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Your Insurance Accountant Quick Guide

It’s crucial to choose an insurance accountant who can proactively minimize your tax burden by up to $1M/year, while helping you to grow your profits.

	Increase profitability
	Upfront fixed fee
	Proactive and innovative

Top Insurance Accountant Platforms

The Importance of a Specialized Insurance Accountant

60%

of small business owners have limited financial
knowledge

According to Accountancy Age, the biggest fear for small business owners handling their own accounting is making a mistake. This is probably because 60% of small business owners have limited knowledge when it comes to the financial and accounting aspects of their business.

98%

of small business owners who have an accountant feel more confident about their business

Nine out of ten small business owners believe that their accountant plays a key role in the success of their business. In fact 10 out of 10 of the small businesses who have a CPA say other businesses should get one too and 98% said their accountant gives them more confidence in their small business.

44%

of business owners believe their accountants are more reactive than proactive

A large portion of small business owners don’t feel their accountants are coming through for them. For example, 44% claim their accountants are more reactive than proactive, with 36% experiencing timeline issues, 32% lacking sufficient guidance, 29% feeling their accountants don’t offer advice, and 23.6% not being adequately educated by their accountants.

We’ll Integrate with Your Cloud Accounting Software

Insurance Data Management Regulations You Need to Know

Data management regulations in insurance are crucial for protecting sensitive customer information, ensuring compliance with privacy laws, and mitigating the risk of data breaches. These regulations also enhance transparency and accountability, fostering trust between insurers and policyholders while supporting ethical business practices.

The American Data Privacy and Protection Act (ADPPA)

The American Data Privacy and Protection Act (ADPPA) is a proposed federal law aimed at establishing comprehensive data privacy standards across the United States. It seeks to regulate how companies collect, store, and use consumer data, with provisions for consumer rights, data minimization, and enforcement mechanisms to protect personal information from misuse.

McCarran-Ferguson Act

The McCarran-Ferguson Act, enacted in 1945, grants states the authority to regulate the business of insurance without interference from federal regulations, unless federal law specifically provides otherwise. It effectively exempts the insurance industry from certain federal antitrust laws, giving states primary responsibility for oversight and regulation of insurance practices.

Federal Liability Risk Retention Act (LRRA)

The Federal Liability Risk Retention Act (LRRA), passed in 1986, allows businesses, non-profits, and other entities to form Risk Retention Groups (RRGs) to self-insure against liability risks. The LRRA preempts certain state insurance regulations, enabling RRGs to operate across state lines, thereby increasing access to liability insurance and reducing costs for participants.

How Do We Save You $10K+ to $1M+ in Taxes?
Using Our “Tax Planning” Strategies

The Tax Plan For Current Year & Beyond	✓
Deduction Review & Strategy Planning	✓
Legal Entity Optimization Across LLC, S Corp, Partnership	✓
Retirement Options To Save While Minimizing Taxes	✓
Insurance Review To Protect Assets & Reduce Taxes	✓
TCJA, FFCRA, CARES Review For Liability Minimization	✓
IRS & Court Case References Support Positions	✓
Core Strategy Implementation	✓
Business Tax Preparation	✓
Quarterly Estimated Payments	✓
Quarterly Core Tax Planning & Implementation	✓
Quarterly 1-On-1 Review Tax Position	✓

Looking for More Advanced Strategies?

Asset Protection

Tax-Advantaged Wealth

Exit & Capital Gains

Niches Specific

International

Your Financial Partners

With 27 years of experience, we specialize in best-in-class tax minimization strategies, personalized advisory, and technology-driven efficiency.

We formed Accountant Partners so business owners like yourself would receive partner-level value in accounting, reporting, and strategic advisory, providing real-time insights that help minimize your tax burden and maximize profitability.

Our holistic approach ensures quality-consistency, efficiency, and peace of mind communication, allowing you to focus on what you do best.

As your trusted partner, we aim to build a strong, long-lasting relationship to grow your business profitably and create a long lasting advantage towards continuous success.

Allan Bayer | Accountant Partners
Partner

Trusted by Business Owners

Lauren Thompson | CEO

"Accountant Partners have been helping me file my taxes for the last several years, including my complex business taxes for a multi-state business. I'm extremely happy with their services and they have worked hard to find ways to save my money. I highly recommend them!"

Will Elroy | Business Owner

"One of my business partners referred me to Accountant Partners a couple of years ago. They've been filing my business taxes as well as providing me with some financial growth and CFO services. They are a small team yet extremely knowledgeable on small business taxes. They were immediately able to identify ways for me to save money, via some deductions I hadn't been taking advantage of and some other general recommendations. I highly recommend them to any small business owner looking to take their business to the next level."

Georgine Correa | President

"Doing my own business taxes was getting complicated, messy, and stressful. Mine became even more complicated during the pandemic and I was going crazy dealing with the IRS. Then I found Accountant Partners and they have been a tremendous help! Their CPAs are very personable and give high-quality service I haven't seen anywhere else. I highly recommend them for other struggling business owners!"

We Strive for World Class Service

Call/Email Response Within 24 Hrs

Schedule of Service Delivery

Upfront Fixed Fee

Insurance Accounting Experts

Multiple Points of Firm Contact

Proactive CPAs

Constantly Innovating!

Switching Accountants Is Easier Than You Think

Switching accountants only seems like a major pain in the butt…
But in reality, it’s a brief communication with your current accountant:

“It’s time for a new direction. Please send my books over to Accountant Partners. Thank you for your service.”

Your accountant is professionally mandated to provide your books to whomever you request they go to. It’s really that easy.

Fixed Price

The Only CPA Firm with a Pricing Guarantee

Our pricing guarantee is simple: If we don’t quote you upfront for the work, we don’t expect you to pay. Whether that’s in our first engagement with you, or it’s in 20 years from now.

You’ll never receive an unpleasant surprise in our invoicing.

Our guarantee makes it a no-brainer to work with Small Business Accountant Sarasota.

Book Your Free Consultation

If you’re looking to grow your business and willing to listen to new and better ideas, then we’re the trusted Small Business Accountant for you.

During our initial consultation, we’ll review your immediate needs and provide a course of action with a fixed-fee quote (no surprise bills here).

FAQs

What is the role of an insurance accountant?

An insurance accountant manages financial records for insurance companies, ensuring accurate reporting of premiums, claims, and expenses. They analyze financial data, prepare regulatory filings, and ensure compliance with accounting standards. Their role supports financial transparency, risk assessment, and the overall financial health of the insurer.

What is insurance accounting?

Insurance accounting involves the specialized process of recording, analyzing, and reporting financial transactions for insurance companies. It includes managing premiums, claims, reserves, and policyholder funds, while ensuring compliance with industry regulations and accounting standards. This ensures the financial stability and regulatory compliance of the insurer.

Who hires an insurance accountant?

Insurance companies, both life and non-life, hire insurance accountants to manage financial records, regulatory compliance, and reporting. Additionally, accounting firms, government regulatory bodies, and reinsurance companies may also employ insurance accountants to oversee financial operations, ensure compliance, and provide risk management analysis.

What are statutory accounting principles (SAP)?

Statutory Accounting Principles (SAP) are a set of accounting guidelines used by insurance companies to prepare financial statements for regulatory purposes. SAP focuses on the solvency and liquidity of insurers, prioritizing conservative financial reporting to ensure that they have enough reserves to meet policyholder obligations and remain financially stable.

What is the difference between insurance accounting and general accounting?

The key difference between insurance accounting and general accounting lies in their focus and regulatory requirements. Insurance accounting, governed by Statutory Accounting Principles (SAP), emphasizes solvency, liquidity, and regulatory compliance to ensure insurers can meet policyholder obligations. General accounting, following GAAP or IFRS, focuses more broadly on profitability, financial performance, and shareholder reporting without the same emphasis on solvency regulations.