Get to know Stephen Dodd, Senior Manager with MNP’s Forensics team

Insurance can be a confusing and exhausting path for business owners. Figuring out what you can claim and what you can’t is just the start. After working in insurance for years, Stephen joins MNP as the Insurance Advisory Services lead for Ontario with the goal of helping clients through the insurance claim process.

Learn what Stephen enjoys about the work and his tips for business owners in this Q&A.

Did you always want to work in accounting?

When I was in university, I thought accounting would be the last thing I'd ever do. Before MNP, I was working in insurance and seeing the unique aspects of forensic accounting assignments is what got me interested.

In grad school, there was an opportunity to combine my Master’s degree with the CPA designation so I decided to jump in that world and see if I liked it, which I clearly did.

Describe your role at MNP.

My role is to help business owners navigate the complex world of insurance. I work with insurance every day so it's simple to me. But a business owner is not going to have a similar level of expertise. My role is to be the bridge between the business owner who needs our help and the insurance company who writes the policies and holds the money.

What's your favourite part of the work you do?

My favourite part of the role is working with all the different businesses. I've had experiences that I would never get if I was in another role or industry.

When I first started, I was involved in work with an oil & gas company loss. As an accountant in Toronto, there are so few opportunities to be involved in something like that, let alone understanding the finer points and details of how the company works without this role.

For me, it's rewarding to get the in-depth knowledge of the different businesses and learning how they operate and how they conduct business. In a week, I'll work on everything from oil and gas, to cannabis, to agriculture, to dealerships and auto suppliers. There are almost no industries that I haven't had a hand in.

I also really enjoy helping the business owners. In my work, I'm meeting someone when their business is down and they're in crisis. They need help getting back on their feet and we're the ones who can provide that support.

What are the lessons from COVID-19 for business owners?

The most important lesson is that business owners need to understand their insurance coverages. Some people may have a loose idea of what they are covered for, but it's important that you get a clear idea so you can make claims and get what you deserve. It can be difficult to sort through your coverage after a crisis has taken place and it's an avoidable issue.

We've also seen a number of businesses pivot and change how they deliver their services. These pivots can change your insurance needs as well so business owners should verify their coverage protects them. This ties into what we said earlier - the importance of knowing your insurance coverage. You can't know if your insurance is adequate if you aren't sure of what your coverage gets you.

To learn more about insurance advisory and how MNP can help, contact Stephen Dodd, MBA, CPA, CMA, Senior Manager, Forensics – Insurance Advisory Services Ontario lead at [email protected] or 437.833.4169.