McGowanPRO Professional Liability Blog / Resources / Articles

Active Response to Cyber Attacks Has High Risk

Posted by Alexandra Swan on Wed, Apr 10, 2013 @ 12:38 PM

With an increase in Cyber exposures and cyber claims against CPA firms, CPAs need to be aware of the strategies to minimize these risks and ensure that the strategies are legal. There are both national and international laws governing the ways in which firms combat cyber exposures. The article below explains the added exposures that may result from not knowing the laws. 

Tags: Data Breach, employee dishonesty, fraud, Information Security, identity theft

Understanding the difference in professional liability insurance policies

Posted by Tom Henell on Fri, Aug 03, 2012 @ 07:44 AM

In some cases, it may appear that certain professional insurance policies overlap, or are intended to cover the same things.

Does my Errors & Omissions policy cover my acts as a Director?

What is the difference between professional liability and general liability?

Our Insurance Matrix provides a simple overview of some common professional liability policies and their intended coverage.

For more information simply contact us.

Tags: employee dishonesty, professional liability, Employment Practices Liability, EPLI

NAPLIA named to the Inc. 5000 for 2011

Posted by Tom Henell on Thu, Aug 25, 2011 @ 09:02 AM

We hate to take space to blow our own horn, but we at NAPLIA are extremely proud to be recognized for the fourth consecutive year as one of the fastest growing private companies in America.

What does this mean for you?

You can be confident that you are working with a nationally recognized company that has been successful through our dedication and service to our clients.  We like to think we are changing the way professionals buy insurance.

NAPLIA is committed to providing you with a better buying experience for your Professional Insurance by:

  • Providing Choice
  • Providing Education & Resources
  • Providing Experience & Expertise
  • Providing Quality Service

Backed by a track record of success and national recognition.  We can confidently say that "no national agent can match our personal service, and no local agent can match our national recognition".

Contact us today for more information about your professional liability insurance, errors & omissions, or other professional insurance needs!

Tags: accountants, Data Breach, cpas, employee dishonesty, errors & omissions, professional liability, Employment Practices Liability

Compelling Reasons to consider Employee Dishonesty

Posted by Tom Henell on Fri, Jul 15, 2011 @ 08:23 AM

As a provider to professional service firms, we continue to see an alarming increase in employee related fraud claims.

Although these claims are not limited to a particular size of firm, small companies can be especially effected by theft and embezzlement because they can’t afford extensive safeguards and aren’t large enough to absorb losses. Consider too, your Office Package policy (BOP) likely does not provide coverage if the theft is of your client funds, or if the theft is by a third party (non employee). 

The increasing trend in workplace fraud and the relatively low cost of these policies, makes Employee Dishonesty Insurance a coverage that we recommend highly to each of our clients.  Here are more compelling reasons to consider this coverage:

Fraud & Embezzlement is on the rise

According to the Association of Certified Fraud Examiners (ACFE), business losses from fraud and embezzlement exceed $400 billion per year.

It can happen to you

Most employers have a hard time imagining their employees stealing from them, but the reality is many businesses suffer significant financial loss at the hands of long-time trusted employees.

Coverage for your client’s funds

For most (accounting & financial) firms, your exposure is not your own assets, but those funds which you have control of for your clients.

Employee dishonesty policies can provide coverage for theft (by your employees) of client funds in your control.

Crime Coverage

In addition, Employee Dishonesty offers optional crime coverage for theft of your property by non-employees such as forgery, burglary, robbery, and computer fraud.

Automatic ERISA Bond Coverage

Many of the Employee Dishonesty policies that we offer include ERISA Bond coverage.  This eliminates your need to maintain a stand-alone ERISA bond.

Employee Dishonesty Insurance protects the employer (you) from financial loss due to the fraudulent activities of your employees.

More Employee Dishonesty FAQ's

More Information

Tags: accountants, cpas, employee dishonesty