Do I need professional liability insurance?
The AICPA recommends that all accounting firms carry professional liability insurance. As a CPA practicing today, you’re at an increased risk of being sued by a client. A lawsuit can result from errors and omissions, failure to meet client expectations or even an attempt by a client to recoup financial losses.
You may have done nothing wrong. But if you’re sued, the cost of legal defense, court costs and settlement could cause you serious financial hardship. And the disruption to your practice could reduce your billable time, and possibly expose your personal assets. Professional liability insurance may help safeguard your firm from these exposures.
Most of my practice is tax return preparation. How much risk does that have?
Significant. Claims experience shows that tax engagements are the leading cause of professional liability lawsuits. Defense attorney fees, court costs and settlement amounts can seriously impact the financial stability of small firms.
As a small firm owner, won't I be paying for the risk of larger firms?
No. The Small Firm Plan’s rating structure is based solely on the claims experience of smaller practices. Because the risk is less complex for smaller firms, the Small Firm Plan is able to pass on significant savings to insured firms.
What services are covered by the Small Firm Plan?
The Small Firm Plan covers a broad range of accounting and consulting services. These include tax planning and preparation, personal financial planning, bookkeeping, compilations, reviews, audits, management advisory services, information technology services, general business planning and litigation consulting.
Does the AICPA endorse this Plan?
Yes. The Small Firm Plan is part of the AICPA Professional Liability Insurance Program. The Plan is closely monitored by a committee of AICPA members in public practice to ensure that it meets the needs of CPAs. As an insured, your firm will benefit from the coverage and service that have made the AICPA Member Insurance Programs so highly regarded, but at a substantial savings for smaller firms.
What other advantages does the Small Firm Plan offer?
It's easy to apply for the Small Firm Plan. Simply answer a few questions to obtain your rate quotation. You can get a real-time quote with the option to purchase your coverage online in minutes. Our premium financing option allows you to make installment payments at affordable rates. Apply now.
If I currently have insurance, will there be an interruption in coverage if I switch to the Small Firm Plan?
No. If you apply for the Small Firm Plan and you’re approved before your current policy expiration date, your coverage will not be interrupted.
If my firm increases our staff or billings, will I lose my coverage?
No. As an insured in the Small Firm Plan, your firm is covered beyond the initial eligibility requirements. If your firm grows, you can continue coverage under the AICPA Premier Plan without a lapse in coverage.
Who underwrites this insurance?
The Small Firm Plan's underwriter is Continental Casualty Company, a CNA member company. CNA is the market leader in accountants’ professional liability insurance, with more than 50 years of experience. You can count on CNA’s effective and supportive claims and risk control services, with the stability and commitment to ensure that your insurance needs are met well into the future. To view information on CNA's primary markets, financial highlights, ratings and investment portfolio, go to
If I have a question about the Plan, what should I do?
If you have any questions, please contact the AICPA Professional Liability Insurance Program Administrator, Aon Insurance Services. A knowledgeable service representative will be ready to help you. You can either e-mail us or call us toll-free at 1-800-221-3023.
Can I renew my Small Firm Plan policy online?
Yes. You can renew your Small Firm Plan policy during the 90 days before your policy expiration date in the Policyholder Resource Center. All that is needed is your policy number, four-digit PIN, and credit card.
Click here for IMPORTANT product disclosure information