The National Center for State Courts Reports a 15% Increase in Civil Litigation Between 2004 and 2005. Don’t be a Statistic, Act Now!
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Imagine getting to work early one morning. Maybe that’s your normal routine; maybe you just needed to get some paperwork done before seeing a client. The reason really doesn’t matter. As you are unlocking the door to your office, a man in a wrinkled business suit approaches you.
You ask, “Can I help you?” and he responds with your name.
You say, “Yes” and before you know it, he hands you a large envelope and says, “you’ve been served.” He is gone in a flash.
Suddenly, the thoughts of all the things you need to accomplish today are gone. You barely open the door and put your briefcase down before ripping open the envelope to find a lawsuit. You finally make your way to your desk and read the papers.
The first thing you notice is the name of your former client. He was always a pain. You read the allegations; they are ridiculous. You never even agreed to provide half the services he is complaining about.
Several months later, during tax season, you’re stuck in a lawyer’s office giving depositions. You’re not just losing billable hours, you’re losing clients, and after all, they want their taxes done now. You ask yourself, “I didn’t do anything wrong here, how did I get into this mess?” And wonder, “with all the revenue I am loosing, how am I ever going to pay this month’s bills on time?”
Yes, it is true that if someone wants to sue you, he will. There are strategies and techniques though, that you can implement in your business that can reduce the chance of a malpractice claim, or mitigate the effects of a lawsuit.
The Building Blocks of Your Solid Gold Fortress
Jorgensen & Company designed the CPAGold™ program to:
• Help you understand the source of most CPA malpractice claims (did you know that only a minority of these claims are the result of accounting errors) so that you can identify the warning signs and take early action to prevent a problem;
• Provide you with expert advice from an independent Attorney/CPA with decades of experience who’s been involved with many of these issues before to help you develop a solution for your specific situation;
• Include proactive claims adjustors that are empathetic to your needs for solutions that go beyond the economics of the situation (protecting not just your wallet, but your reputation);
• Provide legal support when your records or testimony are subpoenaed, even if no claim is made against you, to guard you from legal “fishing expeditions”;
• Cover the expanding and changing services you need to provide, to stay competitive, with limited policy exclusions so that you have the confidence to operate your business to address the requirements of your clients;
• Protect you from malpractice claims made against you anywhere in the world;
• Give you the confidence of a strong and stable insurer committed to a long term relationship with the accounting profession;
• Incentivize you to be proactive in your risk management through premium and deductible credits that keep your overall costs down, when you save the insurer money by mitigating potential loss.
Not Just Brokerage Services – Real Risk Management
Plus, Jorgensen & Company provides tons of value added services:
• Application review and consultation – we work with you to help you complete your application, explaining why insurers are asking specific questions and helping you to craft your submission to present your firm to underwriters in a way that will make them want to offer you the best coverage at the most competitive pricing;
• Policy Customization – when you have specific coverage needs, we work with the insurer to customize your policy to address those exposures understanding that such measures need to be cost efficient;
• Excess Coverage – sometimes, you need more insurance than one company can offer, we prepare submissions to excess insurers to secure additional limits targeting the most cost effective price point;
• Internal risk management – we will work with you to establish internal risk management procedures to reduce the probability of a professional liability claim;
• Engagement letter review – when a particular engagement requires a customized engagement letter, our risk management hotline is available to help you craft an agreement that is suited to the circumstances - helping you to explain to your client the nature of your services and mitigating the chance for a misunderstanding that could lead to a claim;
• Coverage Confirmations – should your client, prospect or any third party need proof of your insurance, we will (with your approval) provide them with a verification of insurance;
• Claim Support – when you have a claim, we are there to guide you through the procedure of filing the claim and to help you understand the claim process;
• Current Event Analysis – our team of brokers and underwriters follow the current issues of the accounting profession analyzing the potential malpractice exposures and report that information through our Accountability Blog;
• E-Newsletter – our periodic e-newsletter keeps you up to date on all the latest and most important accountants professional liability issues providing you with understanding and management techniques that will help you prevent claims.
Start Building the Foundation for Your Fortress today (limited time offer)
And, you can get started right now at no cost or obligation – just sign up for our free E-Newsletter (we never sell your e-mail address) and we will send you our e-book, “Understanding Professional Liability Insurance” a $9.95 value with no obligation to buy. These documents, loaded with information about how to avoid accountant’s professional liability claims can help you begin the process of building your own fortress. Then add our blog, “Accountability” to your RSS feed in Microsoft Outlook for ideas on how to incorporate the latest risk management techniques into your own practice.
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