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.
McGowanPRO Professional Liability Blog / Resources / Articles
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?
For more information simply contact us.
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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.
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.