Prior Acts Coverage and the Retroactive Date

Prior Acts Coverage and the Retroactive Date

Every successful accounting practice needs professional liability insurance to protect the assets of the business and the personal assets and careers of those who practice there. Understanding the components of your policy and what to look for will help ensure you are adequately covered. One area that is important to understand is prior acts coverage and the retroactive date.

Do You Have Gaps in Your Accounting Malpractice Insurance?

Do You Have Gaps in Your Accounting Malpractice Insurance?

It’s great to have professional liability insurance that covers your day-to-day work, and if you’re settled at a firm that provides coverage, you may feel like you’re safe and protected.

If You've Received a Reservation of Rights Letter, Don't Panic

If You've Received a Reservation of Rights Letter, Don't Panic

When you file a claim with your malpractice insurance company, it is standard practice for your insurer to send a “reservation of rights” letter to protect its right to deny coverage if your claim isn’t covered by your policy. It’s understandable that this can sometimes cause a bit of panic. It’s important to understand, however, that receiving this letter does not mean that your insurer is denying coverage.

Tips when Comparing Competing Malpractice Insurance Policies

Tips when Comparing Competing Malpractice Insurance Policies

If you’re opening a new practice, just getting around to buying professional liability insurance, or shopping for a better policy, asking the right questions is critical to getting the best protection and value. Before you sign up, be sure to know the answers to these questions.

Top 5 Reasons Every Accountant Should Have E&O Insurance

Top 5 Reasons Every Accountant Should Have E&O Insurance

Errors and omissions (E&O) insurance policies cover professionals, including accountants, for their losses or liabilities if they make a mistake or commit malpractice. Although it can be uncomfortable to think about needing this kind of protection, E&O insurance is a vital part of your overall professional plan.

Here’s why you should purchase coverage early and ensure that you maintain it through your career.

A Client Threatened to Sue Me. What Should I Do?

A Client Threatened to Sue Me. What Should I Do?

It’s perhaps easiest to start with the one thing not to do when a client threatens to sue you: ignore them. Although a threat is a long way from an actual lawsuit, taking the threat seriously will allow you to prepare for whatever may follow.

Even if you don’t believe your client’s claim has any merit or doubt their willingness to follow through with their threat, informing your professional liability insurer is an important first step in protecting yourself.

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