CHES Special Risk Announces Enhanced Specialization in E&O Insurance for Accountants
TORONTO, ON, SEPTEMBER 25, 2024/insPRESS/ – CHES Special Risk, a leading provider of specialized insurance solutions, recently announced the expansion of its Errors and Omissions (E&O) insurance products with enhanced coverage for professionals across diverse industries such as Accountants.
Accounting errors can lead to substantial financial burdens for both accountants and their clients. From miscalculations in financial statements to improper tax filings, even the most diligent professionals are not immune to mistakes. Considering these risks, experts at CHES Special Risk urge brokers to ensure that their clients in the accounting profession are adequately protected with comprehensive Errors and Omissions (E&O) Insurance. Without proper E&O coverage, accountants may face lawsuits, reputational damage, and significant financial liabilities.
Comprehensive Coverage for Specific Professional Risks
CHES Special Risk’s E&O insurance policies are meticulously crafted to address the challenges of different professions. For accountants, this can mean protection against miscalculations in financial statements, improper tax filings, and even oversight in detecting fraud. Senior Underwriter Hoang Quan Nguyen explained, “Our goal is to provide policies that are not only comprehensive but also finely tuned to the specific challenges each profession faces. Our coverage ensures that professionals can operate with confidence, knowing they are protected against potential claims.”
Specialized Coverage for Accountants
The accounting profession, in particular, faces growing complexities, and CHES Special Risk offers E&O policies tailored to meet these specific needs. Gary Hirst, CEO and President of CHES Special Risk, emphasized, “Accounting errors can lead to substantial financial burdens for both accountants and their clients. Our E&O Insurance provides a safety net, ensuring that accountants are protected against costly errors, lawsuits, and reputational damage.”
Real-World Examples of Accountant E&O Claims
Inaccurate Tax Filings: An accountant incorrectly files a client’s corporate taxes, resulting in significant penalties and back taxes owed to the government. CHES’s E&O Insurance covers the legal fees, settlement costs, and any awarded damages, protecting both the accountant and their practice from financial devastation.
Fraud Oversight: An accountant fails to detect fraudulent activity in a client’s financial statements. The client sues the accountant for negligence, leading to a costly legal battle. CHES’s E&O policy ensures that legal defense costs are covered, alongside any settlements or judgments, sparing the accountant from out-of-pocket expenses.
Expert Support for Tailored Solutions
CHES Special Risk’s dedicated underwriting team delivers unparalleled support to brokers and clients. Senior Underwriter Michael Chaplik noted, “At CHES Special Risk, we believe that expert support is crucial in the E&O insurance space. Our team works closely with brokers to understand their clients’ needs and provide customized solutions that offer the best possible protection.”
Why Partner with CHES Special Risk?
At CHES Special Risk, the dedicated underwriters across six offices—Toronto, Ottawa, Vancouver, Québec City, Alberta, and Montréal—are equipped to provide well-crafted policies that address the full spectrum of risks accountants face. By understanding the unique exposures within the accounting profession, CHES creates customized policies that cover critical areas, enabling brokers to meet their clients’ needs effectively.
“Our experienced underwriters work closely with brokers to craft E&O policies that account for every aspect of the accounting profession’s potential risks,” said Gary Hirst, CEO and President of CHES Special Risk. “With six offices across the country, we provide both regional expertise and national reach to offer comprehensive solutions. We’re here to ensure brokers have the tools they need to protect their clients and mitigate their financial exposures.”
With CHES Special Risk, brokers can trust that their clients will be covered by policies designed with precision, offering peace of mind in a litigious environment.
For more information on how CHES Special Risk can support you in delivering effective E&O Insurance solutions, please contact: Info@CHESspecialrisk.ca
______________________________________________________________________
ABOUT CHES Special Risk Inc.
CHES Special Risk Inc. was established as a Managing General Agent and Wholesale broker in 2004, in response to broker demand to a hardening marketplace, commencing with a particular specialty in the entertainment and hospitality business, later becoming a fully accredited Lloyd’s cover holder in 2009. CHES Special Risk and Sister Companies are a fully Independent MGA delivering “A” rated capacity both in the hard to place, and standard lines classes and support their retail brokers in growing and developing their businesses.
Additional information regarding CHES Special Risk can be found at: http://www.CHESspecialrisk.ca.
###
If you would like more information about this topic, please call us at 416-452-7850 or email Gary.Hirst@CHESspecialrisk.ca
