McGowanPRO Professional Liability Blog / Resources / Articles

NAPLIA recently received a Certificate of "No Complaints and No Negative Customer Reviews".  

The Certificate states "As of February 8, 2017, NAPLIA has not received a single customer complaint and has not received a negative customer review within BBB's reporting period of 36 months."

NAPLIA has been a Better Business Bureau Accredited Business for since March 2005.

North American Professional Liability Insurance Agency, LLC (“NAPLIA”) is pleased to announce a business alliance with Accountants Advisory Group, LLC (“AAG”), effective immediately.

Recognizing that risk management goes beyond matters of professional liability, NAPLIA has entered into a strategic alliance with AAG.  NAPLIA’s clients will now have direct access to AAG’s accounting expertise and full range of advisory services. NAPLIA is aligning with the leaders of today’s accounting firms as they work toward achieving long term success by growing their practices — organically and through M&A — increasing profitability, and developing succession plans. In addition to practice management advisory services, AAG can provide outsourced marketing and lead generation services to NAPLIA’s clients to provide them opportunities to:

• Attain above average growth each year
• Avoid an upward merger
• Replace retiring rainmakers
• Increase client realizations through engaging higher quality clients
• Become more competitive in their marketplace by implementing new niche and specialty services
• Continuously upgrade their client base
• Have access to marketing professionals who have diverse talents and years of experience in the accounting industry

Through AAG’s vast network of resources, NAPLIA’s clients will also have access to a full range of M&A consulting, recruiting resources, and partner retreat services to support their growth and assist in succession planning.

As an example of NAPLIA and AAG’s commitment to CPA firms’ success, the firms will jointly offer webinars on a variety of topics, such as:

• Risk Management in M&A
• Target marketing and lead generation
• Advisory and value added services
• Using M&A as a growth and succession plan
• Growth initiatives through industry and niche specialization
• Partner performance compensation and accountability programs
• Recruiting: best practices and risk management
• Partner retreats and strategic meetings
• Practice management subjects, including partner compensation structure, leadership, partner governance, succession planning strategies, etc.
• HR-related topics

NAPLIA aims to differentiate from other insurance agencies by providing “more than just a policy.” Stephen Vono, Principal, says “NAPLIA is dedicated to providing CPA firms with continuous risk management and practical learning opportunities to keep our clients’ firms protected.  This alliance with Accountants Advisory Group will allow us to provide our clients with a broader range of resources from some of the top minds in the profession.”

Joe Tarasco, the CEO of AAG, said, “It's not enough for the leaders of today’s public accounting firms to insure themselves against professional liability risk. They need to manage their succession planning risks, as well as, the risks of diluting the value of their practices. We look forward to assisting NAPLIA’s clients in adding value to their practices along with implementing successful succession plans for the future.”

Background:

North American Professional Liability Insurance Agency, LLC (“NAPLIA”) is an agency well-known and respected in the accountants’ professional liability industry for close to 20 years, and is the managing general agent (MGA) for CPA ProSecure. The professionals at NAPLIA have decades of specialized experience in providing professional liability, and related insurance products to public accounting firms. We are proud members of the Professional Liability Underwriting Society (PLUS), the Better Business Bureau, and hold the highest ranking from Dun & Bradstreet for companies our size.

Accountants Advisory Group, LLC (“AAG”) is a national and international consulting firm specializing in Certified Public Accounting firms in the areas of succession planning, growth strategies, strategic planning, marketing and lead generation, mergers and acquisitions, and recruiting.   www.accountantsadvisory.com

July 8, 2016 - Framingham MA 

NAPLIA Announces New Program Manager for Bookkeepers’ Professional Liability Division

Framingham, MA - NAPLIA has been providing Errors & Omissions Insurance designed specifically for today’s small Accounting Firms, Bookkeepers and Tax Professionals since 1998. 

Courtney Jackson Foley has returned to NAPLIA to take the Bookkeepers’ division to the next level.  As Program Manager – Bookkeepers’ Professional Liability Division, she is responsible for policy quotes and issuance, answering client questions and helping with claims issues, and maintaining NAPLIA’s high client satisfaction rating.  Courtney brings nearly 15 years of insurance experience to this role and she is actively pursuing the designation of Registered Professional Liability Underwriter (RPLU).

As an industry veteran, Foley knows the importance of strong alliances with professional associations.  NAPLIA is endorsed by the American Institute of Professional Bookkeepers, (AIPB).  “NAPLIA’s relationship with the AIPB is essential to our success with the bookkeeping profession.  We are honored to work with the AIPB to offer resources and insurance for its 30,000 members” comments Foley. 

One of Foley’s first initiatives is to roll-out a new website for bookkeepers through which they can obtain a quote and secure errors and omissions insurance quickly and easily.  By answering a few questions, NAPLIA’s sophisticated new site will be able to properly define the coverage needed for each bookkeeper’s practice.  AIPB members will receive a discount.

Gary Sutherland, CEO, NAPLIA talks about Courtney’s return to NAPLIA, “We are thrilled to have Courtney working with NAPLIA as the leader of our Bookkeepers’ Professional Liability Division.  She brings a mix of experience and savvy that will serve our clients and the profession well.”

Courtney can be reached courtneyf@naplia.com or 508-656-1342. 

###

NAPLIA has specialized in providing Professional Liability (errors & omissions) and related insurance products for Accountants, Investment Advisors, Attorneys, and other professionals. No other national agency can match our personal service and expertise in the risks associated with operating under ERISA; and no other independent agency can match our national recognition for excellence in the Qualified Plan and Investment Advisory insurance and bonding space.  Learn more at naplia.com. 

For Immediate Release

April 4, 2016

Framingham, MA - North American Professional Liability Insurance Agency, LLC (NAPLIA) is pleased to announce that CEO, Gary Sutherland, CIC MLIS, and Senior Vice President, Paul Smith, AIF, will be panellists in a presentation titled “What You Need to Know About Cybersecurity” at the fi360 conference in San Diego, California on April 7, 2016.

The Cybersecurity panel presentation will discuss current best in class breach prevention tools and procedures, how to prepare for an OCIE Examination with a focus on Cyber and Privacy Liability prevention, and how insurance can be used as a defense of last resort.  Additional topics include why Cybersecurity matters, what firm leaders need to know about preventing a breach, and how to prevent a breach from shutting down your firm for good.

 “It is an honor to share our expertise in Cybersecurity at the fi360 conference, which attracts 600 financial services industry leaders.  Cybersecurity is a hot topic because it has so many facets and it can be devastating for affected firms. “ says Gary Sutherland, CEO, NAPLIA. 

The third panelist in the Cybersecurity panel presentation is Brian Edelman, CEO, Financial Computer, Inc.  The panel will be moderated by Tom Schrandt, AIF®, Vice President, Lockton Affinity, LLC.

NAPLIA has specialized in providing Fiduciary Liability Insurance to Plan Sponsors since 1998, in concert with Professional Liability, (errors & omissions) and related insurance products for Accountants, Investment Advisors, Attorneys, and other professionals. No other national agency can match our personal service and expertise in the risks associated with operating under ERISA; and no other independent agency can match our national recognition for excellence in the Qualified Plan and Investment Advisory insurance and bonding space.  Learn more at naplia.com. 

###

Let's say you're searching a topic online.  When you website that appears to have the answers or products you are looking for, you then look for contact information - you know simple stuff like where are they located? Who are they? Maybe a phone number or e-mail? 

But what you find it is a vanilla form to send in your question or comment. Believe it or not, you cannot find a person or physical address, and I have to ask the question “why?".

One obvious answer is that the company is trying to avoid SPAM.  If you have a direct link to your email on your website then you can expect to get some SPAM.  For me, I would much rather deal with some SPAM and know that a potential client can contact me.

Websites are about first impressions and I want my first impression to strongly indicate that I want people to contact me by either phone or email any time they have a question and think I could help.

"Ultimately, your customers are human, not virtual, so make sure your contact details are clearly visible on every page of your website.” - Abidemi Sanusi is the founder of Ready Writer Copywriting

Recently our office broke off a long standing vendor relationship of 16 years.

I was asked the following question by one of my staff.  Why did we ever work with this unethical vendor?

The answer was that it was a good relationshp for a long time.  However, now that we are playing Monday morning quarterback, all of tell-tale signs that something was "off" were there in front of me.  

• One sided in their favor
• Taking us for granted
• Trying to undermine our business model
• Taking credit for our actions that they had nothing to do with

Other “Red Flags” were their lack of respect for their own employees, negative comments made about others and paranoia about their own presence in the marketspace.

So now I have to ask myself the question "Why did it take so long to end this relationship?"  The answer is because change is hard and difficult, and the need to factor in all the “what if’s” is time consuming.

When I did break off the relationship, I knew it was the right thing to do and I also knew that I should have done it years sooner.

Unfortunately, after the break-up things got worse.  We endured unethical and negligent behavior, improper actions and torturous interference in our business.  I can point out the actions of this vendor, but not without looking inwards at myself.

I am, by nature, an optimistic person who sees the good in people.  I don't dwell on the bad…

So what I have learned is not to ignore the “red flags” but rather to listen and act when your employees complain about the someone’s behavior.

This relates to other professional firms because I am good at giving advice to NAPLIA clients when it's time to disengage bad clients but need to remind myself to do the same.

Approaching our six month anniversary of the disengagement, I couldn’t be happier with the results. Staff morale has improved and I no longer have to defend the ex-vendor's misbehavior to others.

Last week this all hit home when I met with a new vendor and their comments were eye opening.

“We always liked your agency, but never understood your relationship with the other vendor.  To be honest caused a small shadow of doubt for us.”

PS: I have made new promises; to not avoid changes, to review relationships, to listen to my employees, and watch for “Red Flags”

 Recently, while attending a conference in Las Vegas, I went to one of the sessions on social media.

The tag line was:  “You are who Google says you are”

The audience was made up of some heavy users, several novices and the majority of folks like me, interested not but not always sure of the business benefits.

LinkedIn was the most talked about form of social media with 90% of the audience having a profile.

However, discussions were framed around not just using LinkedIn as an on-line business card create your profile and leave… but rather a networking group and prospective lead generator. Advance LinkedIn searches were shown and how to query to find prospects in a variety of ways.

They used several key words examples and narrowed it down to locations within 50 miles then used the industry tab to create a more focused targeted approach.

Within 30 seconds the search criteria produced valuable results that could be used as a prospecting tool. The search can be saved an exported to your CRM database system.

To wrap up the message on LinkedIn “do not be idle”

• Join groups
• Check to see what your competitors are doing
• Add content and share
• Prospect
• Add new connections

The next item on the agenda was websites and to ask the “why” questions.

Why do you want people to find your website?

In best practices all of the below would be included, but without asking the “why” question is it relevant?

• Learn who we are and what we do
• Answer common questions or concerns
• To add value to existing clients
• Wow potential clients
• Provide content or education
• Give consumers a confidence in your abilities
• Provide them with a “click bait” (an action point to generate interactive actions on behalf of the consumer)

Many websites templates look like everyone else’s, just flat static information and no call to action touch points.

Consider that the first impression of your web site happens in under 10 seconds, potential visitors will move on to the next website if you cannot answer the “why” questions.

NAPLIA is dedicated to continually adding valuable resources to our website that we share through LinkedIn.  Please visit our site often and like our company page or join one of our LinkedIn groups.   We'd love to hear from you!