March, 2017

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Tax Return Preparation and CPA Malpractice Insurance

CPA malpractice insurance

Its a fact that errors and omissions in preparing tax returns can happen and is perhaps a certified public accountants worst nightmare. A certified public accountant (CPA) might make any number of unintentional mistakes, such as entering a number incorrectly, or misinterpreting a law. When a mistake is detected and an IRS audit occurs, as is likely the case, the CPA will have to own any error that they may have committed. Any litigation that ensues on the part of the client will require CPA malpractice insurance to help pay for defense and any associated costs.

The client will be upset over the fact that theyre being audited, and thats certainly to be expected. In some instances, the client might merely need to file an amended tax return and the issue will be resolved. But if the problem is indeed more complex than that, and not so easily rectified, the CPA may be sued for a negligent act. By acknowledging that malpractice has been committed, the CPA risks added damage to his or her reputation.

CPAS have an ethical obligation

Whenever a tax preparer recognizes a mistake that he or she has made they need to call it to their client’s attention immediately. In such cases things could possibly be smoothed over quickly and easily. Hopefully they have a client that understandings that everything possible is being done in their best interest, and the matter will come to a close without incident. In some cases however, the mistake may complicate matters, and the client may suffer fines or penalties for the error that was made.

CPAs and other preparers have an ethical duty with respect to any errors and omissions resulting from the work they submit. Some mistakes are going to have a much greater impact on their clients and this can result in the potential for malpractice exposures, which can lead to possible legal defenses.

Taxpayers have a legal duty within any applicable statute of limitations to pay the correct tax upon discovering an error or omission that was made in the filing of their taxes. A taxpayer should file an amended tax return and simply pay any tax due. Accountants should carry cpa malpractice insurance to aid them whenever they make costly errors on tax preparations that affect their clients.

Workers Compensation Insurance: Keeping Costs Low

Virginia workers compensation

Virginia workers compensation coverage is a mandatory benefit business’s provide to their employees who become injured while on the job or fall ill because of the job. Providing this coverage can come at a great expense to employers, but there are some things that businesses can do to take care of their employees without breaking the bank.

Be Proactive

One way to control costs is to work to prevent accidents and illnesses from occurring in the first place. Virginia workers compensation providers can assist businesses in increasing workplace safety by developing training and accident investigation programs that will adequately prepare employees and lessen the occurrence of on-the-job accidents. Fewer accidents will result in lower insurance costs.

Investigate Fraud

Unfortunately, some employees take advantage of the presence of workers compensation insurance by fraudulently claiming that they were injured while working. Insurance providers can work with businesses to identify suspicious claims and increase the effectiveness of reporting methods to reduce instances of fraud. Decreasing the number of fraudulent claims will help keep costs low.

Employers are always striving to strike a balance between what is good for their employees and their bottom line. Finding sufficient coverage at a reasonable cost can be challenging, but Virginia workers compensation plans are available to keep expenditures down and premiums low.

Buying the Best Business Insurance in Orlando

business insurance in Orlando 

You’re establishing your new business, buying equipment and hiring employees. Business insurance is another integral part of your new endeavor.

You must have certain kinds of business insurance in Orlando, and you need additional types to adequately protect yourself and your business. Still, you don’t want to over-insure, and you may not know what you really need.

Required Insurance

By law you must have:

  • general liability insurance,
  • commercial auto insurance on any vehicles used in your business, and
  • workers compensation insurance if you have four or more employees.

Additional Insurance

You need business property insurance to protect your business’s building(s), inventory, and production and office equipment, especially computers and other electronics. Having commercial hurricane and flood insurance is very important for Orlando businesses. Be aware that if you’re operating your business from home, your home-owners policy does not cover anything related to your business.

You also need to think about protecting yourself and your key employees with:

  • life insurance
  • professional and employment practices liability coverage
  • protection from loss of earnings due to business interruption

Choosing Your Insurance Company

Choose a well-established insurance company that offers a wide variety of coverages and packages. After they meet with you to learn the specifics of your business and its potential risks, they will be able to determine what you need and what you don’t and provide you with the best business insurance in Orlando.

Devising a Plan For Insurance Agency SEO

Insurance Agency SEO

The Internet is now perhaps the best way to reach prospects and provide services to new customers. Independent agents and brokers now understand how vital this audience is.

More than ever before, people research their options online before making a decision, even when they’re not actually planning to make a purchase online.

The trick for agencies and independent agents is to make it easy for them to be able to find their website, and that means implementing a strategy using search engine optimization (SEO). Insurance Agency SEO will make it easier for people to find you because it can help boost your rankings, making you more visible in searches. People use a search engine to find the more popular sites on the web, so you need for your website to have the highest possible ranking.

Think of SEO as the equivalent of having an office that is easy to find. It could be a simple-to-remember address or phone number, or a location that’s easily accessible. The point is to make your agency accessible to this constantly growing web based community and your search engine ranking is a reflection of this.

Creating a strong online presence

The point of your SEO strategy is to elevate your firms placement in searches for keywords related to your particular line of business. This is accomplished using relevant keywords entered in a search. There are algorithms used by the major search engines, Google, Bing, and Yahoo, for example, and their methodologies are what determine your placement alongside other, similar companies.

Perhaps the most important driver in search engine optimization is the frequency with which your site is clicked on within the search results themselves. Your ranking in a search engine will elevate every time someone searching for business insurance in your zip code clicks on your site. The trick is to have your site appear in the results as often as possible.

Still, another important driver of organic search results is the number and popularity of other websites that drive traffic to your site. It helps if your agency has strong relationships with a number of different partners and organizations. Insurance Agency SEO is vital to your success in a very competitive marketplace.

3 Special Insurance Coverage Options for Banks

insurance for banks

When it comes to owning a business, running a bank is perhaps one of the biggest challenges out there. Because of the amount of money you handle each and every day, your business is simply more susceptible to attacks and other potential issues that could disrupt the way you do business and cause you a huge headache. Fortunately, there’s plenty of insurance for banks out there that provide specialized coverage for businesses like yours. Some of the special options available for your convenience include:

1. Professional Liability

Professional liability insurance covers a wide spectrum of workplace threats, such as errors and omissions, employment practices, bankers professional liability and directors and officers.

2. Cyber Liability

If your bank is operating in the current century, then you are sure to use computers to keep track of clients funds. Protecting yourself from hackers, viruses and other cyber threats is a must.

3. Crime Insurance

While the world has advanced in many aspects, crime will always remain the same. Protect yourself from vandalism, robbery, theft and other physical threats with crime insurance.

Each of these types of insurance for banks is specially designed to handle specific challenges that come with owning a business of this type, and can make your company and your employees feel more secure while on the job.

Protect Your Business With Liability Insurance

Preferred Insurance

Starting and growing a small business takes a tremendous amount of effort, time, and money. Because society has become increasingly litigious, entrepreneurs can see their investment evaporate quickly due to a liability lawsuit. To help protect themselves and their companies from exposure, many small business owners turn to Preferred Insurance for professional liability coverage.

Understanding Risk

Whether they produce goods or deliver services, small businesses face frequent customer lawsuits. Even if claims are frivolous, companies can spend an extraordinary amount of time and money to defend them. Meanwhile, the distraction of combatting a lawsuit can lead to decreased productivity and lost business. Instead of dreading the unknown, many small business owners analyze risk and purchase adequate insurance.

Recognizing Coverage Areas

Fortunately, business liability insurance provides peace of mind for small business owners. While insurance terms vary, coverage typically includes protection for the following risks:

  • Negligence
  • Misrepresentation
  • Defective Products or Services
  • Lack of Good Faith

A comprehensive liability insurance policy can also cover unforeseen expenses that come from defending a lawsuit. Reimbursement for legal fees, lost productivity, and other expenses might be included a typical professional liability plan.

Customizing Protection

Often small business owners combine business liability insurance with other forms of commercial insurance. By working with Preferred Insurance, entrepreneurs can get the right level of coverage to protect their businesses from virtually any risk.


3 Ways Insurance Marketing Helps Build Your Business

insurance marketing

Owning an insurance agency poses a host of different challenges, all of them unique when it comes to the world of small businesses and practices. One main issue that can severely limit your growth and development is the lack of a good marketing strategy. This is why thousands of insurance company owners like yourself turn to insurance marketing firms each and every year for a boost to their business. Working alongside these companies has several benefits, such as:

1. Improving Your Presence

The professionals know how to really boost your brand and make customers really see the professionalism youre offering.

2. Building a Customer Base

Visitors to your website are more likely to become customers with the right marketing strategy, which boosts your profits and your customer base.

3. Increasing Visibility

Make it easier than ever for interested potential customers to find you at a moments notice. Increasing your search visibility is a must for any modern insurance company.

Together, each of these small steps can add up to a serious boost for your business, and help you grow and develop properly in the years to come. Working with the insurance marketing professionals can make taking these steps a breeze, and get you the results you’ve been wanting to see with your profits in no time at all.

Furniture Dealers Insurance and Safety Issues

Furniture Dealers Insurance

Delivery of business furniture can be strenuous and difficult work for even the strongest individuals. A warehouse environment presents a unique set of potential injuries that differs from other lines of work. Working in an environment where you are constantly move heavy boxes around, and loading and off loading onto trucks, paves the way for some of the top injuries to develop. This includes back and neck pains, as well as extreme soreness in the hands and wrists.

Anyone who spends the majority of their shift picking up and delivering furniture from a warehouse to an office are prone to experiencing injuries from lifting, or merely stepping on and off of trucks. This is due in large part to all of the heavy lifting required by their jobs.

Employers must recognize this as a serious issue and do everything within their power to provide a safer work environment, while attempting to reduce the number of injuries related to performing such tasks. Without proper preparation designed to lessen the strain on the back, neck and legs, injuries will occur with more frequency. Even so, Furniture Dealers Insurance for on-the-job injuries is important coverage for employers to carry.

Exercising and stretching can help reduce injuries

Employers should not underestimate the benefits of having workers take the time to stretch prior to doing a lot of heavy lifting. Those workers that do are generally less likely to experience an injury. When it is your employees primary job to lift and move furniture they are much more likely to experience painful sensations throughout their bodies. Workers working in tandem with other employees when objects are extremely heavy should help show a significant reduction in on-the-job injuries.

Office workers can also be affected by strains due to repetitive motion tasks, or experience other common injuries as well. Ideally, stretching those commonly used muscles every day, either in the morning, at lunchtime, or even at the end of the workday, can often reduce the chance of injuries.

The hazards and risks are many. Simply bending over or reaching for something while seated in an unstable chair can result in an injury. Make Furniture Dealers Insurance for workers injuries an important component of your business.