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Non-Tax Topics
Giving Insurance Advice
Workers’ Compensation
Health & Benefits
Small Business Checklist

Accountants’ Guide to

Accountants’ Guide

Workers’ Compensation

to Workers’

Compensation and

and Health Insurance

Health Insurance

Are you prepared to discuss insurance?

Your clients rely on you for all sorts of advice, including business insurance. As their trusted advisor, you’ll need to understand their needs and help them make informed decisions. Providing reliable insurance information builds trust, adds value and can improve client satisfaction and retention.
Do you have the knowledge and the resources to provide the right information?

See how you compare with other accounting professionals.

Topic 1

Non-Tax Related Topics

Interesting!

That's not a large percentage, but it shows how valuable your opinion is to your clients, so it is even more important that you understand non-tax related topics.
← Back

Top 5 Topics Accountants Discuss with Clients

% of respondents who selected “occasionally” or “frequently”

Health Insurance
Health Insurance

80%

Workers’ Compensation
Workers’ Compensation

55%

Professional Liability
Professional Liability

48%

Business Owners Policy – Property/General Liability
Business Owners Policy – Property/General Liability

45%

Cyber Security
Cyber Security

45%

Source: SourceMedia Research, April 2015

Wow!

That's a large percentage! This shows how valuable your opinion is to your clients, so it is even more important that you understand non-tax related topics.
← Back

Top 5 Topics Accountants Discuss with Clients

% of respondents who selected “occasionally” or “frequently”

Health Insurance
Health Insurance

80%

Workers’ Compensation
Workers’ Compensation

55%

Professional Liability
Professional Liability

48%

Business Owners Policy – Property/General Liability
Business Owners Policy – Property/General Liability

45%

Cyber Security
Cyber Security

45%

Source: SourceMedia Research, April 2015

Topic 2

Giving Insurance Advice

Nearly half of accountants surveyed have an informal referring relationship with an insurance agency — a value-add for clients.

Source: SourceMedia Research, April 2015

47%

Informal referring relationship with insurance agency

39%

I don’t provide guidance on who to purchase insurance from

6%

Formal referring relationship with insurance agency

5%

Someone in the firm licensed to sell insurance

3%

I am licensed to sell insurance

Many accountants feel underprepared to discuss workers' compensation issues.

Only
 15% 
of respondents were very confident.
The correct answers are:

All of the above

Your clients

It's important to provide insurance guidance to your clients for:

  • Cash flow
  • Compliance
  • Cost and coverage accuracy

Your firm

It's important for your firm to provide insurance guidance for:

  • Retention/trusted advisor relationship
  • Ease of administration/payroll integration
← Start over

About 55% of accountants said workers’ compensation was an occasional or frequent topic of discussion.

“You definitely have a duty, whether it’s written or not, to let your clients know when they may have deficiencies. If clients are not interested in discussing insurance, that’s no excuse. It’s your job as their trusted advisor to find a knowledgeable agent, colleague or peer, who can offer guidance. You can’t shy away.”
Dan Bloch
Accountant in North Babylon, NY

Topic 3

Workers' Compensation

Prior to a workers’ compensation carrier audit, you should alert your clients to potential red flags.

Red Flag 1

Are your clients' premium payments correct?

Are your clients' premium payments correct?

Red Flag 2

Have your clients had any unexplained changes in premium costs?

Have your clients had any unexplained changes in premium costs?

Red Flag 3

Have your clients been improperly charged for employees, like subcontractors, who have their own coverage?

Have your clients been improperly charged for employees, like subcontractors, who have their own coverage?

Red Flag 4

Have your clients had a change in the number of employees that is not reflected on their policies?

Have your clients had a change in the number of employees that is not reflected on their policies?

Your clients should regularly evaluate the accuracy of their classifications.

With over
 700 
company classifications, getting them right can be difficult. Wrong class codes can cost your clients a lot of money.

Topic 4

Health and Benefits

Health and benefits insurance is of critical importance to small businesses.

80%

of accountants surveyed...

...occasionally or frequently discussed health insurance with clients.

32%

of small businesses say that...

...finding a plan that fits a wide variety of employees’ needs is their biggest frustration.1

1. CEB Research, December 2013, cited in ADPIA Health & Benefits – What should you know before shopping for group health coverage?

Health plans represent a substantial investment for your clients.

Tax-advantaged accounts and plans can help your clients and their employees save a lot of money. Are you familiar with these?

Premium Only
Plan

POP is an employee benefit that helps businesses and employees reduce their tax expenses by providing a way for employees to pay part of their health insurance premiums with pre-tax dollars.

POP is an employee benefit that helps businesses and employees reduce their tax expenses by providing a way for employees to pay part of their health insurance premiums with pre-tax dollars.

HSA
Health Savings Account

Employer/Employee funded medical expense reimbursement plan for qualifying medical expenses. The plan is held in the employee’s name and requires a high deductible health plan and qualified custodian.

Employer/Employee funded medical expense reimbursement plan for qualifying medical expenses. The plan is held in the employee’s name and requires a high deductible health plan and qualified custodian.

FSA
Flexible Spending Account

Special accounts typically funded by an employee's salary reduction to help pay certain expenses not covered by the employer's plan or insurance contract.

Special accounts typically funded by an employee's salary reduction to help pay certain expenses not covered by the employer's plan or insurance contract.

HRA
Health Reimbursement Account

Employer funded medical expense reimbursement plan for qualifying medical expenses.

Employer funded medical expense reimbursement plan for qualifying medical expenses.

You don’t need to be a licensed insurance agent to offer valuable perspectives from your areas of expertise. You regularly help your clients save on taxes for themselves and their employees, and these types of qualified health plans should be part of that strategy.

Small Business Checklist for Accountants

Make sure you come to the table with reliable insurance information that fosters trust, adds value and aids client retention.

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