Embroker’s Accounting Practice
Redefining the way accounting firms purchase insurance, utilizing technology and deep insurance expertise from brokers who genuinely understand the industry.
Highly-Publicized Examples of Insurance at Work for Accountants
- Former NBA star Kevin Garnett sued Louisville accountant Michael Wertheim and his firm Welenken CPAs for malpractice, breach of fiduciary duty, and aiding and abetting.
See: Former basketball star Kevin Garnett sues Louisville accounting firm
- Accounting firm Cherry Bekaert was added as a defendant and sued for malpractice in a federal lawsuit filed by real estate veteran Steve Brincefield in a case that blamed real estate company Thalhimer’s top brass and others for depleting the value of its employee stock ownership plan.
See: Accounting firm entangled in Thalhimer lawsuit
- The Federal Deposit Insurance Corp sued a global public accounting firm for $625 million in compensation for the bank’s alleged net losses from fraud with mortgage originator Taylor Bean and Whitaker.
See: PwC faces largest ever auditor malpractice damages verdict
- Former certified public accountant Carl Nicholson was accused of 11 federal tax-related charges and is facing up to 35 years in prison and fines of up to $2,750,000 if convicted.
See: Trial begins for former Hattiesburg CPA Carl Nicholson
Accounting Insurance Costs
When applying for accounting insurance, there are many things that carriers are going to be taking into consideration when trying to arrive at a price for the coverage that you need. The leading drivers of cost are revenue over three years, areas of practice, geography, and claims history.
Once the above key drivers are taken into consideration the premium is fine-tuned based on digging further into your areas of practice (bookkeeping, audit, valuations, etc.), risk management (engagement letters, suits for fees), and insurance limits you want to purchase.
Not sure if you’re getting a fair deal?
A frequent question we hear — and a common problem with insurance underwriting in general — is that no one really knows how an underwriter arrives at a premium.
Embroker believes in giving our clients better choices using data and transparency. We benchmark all of your policies against similar firms/accountants in your vertical, then procure multiple quotes from an independent broker. We also cross-reference your costs with firms of comparable size, policy limits, claims history, and risk tolerance.
Once set up on our platform, our tools and data ensure you’re adequately covered, even as market conditions change and your business grows.
Accounting professionals require unique insuring expertise and experience. Embroker helps you get the best coverage at the best price, and we start a simple audit of your current policies. Beyond that, we also offer advice on risk management challenges such as loss control and risk financing.