Here’s answers to the top FAQs that AICPA Members have about Personal Liability Umbrella insurance. Often overlooked, this coverage goes beyond your homeowners or auto insurance liability limits and offers affordable protection from large liability claims.
What’s the difference between professional liability and personal liability?
Professional liability insurance offers coverage to you for business risk such as errors and omissions in the professional services you provide. On the other hand, personal liability insurance offers coverage for risks, such as bodily injuries and property damage, and provides protection for a covered personal injury claim or personal liability lawsuit.
Personal liability claims can exceed the limits of your underlying insurance policies. Personal Liability Umbrella sits on top of your auto and homeowners coverage and helps protect your assets, lifestyle, and earnings.
I have auto and homeowners insurance, isn’t that enough?
No, it may not be enough, depending on your situation. It provides excess liability coverage over and above your auto and homeowners policies that typically top out between $300,000 to $500,000 for personal liability. The AICPA Personal Liability Umbrella Plan offers increments of $1 to $5 million. It’s ideal for CPAs with a teenage driver, pool, trampoline, RV, boat, snowmobile, additional properties and/or substantial retirement savings.
I have teenage drivers. What happens to my rate?
Because the AICPA Personal Liability Umbrella Plan’s rate is based solely on your zip code, it does not change when you add or remove drivers—even teenage drivers. In addition, if you’re adding or removing a car, boat, or home, it's not even something that you need to report to the program administrator. In the AICPA Plan, your assets and your children are covered at a rate solely based on your zip code and the amount of coverage that you choose.
If my college students are living away, are they covered?
If your college student is a full-time student and uses your address as their home of record, they are covered under the AICPA Personal Liability Umbrella Plan while away at college.
I am getting ready to retire soon. Do I still need Personal Liability Umbrella Insurance?
Retirement is an important milestone. You've worked hard to build assets and you've saved along the way. It makes sense that you’d want to protect those assets in retirement. Personal Liability Umbrella coverage helps protect you if you are sued for a large sum because of an at-home incident or vehicle accident.
How can I get a quote?
It’s easy to obtain a no-obligation quote for AICPA Personal Liability Umbrella Insurance, visit Get My PLUS Plan Quote.
How do I learn more about AICPA Personal Liability Umbrella Insurance?
For more information on cost and coverages, visit AICPA Member Insurance Programs. Or reach out to an AICPA Risk Advisor at 800.223.7473, Monday to Friday, 8:30 a.m. to 6:00 p.m. ET.
Dana Paliwodzinski is a Senior Risk Advisor for the AICPA Member Insurance Programs at Aon Insurance Services. Connect with her on LinkedIn.
Aon Insurance Services is the brand name for the brokerage and program administration operations of Affinity Insurance Services, Inc., a licensed producer in all states (TX 13695); (AR 100106022); in CA & MN, AIS Affinity Insurance Agency, Inc. (CA 0795465); in OK, AIS Affinity Insurance Services Inc.; in CA, Aon Affinity Insurance Services, Inc., (CA 0G94493), Aon Direct Insurance Administrators and Berkely Insurance Agency and in NY, AIS Affinity Insurance Agency.