Every Certified Public Accountant (CPA) knows the vital role they play in managing the finances of the businesses and individuals they serve. But with great responsibility comes great risk. And falling short on promised services or forgetting to carry the “1” can cost your client – and you – millions.
CPAs can be considered low-risk businesses in terms of physical risks to people and property, but the liability risks you face can be pretty hefty. Accounting pros should work with First Underwriters to uncover all of their exposures and find the right insurance policies to help protect themselves.
Insurance exists for the purpose of protecting persons and organizations from the adverse financial consequences of certain unpredictable events, regardless of the coverage line being considered. For general liability insurance, the unpredictable event that constitutes the subject of the insurance is a claim of legal liability arising out of a company’s operations, premises, products, and completed work.
Employee Benefits Liability insurance provides coverage to an employer for errors or omissions in the employer’s administration of its employee benefit program.
The Employee Benefits Liability coverage would pay for the benefits that would have been payable under the health insurance plan but for the employer’s error.
A business income coverage form is an extension of the commercial property type policy which funds a company’s loss of income due to a slowdown or temporary suspension of normal operations which stem from damage to its physical property. Coverage typically includes the loss of income but excludes ordinary operating expenses.
Professional liability insurance helps protect them from the financial landslide that can follow a lawsuit.