The Small Firm Plan is endorsed by the AICPA and provides more than professional liability coverage. It offers products and services to help you, and your firm, reduce your lawsuit exposures.
Specifically designed for small firms with up to three accountants and annual revenues less than $400,000, the CPA Value Plan covers a broad range of accounting, tax and consulting services, including:
- Tax Planning and Preparation
- Personal Financial Planning
- Management Advisory Services
- Information Technology Services
- General Business Planning
- Litigation Consulting
The Plan is underwritten by a CNA member company—an “A” rated insurance carrier for financial strength by the major rating organizations and industry-specific expertise that today's CPAs can count on.
Qualified firms can take advantage of the Plan’s affordable rates, premium savings and effective, supportive claims handling. In addition, policyholders gain exclusive access to the AICPA Professional Liability Risk Control Program, Online Policyholder Resource Center (including resources such as practice management guides, timely risk alerts, and more), and Claims Hotline.
Here are some highlights of the Small Firms Plan:
- Choice of liability limits ranging from $100,000 to $2,000,000
The Plan offers the following limits of liability (per claim limit/annual aggregate limit) to select from:
Choice of deductible starting at $0
Flexibility to choose your deductible from three aggregate options: $0, $1,000 or $5,000.
- Defendants Reimbursement benefit
The Plan will reimburse $100 per hour for the time spent to attend a trial or arbitration proceeding at CNA’s request in connection with a claim.
- Regulatory Inquiry coverage
The Plan will cover up to $25,000 for attorney’s fees and court costs associated with responding to a regulatory investigation of your firm arising out of the rendering of professional services.
- Coverage for prior acts
Prior acts coverage is available to qualified firms that require this coverage.
Introducing CPA NetProtect®
The AICPA|Aon Professional Liability Program includes cyber liability that covers litigation resulting from the theft of clients’ confidential information. When you add the CPA NetProtect endorsement to your policy you receive two important coverage extensions.
Privacy Event Expense Coverage helps address the fallout from a data breach and Network Damage Claim Coverage provides protection for third parties.
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The Small Firms Plan is endorsed by the AICPA is monitored by the AICPA Professional and Personal Liability Insurance Programs (PLIP) Committee comprised of practicing CPAs. The PLIP Committee works closely with Aon Insurance Services, the National Program Administrator, and Continental Casualty Company (CNA), the Program underwriter, to ensure that the Plan meets the varying needs of today’s AICPA members. As an insured, you can be confident that you’re backed by a superior level of experience and commitment.
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