The McGee Group’s Analysis Exposes Startling Gaps in Coverage for a Large Accounting Firm—and Finds a Better Way
Situation: A large regional accounting firm had a ten-year relationship with an insurance broker who claimed to be an expert in financial service companies. After speaking with another professional services client of The McGee Group’s, they decided to give us a call.
Analysis: The McGee Group conducted a full risk management analysis which included reviews of the client’s insurance policies, contracts, leases, and other insurance related documents. We also reviewed auto vehicle lists, driver schedules, and property and equipment schedules, among others.
We discovered several important mistakes in their current insurance program, including missing coverages for current entities within the accounting firm’s group of businesses. They were also missing two key coverages that left them at great potential risk.
Risk Management Service Plan: Our primary goal was to keep the company safe from a lawsuit. They were missing 3 critical insurance coverances based upon their specific operations and had they been sued, the losses would have been devastating. We developed a plan to fix their existing insurance program and add the additional needed coverages, including:
Correcting the insurance operation exclusions for their group health insurance division and life insurance and pension plan operations
Adding employment practices liability coverage, an important factor as they have over 50 employees who routinely visit and work at their client sites
Boosting cyber liability coverage, reducing the risk of cyber threats posed by their paperless, cloud-based environment
