Insurance Accounting & Financial Reporting Services

insurance accounting services

She has extensive experience preparing budgets, analyzing data, and generating forecasts. Her management experience has taught her how to communicate effectively and pull together a strong accounting team. Our practice has grown dramatically for one simple reason – we hire the best people insurance accounting and supporting them in making an impact on our clients and communities! We have maintained the high-quality control standards of a national firm and combined those attributes with the heart and personal touchpoints of a regional firm to ensure we make an impact in everything we do.

  • Also known as errors and omissions (E&O) insurance, professional liability insurance is a crucial type of coverage that all accountants need to protect against claims alleging errors or negligence.
  • EPLI insurance will protect your accounting firm from potential employee-related claims, including discrimination, harassment, failure to promote, and wrongful termination.
  • The scope of services provided by Certified Public Accountant (CPA) firms has grown immensely over the last few years.
  • Interested in learning more about accounting insurance, accountant insurance costs, or policies for other financial services professionals?
  • Consultant| South Beach, Oregon
    Since 1998, Kevin has spent his time building and supporting the technology infrastructure of independent insurance agencies.
  • Learn why having a strong cybersecurity risk management plan is paramount for any modern business that relies on the Internet to connect with clients and business partners.

In a recent survey we conducted of more than 200 accountants, 46% reported that they’ve experienced a situation where an error or mistake in their work resulted in financial losses or penalties for their company/client. And 72% of respondents who experienced a mistake said either they or their company were held financially responsible. As an accounting professional, having insurance is essential to the success of your business, but you may be wondering what to expect when it comes to CPA insurance costs. Our leadership and involvement in the profession, our communities, and the insurance industry allows us to stay ahead of the issues that impact you. From regulatory and legislative issues to the promulgation, interpretation, and clarification of insurance accounting guidance, we are involved and on the frontlines. We bring that experience, along with proactive and creative ideas, to you.

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But, increasing your deductible comes with the trade-off of having higher expenses to cover if a claim is filed. So, it’s a risky move that shouldn’t be your first option https://www.bookstime.com/ for lowering accounting insurance costs. If you choose to pay a higher deductible, make sure you don’t select a deductible you won’t be able to pay if something happens.

insurance accounting services

Unsurprisingly, your claims history is an essential factor for CPA insurance costs. A company with a long history of costly claims will pay more for insurance than a business that has never had a claim. The types of services you provide clients play a role when calculating insurance premiums. For example, CPAs can expect to pay more for insurance than bookkeepers. Though you won’t need this coverage when starting your accounting business if you don’t have any employees, it’s worth keeping in mind as your firm grows. EPL insurance will cover your firm for employee-related claims such as discrimination, harassment, and wrongful termination.

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