A new product launch from Embroker, here’s the word;
Embroker, the digital insurance company making it radically simple to get business insurance, today released its newest professional vertical program developed specifically for financial services professionals. This offering is unique to the needs of accountants, bookkeepers, and tax preparers, built to handle specific risks around professional liability, cyber liability, and key business owners’ insurance coverages.
This marks a major expansion to Embroker ONE, which offers a robust library of policies curated from top-tier carriers with extensive industry experience, presenting coverage based on businesses’ particular risk profiles and industries through a simple, one-application experience. The Financial Services Program is now available on Embroker’s ONE platform, giving customers access to the suite of tailored policies in a streamlined process.
Embroker recently conducted a study of US-based, independent and firm accountants, a linchpin of financial service professions, which uncovered industry issues ranging from wrongful termination suits to malicious AI. The data paints a clear picture of an under-insured professional industry rife with risk and in deep need of protection, facing a shortage of options that fit their needs.
ERRORS AND OMISSIONS
With the current state of distributed workforces, it’s more challenging for managers and upper leadership to have a direct line of sight into the everyday work of their employees. This lack of visibility leaves room for errors, which 46% of surveyed accountants admit to having made. These mistakes come at a price — of those who have erred, 72% reported that either they or their company have been held financially responsible for the errors.
Avoiding errors entirely is impossible. However, Embroker has developed a Professional Liability coverage that gives financial professionals peace of mind that if mistakes are made, they’re covered.
CYBER RISK
As the volume and sophistication of cyber attacks grow, the need for reputational and financial support resulting from an attack has grown with it. Financial professionals are incredibly vulnerable to these threats due to the lucrative nature of the personal and corporate fiscal data they regularly handle.
As remote work persists, both personal and professional financial information can be at greater risk. In fact, a majority (67%) of accountants report they have entered their own financial information into their work computers and believe that if there were a cyber attack on their business, their clients (35%), their own (34%) and their company’s (23%) financial information would be at risk.
GENERAL LIABILITY
Financial professionals encounter the same risks that any small or large business owner might: property damage, business interruption, and general liability. However, financial service providers aren’t just like any other business. They’re far from it.
“At larger or regional insurance providers, insurance for financial service providers is an afterthought. Meanwhile, these professionals have unique risks, typically misunderstood in the insurance space, resulting in frustration and lack of trust,” said Brad Barkin, Vice President of Law and Accounting at Embroker. “Our data confirmed this finding that accountants have been typically underserved by non-vertically specialized large providers: 34% report having a standalone cyber policy with only standard coverage, while close to one-third have no idea what type of coverage they have. This is alarming particularly for accountants who are trained to be knowledgeable about business and risk. Embroker is filling the industry void by introducing a solution that fits their individual needs.”
Embroker’s approach ensures that every aspect of a firm’s operations is safeguarded, eliminating the gaps often found in generic policies. From slips and falls to property damage, Embroker’s Business Owners Policy for their Financial Services Program is foundational coverage every business needs.
As Embroker expands its verticalized offerings, it will continue to find protections that resolve threats to other underserved industries. Its Financial Services Program is well-positioned to scale in meeting the needs of the evolving industry. For more information on the new Financial Services Program or other coverage options from Embroker, visit our website at www.embroker.com.
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