As everything "moves to the cloud," and many states pass laws about email and client data that have severe penalties for breaches, protecting client data has become one of the biggest worries of accounting and tax professionals.
The latest announcement from one of the top professional liability insurance providers for accounting firms might help alleviate that concern.
AmerInst Professional Services, Ltd., a nationwide professional liability insurance provider, is adding a security incident and identification theft extension endorsement to its Protexure Accountants' program.
"The endorsement benefits small accounting firms by offering protection from a data breach -- at no cost," says Pat Cosulich, Chief Information Officer at AmerInst Professional Services, Ltd.
"United States Fire Insurance Company, a member of the Crum & Forster group of companies and our partner carrier, reimburses the named insured for each security incident. Within the policy period, there is a maximum reimbursable amount, regardless of the number of incidents or insureds involved.
The professional liability insurance policies issued by AmerInst are underwritten by United States Fire Insurance Company, which is an "A-Rated" Crum & Forster company.
AmerInst Professional Services Ltd. draws upon the commitment and expertise of its parent, AmerInst Insurance Company, which was created by CPAs for CPAs and was a reinsurer of the AICPA plan for two decades.
AmerInst Professional Services, Ltd. does business as AmerInst Professional Insurance Services, Inc. in California, Florida, Indiana, New Jersey and Tennessee, and as AmerInst Professional Liability Services Ltd. Inc. in Alabama.