Accounting Firms Score Big Fiduciary Liability Insurance Secrets
Real-World Examples and Statistics
According to a recent survey, nearly 50% of businesses have faced fiduciary-related claims in the past five years1. This statistic underscores the importance of having adequate insurance coverage. Additionally, the average cost of defending a fiduciary claim can exceed $100,000, with settlements often reaching even higher amounts2. These figures highlight the potential financial impact on firms that lack proper insurance protection.
How to Choose the Right Policy
When selecting fiduciary liability insurance, consider working with a knowledgeable insurance broker who can guide you through the process. A broker can help you assess your firm's specific risks, compare policies from different insurers, and negotiate favorable terms. Additionally, explore options such as bundling fiduciary liability insurance with other types of business insurance to potentially lower costs and streamline coverage.
In summary, fiduciary liability insurance is an indispensable tool for accounting firms looking to protect themselves from the financial and reputational risks associated with fiduciary duties. By exploring various coverage options and understanding the benefits, you can make informed decisions that ensure your firm's long-term success. Remember to browse options and visit websites to find the most suitable insurance solutions for your firm.