Tuesday, November 15th, 2016
Professional Liability Insurance & More
You all have it but you might not love it. Yes, I am talking about professional liability insurance.
Many of you (my readers) are members of the CPA Firm Management Association and have met Stephen Vono of NAPLIA. He is the sponsor of the special night out event at the FMA annual National Practice Management Conference. Stephen was responsible for making applying for professional liability insurance easy for me and many others in the CPA profession.
Here’s some great information from Stephen and NAPLIA that was sent to the attendees of the conference in June this year. I think you can all benefit from this information.
NAPLIA’s Cyber and Data Security ebook was a popular takeaway from the conference. If you missed it, you can download a copy here or please send me a note and I’ll be glad to mail you a hard copy. It is intended to give you guidance when preparing to safeguard your firm against the exposure to loss of client information. I hope you find it useful.
I am sending out resources in response to the many questions I received on insurance programs that NAPLIA provides.
- A Mobile Device Usage policy can help your firm manage and mitigate exposure to client data loss. In response to Matthew Harvey’s mention of a Mobile Device Usage Policy in his presentation“Minding the Candy Store”last Thursday, I am providing a sample of such a policy here
- Accounting Today interviewed me on information security and cyber liability exposures for CPA firms. Watch it here: Video: CPA Firms have a target on their back
- In keeping with the information security and cyber liability theme, I am offering other cyber liability risk management policies and best practices. Samples for your firm to use can be found below.
- If you use a portal, it is good to use a Portal Agreement
- Engagement Letter Language to lower your exposure to lost or misdirected email.
- The policy that many states require you to have is a Written Information Security Plan (WISP)
- In the event of a loss of information, you may be required to send clients a Notification Letter
- Watch the recorded version of our most recent webinar “Got claims? Just look at the tax side of your practice.”
In addition, many questions were asked about Information Security and Cyber Liability Insurance. Please take a look at our website for additional information or call me at 508-656-1330 to get the conversation started on the important topic of minimizing your firm’s exposure to litigation around client information loss.
Please consider NAPLIA for your firm’s professional liability insurance and risk management needs!
Stephen Vono | Principal | NAPLIA
(Picture: Stephen, me and some Ohio FMA Chapter members.)
- "There are risks and costs to a program of action. But they are far less than the long range risks and costs of comfortable inaction."