Accountants Insurance
Garden State Professional Insurance Agency is Your Source for Accountants Professional Liability
Policies designed for small-to-medium private accounting firms with 1 – 50 professionals. CPAs, Public Accountants, Enrolled Agents, Tax Preparers and Bookkeepers are eligible.
This outstanding coverage includes all the features and benefits you’d expect, and more!
- Coverages up to $5M limits
- Minimum Premium - $500
- Minimum Deductible $1,000
Some of the Features available:
- Broad definition of professional services
- Defendants Reimbursement Coverage
- Subpoena Assistance
- Disciplinary Proceedings
- Optional Defense Outside the Limit
- Optional First Dollar defense coverage
- 50% Deductible Reduction on claims settled by Mediation or ADR
- Multiple Extended Reporting Period Options
- Not for Profit D & O coverage
- Pre-Claims assistance and expense coverage
- Workplace Violence Coverage
For more information about our Accountants E&O coverage, please click here.
Additional Resources:
Target Accountants Professional Liability Insurance Highlights
Plus, a Network Security & Theft of Data Endorsement is now included with every Accountants Professional Liability policy – at no additional premium.
To learn why this coverage is so valuable today, take a look at these claim scenarios.
Get An Estimate
Complete this single page form and we’ll respond with an estimated premium. You’re also welcome to request a non-binding premium estimate based on a current, completed application from any insurance carrier.
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To get a quote within 48 hours, click here to complete the application.
Professional Liability and More …
FAQs
What is Accountants Professional Liability Insurance?
Accountants Professional Liability (Errors & Omissions or malpractice) is coverage designed to protect accountants and firms incurred as a result of errors and omissions in performing professional services. Most policies will pay the cost of legal defense against claims and payment of judgments against you, up to the limit of the policy.
What is the difference between Accountants Professional Liability Insurance and General Liability?
General liability covers events that could happen to any type of business, such as physical injury or property damage. Professional Liability covers risks specific to professional services provided to clients.
What is claims-made coverage?
Claims-made coverage provides insurance that is triggered when a claim is made against an insured during the policy period, regardless of when the error of omission that gives rise to the claim took place. (If there is a Retroactive Date on the policy, the act giving rise to the claim had to take place after that retroactive date).
Do Accountants Professional Liability Policy Cover Defense Costs?
Accountants Professional Liability Policies do cover the cost of defense. Some policies have Defense “Within” the Limits also called Claims Expenses Inside the Limit or “CEIL”. This means that the cost of defense erodes the limit of liability available to pay judgements or settlements. Some policies have Defense “Outside” the Limit of Liability meaning that defense costs are provided in addition to the limit of liability or “CEOL” and do not erode the policy limits.
What is a Loss Only Deductible or First Dollar Defense?
Loss Only Deductible means the deductible applies only to indemnity (judgments and settlements) and not to defense costs. Defense costs are paid by the carrier from the first dollar expended.
Why does the Accountants Professional Liability application ask for percentages of my areas of practice?
The areas of practice portion of your application is necessary to allow the underwriter to determine if they will insure the risk that your firm presents to the carrier. It also serves as part of the factoring in determining the premium. Essentially, each area of practice is given a ‘risk factor’. The more hazardous areas of practice will have a higher risk factor. The carriers determine ‘hazardous’ areas of practice by analyzing their loss experience for each specific area of practice.