Connect insurance to the operation
Accounting-firm insurance should reflect the services performed, credentials, client types, contracts, deadlines, records handled, payment practices, employees, and potential financial consequences of an alleged error. Bookkeeping, tax preparation, payroll, audit, and advisory services can create different professional and cyber exposures. Professional insurance planning for accounting services, client records, deadlines, employees, cyber risk, and office operations.
Emergency roles and immediate action
Review the current operation, credible loss scenarios, management controls, contracts, requested limits, and the policy terms intended to address this issue.
Reporting and evidence preservation
Review the current operation, credible loss scenarios, management controls, contracts, requested limits, and the policy terms intended to address this issue.
Continuity and recovery decisions
Review the current operation, credible loss scenarios, management controls, contracts, requested limits, and the policy terms intended to address this issue.
Risks that deserve specific attention
Alleged calculation, filing, reporting, bookkeeping, payroll, or advisory errors
Describe where the exposure occurs, who controls it, how frequently it arises, what could make a loss severe, and which documented controls are in place.
Client-data loss, ransomware, privacy events, fraudulent instructions, social engineering, and funds-transfer loss
Describe where the exposure occurs, who controls it, how frequently it arises, what could make a loss severe, and which documented controls are in place.
Employee injury, employment allegations, office property loss, and interrupted operations
Describe where the exposure occurs, who controls it, how frequently it arises, what could make a loss severe, and which documented controls are in place.
Coverage areas to coordinate
Professional Liability (E&O) appropriate to the services performed
Confirm limits, deductibles, covered entities, locations, operations, exclusions, endorsements, and how this protection coordinates with the rest of the program.
Cyber liability, crime, social-engineering, and funds-transfer coverage
Confirm limits, deductibles, covered entities, locations, operations, exclusions, endorsements, and how this protection coordinates with the rest of the program.
Business Owner's Policy, workers' compensation, EPLI, and umbrella where appropriate
Confirm limits, deductibles, covered entities, locations, operations, exclusions, endorsements, and how this protection coordinates with the rest of the program.
Build a useful submission
- Describe every operation, ownership entity, location, service, customer type, and material change since the prior policy began.
- Provide current revenue, payroll, values, vehicles, equipment, contracts, and currently valued loss information when available.
- Explain significant claims, near misses, corrective action, safety procedures, training, maintenance, and management oversight.
- Identify requested effective dates, contract deadlines, lender or landlord requirements, desired limits, and deductible preferences.
Questions the review should answer
How will the program address alleged calculation, filing, reporting, bookkeeping, payroll, or advisory errors?
Connect the answer to the appropriate policy, limit, deductible, endorsement, exclusion, operational control, and recovery plan.
How will the program address client-data loss, ransomware, privacy events, fraudulent instructions, social engineering, and funds-transfer loss?
Connect the answer to the appropriate policy, limit, deductible, endorsement, exclusion, operational control, and recovery plan.
How will the program address employee injury, employment allegations, office property loss, and interrupted operations?
Connect the answer to the appropriate policy, limit, deductible, endorsement, exclusion, operational control, and recovery plan.
Frequently asked questions
What information helps prepare a Accounting Firms & Bookkeepers insurance claims readiness review?
Start with a clear description of the operation, locations, ownership, revenue, payroll, property, vehicles, contracts, current insurance, and loss history. For accounting firms & bookkeepers, pay particular attention to alleged calculation, filing, reporting, bookkeeping, payroll, or advisory errors, client-data loss, ransomware, privacy events, fraudulent instructions, social engineering, and funds-transfer loss, employee injury, employment allegations, office property loss, and interrupted operations.
Which policies commonly deserve attention for accounting firms & bookkeepers?
The starting coverage areas include professional liability (e&o) appropriate to the services performed, cyber liability, crime, social-engineering, and funds-transfer coverage, business owner's policy, workers' compensation, epli, and umbrella where appropriate. Actual needs depend on the operation, contracts, locations, people, property, vehicles, services, and available market terms.
Coverage descriptions are general. Eligibility, availability, limits, deductibles, valuation, exclusions, and policy terms vary by operation and insurance market. Actual policy documents control.