Running a business, by its very nature, is a risky endeavor. And these days, quality professional liability insurance is a must--especially for CPAs. Liability insurance helps cover you, your business and your employees from professional liability lawsuits, and offers insurance for the associated defense costs.
The AICPA Professional Liability Insurance Program features a variety of plans tailored to fit the needs of CPA firms. That's why it's the most widely chosen professional liability insurance for accountants.
New Coverage Enhancements
These new coverage enhancements give you one of the most comprehensive accountants’ professional liability insurance policies on the market:
- Outside Organization Matter Supplementary Benefit (Nonprofit Directors & Officers) for when a partner serves on a nonprofit board―defense limits of $15,000 per matter/$30,000 aggregate (additional coverage and limits available by endorsement).
- Crisis Event Supplementary Benefit added to help pay for public relations services after a crisis such as the death or departure of a named partner or an incident of workplace violence―limit of $20,000.
- Benefit Plan Fiduciary Services added to Professional Services definition to help pay for litigation resulting from breach of fiduciary duty in the management of employee benefit plans―up to the limits of the policy.
- Investment Advisory Services definition expanded to clarify coverage is provided for financial advice given by both registered and unregistered investment advisors.
- Outside Interest Coverage for equity interest in businesses outside the firm―threshold increased to 15% equity.