial loss.

Errors happen. A few wrong calculations could result in a client being assessed a tax penalty. Errors in financial statements can negatively impact the purchase or sale of a business. A lack of organization often results in lost documents and missed deadlines.

Why standalone cyber protection policies are superior to general liability endorsements

Why standalone cyber protection policies are superior to general liability endorsements

The worst time to discover an insurance policy doesn’t cover a specific incident is when you file a claim expecting a payout.

Many homeowners thought their property policy would cover flood damage from a heavy rainstorm before learning they needed a separate flood policy.

Workers have filed claims for disability insurance benefits only to be told that being physically able to work in another job voids their claim.

Several businesses have learned too late that their general liability insurance does not cover the costs of a cyber attack.

Knowing how cyber insurance is underwritten can help you save on your premium

Knowing how cyber insurance is underwritten can help you save on your premium

With most types of insurance, there is an underwriting process. This involves assessing the risk that an insured party will file a claim to receive policy benefits. With life insurance, underwriting involves the risk of death. With auto insurance, you are rated on how likely you are to be in an accident.

The underwriting process is the main determining factor of how much a policyholder will pay in premium for insurance coverage. The more risk you pose to the insurer, the more you will pay.

Hackers attack law firms for multiple reasons and from multiple sources

Hackers attack law firms for multiple reasons and from multiple sources

Last year, a single data breach left sensitive data from nearly 200 law firms exposed.

The breach was discovered and reported in April-May 2020 by TurgenSec, an information security firm. Its researchers “discovered a potentially sensitive open database accessible to anyone with a browser and internet connection.”

In other words, anybody with internet access looking in the right place – your neighbor’s teenage son, other law firms not affected by the breach, a cybercrime syndicate that sells sensitive information to the highest bidder – could have downloaded information on these firms’ cases, clients, and staff members.

What Is a Claims-Made Policy?

What Is a Claims-Made Policy?

Professional liability insurance policies for lawyers typically are written on a claims-made basis. It’s important to understand what this means for your coverage and when to report any claims or potential claims that might arise from current or former clients.

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