Some CPAs believe that they will never be sued and therefore believe they do not need professional liability or other forms of insurance. The reasons for this position vary, but some common ones include, "I don't make mistakes," "All of my clients are friends," or "I do tax work only." The problem with this approach is that it is not effective risk management and could put even the most cautious CPA firm at risk.
Risk management services and resources to help you with today's practice challengesCAMICO knows that insurance alone is not a solution for reducing risks. That's why you have access to CAMICO’s proven approaches that have helped numerous CPA firms manage risk and avoid claims. The following highlight some facets of policyholder benefits available to you and your staff members.
A staff member of a mid-size CPA firm logged into a public wi-fi network at a coffee shop and spent the morning working on firm files while on the public network. A few days later the employee received an email message from a hacker stating that a ransomware attack had encrypted all of the firm’s files and that all of the files would remain encrypted until a ransom of 2.5 Bitcoin (about $10,000) had been paid.