Don’t let your firm make these risk management mistakes

Written on Sep 28, 2017

CPA VoiceIn the hectic world of dealing with clients and making deadlines, risk assessment for your firm might be on the back burner. But as Tim Huggins writes in the September/October issue of CPA Voice, you shouldn’t underestimate the potential for risk.

One common mistake is not discussing questions about the insurance application with your underwriter or agent. “Whether it’s for a new or renewal policy, the better the job you do with the application, the better your chances of avoiding mistakes and problems,” he said. “Take time to review the questions and determine what information and data you will need for it.”

Other common mistakes include not having appropriate policy limits for your firm profile and admitting liability, assuming damages, voluntarily making any payments, or incurring claims expenses. Read the story online now to find out other common mistakes firms make when it comes to risk.

Don’t miss this convenient, self-study CPE

Did you know that reading CPA Voice can help satisfy your CPE requirement? No matter your location or the time of day – and even without the benefit of electricity – you can gain CPE credit with each issue.

Every edition includes a 12-question self-assessment exam covering content from that issue. Receive a grade of 75% or higher and you’ll earn one hour of CPE credit in specialized knowledge.

Best of all, you can take the exam when and where it’s convenient for you, either online or by mail. Exams remain available online – and may be completed for CPE – through the same month of the following year.

September/October 2017 Exam

Leave a comment