BUYERS’ MARKET NO MORE As the digital age deepens, businesses have been benefiting from a buyers’ market in cyber insurance, courtesy of relatively low premiums and generous coverage options. However, with the increasing sophistication and frequency of cyberattacks, this trend is expected to pivot. Industry leaders are now sounding the alarm on an imminent […]
See moreIn an alarming surge of digital extortion, cyber criminals have shattered previous records by amassing over $1.1 billion in ransom payments in 2023. This figure, released by cybersecurity experts, marks an unprecedented escalation in the severity and frequency of ransomware attacks targeting businesses, governments, and individuals worldwide. Ransomware, a malicious software designed to […]
See moreThe world of professional liability insurance can be complex and confusing, especially when it comes to understanding the difference between an occurrence policy and a claims-made policy. These two types of policies are the most common in the realm of professional liability insurance, and it’s critical for professionals to understand their distinctions to ensure […]
See moreThe rapid surge in cyber threats has become a significant cause for concern among consumers, yet a surprisingly small percentage are opting for appropriate insurance measures for protection. According to the latest Agency Forward survey conducted by Nationwide, only 15% of American consumers currently maintain personal cyber insurance. In this age of digital interconnectedness, […]
See moreIn today’s fast-paced and technology-driven business landscape, accounting firms must adapt and embrace modern practices to stay competitive. By leveraging the power of innovative tools and strategies, accounting firms can streamline their operations, enhance client experiences, and improve overall efficiency. In this article, we will explore four simple game-changers that can help modernize your accounting […]
See moreAccounting is the process of recording financial transactions and reporting them to the appropriate parties. It’s important because it allows businesses to keep track of their finances, which makes it easier for them to make decisions about how much money they have and how best to use it. Accounting can be done by hand […]
See moreAs a professional, you understand the importance of protecting yourself and your business from risk. One of the ways you can do this is by purchasing professional liability insurance, which provides coverage for claims made against you or your business for professional errors or omissions. However, it’s important to understand that adding an Additional Insured […]
See moreShould Professionals Report Claims to Their Insurance Carrier? You should always speak with your broker or agent before filing a claim. As an insurance professional, you are likely well aware of the importance of reporting claims to your carrier. However, in case you’re not sure why it’s so important, here are some reasons why […]
See moreThroughout 2021 the employment practices liability (EPL) market saw premium and retention increases between 10-25%, with underwriters increasing prices to remain profitable. According to a 2021 market overview, primary EPL insurers were not interested in writing new EPL coverage, and their appetite was about 10-15 insurers. Because of EPL insurers hesitation to take new […]
See morePractice Continuation Agreement (PCA) A practice continuation agreement (PCA) is a plan set in place that authorizes another person to take on the responsibilities of an accounting firm under extreme circumstances. Circumstances that may cause the plan to go into effect are disability, ongoing illness, family emergencies and more. Having a PCA in place before […]
See moreWhat is First-Party Cyber Coverage? First-Party cyber coverage is liability insurance that can help small businesses protect themselves against cyberattacks. The financial impacts of cyberattacks can be significant, so it is very important to make sure that your small business is protected against the potential financial burden of cyber attacks. First-party […]
See moreIn this article, it explains that workers’ compensation insurance is one of the most important insurance policies for a small business, and that most small businesses are required to have workers’ compensation insurance. Businesses regularly are losing and adding employees over time, and this can impact the specific level of coverage that the business needs. […]
See moreThe following bulletins have been issued by the New Jersey Department of Banking and Insurance and are posted on the Department’s website. Bulletin No. 20-11 Guidance Concerning Circumstances Related to the COVID-19 Pandemic (Individual Market) Bulletin No. 20-12 Guidance Concerning Circumstances Relating to the COVID-19 Pandemic (Small Employer Market) Bulletin No. 20-13 […]
See moreApril 10, 2020 UnitedHealth to offer nearly $2B in accelerated payments, financial support to providers (Fierce Healthcare-April 7, 2020) The insurer said that it would accelerate claims payments to both medical and behavioral health care providers across its fully insured commercial, Medicare Advantage (MA) and Medicaid plans. It will also make $125 million in […]
See moreGovernor Murphy Signs Executive Order Extending Insurance Premium Grace Periods 04/9/2020 TRENTON — Governor Phil Murphy today signed Executive Order No. 123, extending grace periods during which certain insurance companies, including health insurers, life insurers, and property and casualty insurers, will not be able to cancel policies for nonpayment of premiums.“We know the stringent measures […]
See morePlease read this announcement from the SBA regarding their disaster loan program for new applications: U.S. Small Business Administration To submit an application: Email: Email your completed document(s) as attachments to: disasterloans@sba.gov Any information you send to SBA via email is sent via an unsecured email link. Due to the nature of […]
See moreEO-107 EO-108
See moreRunning an accounting firm is not easy. There’s a lot of competition for your business, and the work is demanding, especially around the tax season when workloads are higher than normal. Completing work isn’t your only problem. There are numerous challenges which you could face daily that could be harming your accounting firm’s bottom line. […]
See moreThe 2016 tax return season is over, and CPA’s can now look back to see how the season worked and what improvements can be made to make next year even better. Before, during and after the recent tax season, CPA Trendlines surveyed just over 13,000 accounting professionals from the US to get their thoughts on […]
See moreAccounting firms are generally good at finding ways to maximize their returns on investments without selling more, and they do this through a variety of tactics. If you are looking to generate more return on your accounting firm’s investments, you could implement some of these tips. Stop Charging By The Hour Charging by the hour […]
See moreAccording to a report released this week by the Treasury Inspector General for Tax Administration (TIGTA), almost 65,000 tax-exempt organizations owe close to $875 million in back taxes to the federal government. Underlying this gross negligence in tax abuse is the fact that the IRS has seen a reduction in key enforcement personnel: a slashing […]
See more