A frequently asked question by CAMICO policyholders is, “What should our policy limit be?” This is not an easy question to answer, which may explain why it is asked often. The answer to the question requires a careful consideration of a variety of factors that run the gamut from the relatively well defined, such as … Read more
Many clients look to CPAs as the natural choice to fulfill the trustee role, manage the assets, and carry out client wishes. For CPAs good at managing and minimizing the unique risk attributes of a trustee role, trustee work can be satisfying and rewarding. On the other hand, if a CPA underestimates trusteeship risk, what … Read more
Even when covered by insurance, claims can have a significant impact on your practice in terms of time, money, professional reputation, and peace of mind. By knowing the warning signs of a claim, and calling your risk advisor early on, you can help minimize the impact of lost billable hours, revenue and sleep. What are … Read more
CPA firms are experiencing an uptick in clients trying to embed indemnification and hold harmless clauses in various agreements. Many of the clauses are inappropriate for CPA services or overly broad – even to the point of shifting all before liability to the CPA firms. Here are some considerations to weigh agreeing to any such clauses.
It’s important that before you contractually bind the firm to an arrangement of this significance, take the time to understand all the implications of the legalese in the agreement. Make sure you are comfortable with the agreement and the expectations that will fall on the firm – and ask key questions before agreeing to any indemnification and hold harmless clauses.