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What is Accountants Professional Liability Insurance?
Small to mid-sized accounting firms, in order to compete with larger firms, are now offering complementary services like financial consulting, mergers and acquisitions advice, strategic planning, and asset management. But while new services offer the potential for growth, they also create immense financial risks.
Let CMI protect your client’s accounting practice with a range of coverage options including:
Prior Acts Coverage for qualified firms
Defense Outside of Limits
Insurance for regulatory inquiries
Customized coverage for unique practice areas
Optional First-Dollar Defense (deductible does not apply to the expense portion of a claim, such as attorneys’ fees)
Innocent Insured Coverage
Aggregate Deductible Option
Why it’s smart to have Accountants Professional Liability Insurance
A CPA performed tax preparation services for a client that failed to comply with the CPA’s multiple requests for records. The CPA then sent a letter to the client terminating the engagement, which allowed the client more than 30 days to retain a new CPA for the prior year’s taxes. When the client failed to file that year’s tax return on time, they blamed the CPA and litigation occurred. The claim was settled for $130,000.