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Manage Your Risks and Save

With the Small Firms Plan, you can help reduce your costs by taking a proactive approach to managing your professional liability risks.

Private Companies Practice Section (PCPS) Credit & AICPA Audit Quality Center Credit* – If you are a member of the PCPS or a member of one of the AICPA Audit Quality Centers (Employment Benefit Plan or Governmental Audit Quality), your firm can receive a premium credit of 5%. 

  • Members of PCPS and either the AICPA Employee Benefit Plan or Governmental Audit Quality Center will receive a premium credit of 10% (up to $400 discount per policy). 
  • Members of PCPS, AICPA Employee Benefit Plan and Governmental Audit Quality Centers receive a premium credit of 15% (up to $600 discount per policy).

Engagement Letter Credit – Your firm can receive a premium credit of up to 5% by regularly using engagement letters.

Peer Review Credit – If your firm has obtained an unqualified opinion within the last three years through a recognized Peer Review, you can receive a 5% premium credit.

Experience Rating Credit – Your firm can earn credit for favorable claims experience.

Risk Control – As an insured in the AICPA|Aon Professional Liability Program, you may reduce your costs by taking advantage of affordable risk control training programs. When you complete a CNA risk control seminar, webcast or online self study course, your firm can receive up to a 7.5% premium credit per year—for three consecutive years.

Deductible Reductions

Engagement Letter Advantage – If your firm used an engagement letter for non-audit and non-attest services within the policy guidelines in a covered claim, your deductible applying to the claim will be reduced by 50%, up to a total of $5,000. 

Merits of Mediation – When you resolve a claim for an acceptable amount through mediation by an independent, compensated third party (without institution of arbitration proceedings or service of suit), your deductible will be reduced by 50%, up to a total of $50,000.

* Not approved in all states.

 

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