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Posted on: December 1, 2022 by Huntersure
Accountants must have solid data analysis and critical thinking skills and in-depth knowledge of their field’s best practices. Like any other field, accounting is constantly changing as new developments and ideas emerge. Professionals who do not stay on top of industry news are thus at risk of falling behind on industry trends. It is just one reason why accountants need continued training. If you offer professional liability insurance for accountants, you should also remind your clients of these other four benefits.
In some cases, continued education may make your clients eligible for lower premiums on their insurance. It is because a professional who invests in continuous training is typically less likely to make a mistake, and a client who is less prone to mistakes poses less of a liability to an insurer. Insurers who want to minimize risk should encourage clients to engage in professional development opportunities.
The potential of a reduced premium isn’t the only benefit that a continuing education event can offer. Accountants who invest in training will also benefit from improving their skills. Everybody wants to be comfortable and confident in their professional abilities, and continued training offers accountants this opportunity. Events focusing on continued education are also significant because they are networking opportunities. Accountants can connect with like-minded professionals to discuss best practices, essential skills, and other vital topics.
The result of this networking is a valuable community of professionals. Insurers should remember that they are a member of this community if they offer insurance products to accountants. Continuing education events provide a place to connect with new clients. Continuing education is the perfect opportunity for professionals throughout the accounting industry to learn about the field, understand its liabilities, and implement practices to address these liabilities.
Accountants can also benefit from continued education because of the improved retention and performance boost it often provides. Accountants who take the initiative to improve their professional skills will be eager to put those new skills to work. In addition to fewer mistakes, these professionals are likely to exhibit better productivity and enthusiasm after an educational event.
Although continued training offers various benefits to accountants, it cannot eliminate the possibility of liabilities. Indeed, employers and accountants must still invest in professional liability insurance for accountants to minimize the potential fallout from these risks. Help your accounting clients find the right policy and improve their professional skills through continuous training opportunities.
Huntersure LLC is a full-service Managing General Agency that has provided insurance program administration for professional liability products to our partners across the United States since 2007. We specialize in providing insurance solutions for businesses of all sizes. Our program features can cover small firms (grossing $2.5 million annually) to large corporations (grossing $25 million annually or more). We make doing business with us easy with our breadth and depth of knowledge of E&O insurance, our proprietary underwriting system that allows for responsive quoting, binding and policy issuance and tailored products to meet the needs of your insureds. Give us a call at (855) 585-6255 to learn more.
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