Back in January, AccountingWeb published an article that revealed the top concerns for accountants going into 2015, according to a survey conducted by the Hinge Research Institute. In a survey of 530 professional services firms across a wide range of industries, their research concluded the following top 5 business challenges for the year:
- Attracting & Developing New Business
- Finding & Keeping Good People
- Leadership & Internal Change Issues
- Technology Issues
- Dealing with Client Demands & Expectations
As we progress into 2015, are your accountant clients still sharing these same..
No matter what industry your clients work in, they could certainly expose themselves to Employment Practices Liabilities if they are not careful. Even your Non-Profit clients could find themselves exposed to risks for the misuse of interns and/or volunteers. Organizations can of course benefit from free labor, which may be the reason many companies decide to take them on, however plaintiff attorneys and government agencies in the employment practices arena are cracking down on these practices.
As stated in an article published..
We’ve discussed cyber liability, Privacy and Network Security, and how cyber-attacks can happen to any class of business. However, for your clients, just knowing they are susceptible and need financial protection should a data breach occur is a lot different than actually doing something beforehand. While there are certainly cases of data breaches and cyber hacks that could not have possibly been predicted or prevented, there are best practices that your clients could follow.
For example, all employers should invest in the latest cyber..
A profession, in its most general term, is a “calling requiring specialized knowledge and often long and intensive academic preparation.” When it comes to determining your client’s Professional Liability Insurance Coverage needs, however, this term needs to be less vague, as the rules of professional liability vary from state to state. For example, when it comes to medical malpractice, doctors and other healthcare providers are held to a certain standard of care; however the exact definition of this will be different..
Mike Shea, contributing writer of The Legal Examiner, recently took a look at the global market for lawyer’s professional liability insurance. His findings included evidence that the “hard market” is coming, however he notes that there’s only been isolated areas across specific areas of practice that have experienced such hardening. As an agent or broker with lawyer and attorney clients, it’s imperative that you always remain aware of the current state of the Attorney Professional Liability Insurance market.
Shea states that..
Do you know what the most common property and liability claims faced by your small business clients are? As a Professional Liability Insurance Agent, it’s important to be aware of what the top liability claims are, as well as their costs. For example, according to an analysis of The Hartford’s small business claims, 4 out of 10 small businesses are likely to experience a property or general liability claim within the next 10 years.
While the most common claims are burglary and theft, the..
When it comes to mergers and acquisitions, often the first thought that comes to an agent’s mind is “Am I going to be laid off?” This is an understandable concern, especially with the multitude of mergers and acquisitions that have occurred in the industry in recent years. As we discussed last month though, insurance industry consolidation is not always a bad thing; oftentimes the motive behind an acquisition is to obtain agents for their skills and expertise. In our continued..
As an insurance agent or broker, it’s important to know what markets and businesses are in the highest demand. With the numerous high-profile cases that have taken place in the past year; Target, JP Morgan, Home Depot, etc. it should come as no surprise that insurers are seeing a spike in cyber business. In fact, in a recent article published by The Hill, CEO Inga Beale of top insurer Lloyd’s of London called cyber risk “the most serious threat to businesses and national..
It’s no secret that businesses in multiple industries have seen an influx of cyber-attacks, hacks, and data breaches in the last decade. This has left many lawyers concerned, considering their vulnerability to loss. Large firms, according to a recent Business Insurance article, have already begun utilizing cyber liability and Lawyer Privacy and Network Security programs; programs that are used to notify clients or employees of a breach, conduct a forensic investigation, and, if necessary, write checks to plaintiffs or regulators. Smaller firms, however, have not..
Franklin Lakes, New Jersey
April 1, 2015
PL Risk Advisors Inc. Reaches Milestone
By: Drew M. Smith
Axis Management Group Holdings Inc. President, Mike W Smith announced today that its wholesale division, PL Risk Advisors, Inc. (PL Risk TM) is celebrating its one year anniversary. PL Risk was officially launched on April 1, 2014 as a new and innovative Professional and Management Liability Insurance wholesaler.
PL Risk is currently licensed as a Professional and Management Liability agent/broker in 35 states and took in over $5 million dollars in business in its first year of operations. In a very short period of time, the..
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