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
Given the daily volume of private financial data accountants handle, financial professionals need strong policies backed by industry experts who understand the intricacies of their industry — especially when it comes to coverage from errors, omissions, and general malpractice claims.
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.
“Cyber risks continue to be a leading concern for business owners in an increasingly digital world fueled by emerging technologies such as AI,” said David Derigiotis, Chief Insurance Officer at Embroker. “Many financial professionals work virtually, no matter the discipline. This creates an easier pathway to years’ worth of clientele’s personal and financial data. Cyber insurance has never been more pivotal for financial professionals — 41% of accountants have experienced a cyber attack, and 78% have received an attempted attack through a phishing email or phone call. Our Financial Services Program provides a clear solution to better protect these professionals and, in turn, their clients.”
Finance as a whole is increasingly digital, and, in turn, is more exposed to cybercrime. As part of its new Financial Services Program, Embroker’s Cyber Liability Coverage protects professionals from the fallout of these cyber threats.
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 https://www.embroker.com/financial-services-professionals/.
About Embroker
Embroker is a digital-first insurance company helping businesses manage risk with a radically simple approach. Embroker is enhancing the legacy and manually intensive technology of the commercial insurance industry with an end-to-end digital insurance platform that intelligently elevates industry-tailored coverage programs, all in minutes. Through Embroker Access, Embroker provides partner agencies and wholesalers with the capability to offer all of Embroker’s industry-leading insurance products to their customers. Founded in 2015, Embroker is headquartered in San Francisco and has raised more than $140M in funding from leading Fintech and Insurtech investors. With a Net Promoter Score (NPS) of 70+, Embroker is also the highest-rated business insurance company in the market. Visit www.embroker.com for more information.
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