Accountants & Auditors
Accountants and their firms operate in a very different environment today than just years ago. While many of the professional liability related exposures still remain, new risks have surfaced and litigation trends have changed. Increased compliance requirements imposed by new acts such as HIPAA and the affordable care act are creating an increasingly challenging landscape for accountants and auditors. Protecting your firm requires a holistic insurance portfolio comprised of well structured professional liability (E&O) insurance, cyber liability and directors and officers insurance (with EPLI and crime coverage). Consideration should also be given to the underlying general liability package to include basic endorsements for items such as valuable papers & records and accounts receivables among others. Partnering with a carrier that has a strong claims reputation and broad advertising injury coverage can also potentially help insulate firms from a broader range of advertising claims.
Due to the diversity of coverage among professional liability insurance policies, ranging from limited coverage to broad in scope, it is important to perform a thorough coverage analysis. Purchasing a policy that provides coverage for regulatory or administrative proceedings, or extending coverage to accountants while acting in the capacity of a trustee or investment advisor can be the difference of a claim being covered or denied. As a boutique brokerage with a concentration on both professional services and professional liability (E&O), GB&A is well aligned to meet the insurance needs of (larger) small accounting firms and mid sized firms.