Accountants Professional Liability IQRM

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What is IQRM?

The IQRM (Intelligence Quotient for Risk Management) is the first step to identifying the risks that most greatly affect your business.


With this integral piece of The Insurance Market’s Armour 360® process, we will ensure you receive a comprehensive program that maximizes your insurance investment.

How IQRM works?

We will work together to analyze the effectiveness of managing risks, develop strategies to protect your assets, and improve your risk profile. Additionally reducing your insurance costs, monitoring, and fine-tuning risk management programs as your business evolves.

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1. My firm has a comprehensive process for monitoring our professional staff’s continuing education and loss control related education.(Required)
2. My firm has undergone our states peer review process within the past three years and passed with an unqualified score.(Required)
3. My organization has a documented process to have all financial statements or statements of financial condition signed by a partner.(Required)
4. My organization maintains a calendar system to ensure timely completion of reports filings and tax returns. We have a detailed process where all work papers are indexed to reflect what was done, when, and by whom.(Required)
5. My organization uses engagement letters for all services performed. Our engagement letters include alternative dispute resolution language and are reviewed regularly by outside counsel.(Required)
6. It is very unlikely for my organization to need to sue clients for unpaid fees. If we need to, we follow an established process.(Required)
7. My organization has a formal client acceptance process where multiple senior managers must weigh in and agree before taking new engagements.(Required)
8. My organization has a formal process defined to review current clients and to disengage with troubled clients.(Required)
9. In completing our professional liability application, we reflect all exposures and all entities or persons to be insured.(Required)
10. My organization has effective communication with our attorney, insurance broker, and an insurance carrier after a claim is reported.(Required)
11. Our general counsel or outside counsel reviews all ‘client-facing’ contracts to ensure that requests to add any parties as additional insureds is either avoided or handled through mutual indemnification language.(Required)
12. When my organization hire sub consultants we verify that they maintain their own professional liability insurance and have a suspense system to follow up for updated evidence of coverage upon expiration.(Required)
13. We understand how a claim is defined in our professional liability policy and have a good understanding of the policy exclusions.(Required)
14. My organization discloses all related entities including ownership affiliation and the nature of services on our professional library application and always indicate those for which coverage is desired.(Required)
15. My organization understands our professional liability policy and the enhancements provided. We have historically utilized the risk management offerings from our professional liability policy including having our engagement letters reviewed and/or calling a risk management attorney hotline to vet potential claims and issues.(Required)
16. My organization maintains an internal quality control document and reviews and updates at least annually or semi-annually.(Required)
17. Discussing optional law firms for handling our defense instead of the insurance carrier’s panel counsel before a claim actually occurs is an important part of the professional liability insurance buying process.(Required)
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