Professional Liability

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    The Professional Liability Policy is provided on a Claims Made Basis. We offer a wide variety of limits and deductibles to fit the insurance needs and budgets of small to midsize CPA firms. Your agent will work with experienced underwriters to customize your coverage. For a copy of the policy LA and VT or All Others.


    Coverage Highlights

    Broad Definition of Professional Services

    Coverage is not limited to traditional accounting Services. Coverage applies to advice given or services performed on behalf of the firm for a fee. Pro Bono services as well as services performed in connection with the institutes of accountants, professional standards board or other similar professional bodies is considered a professional service.


    World Wide Coverage *

    Covers Professional services anywhere in the world, but claims must be brought in the US, its territories and possessions, Puerto Rico or Canada.


    Innocent Insured Protections

    If coverage is excluded for certain Insureds due to (1) dishonest, criminal, malicious or fraudulent acts (2) failure of another insured to give notice to the Company of a Claim or (3) misappropriation, commingling or defalcation of funds or property, Innocent Insureds are still protected.


    Loss Amounts include Interest and Tax penalties

    Pre-judgement and post judgement interest as well as fines/penalties assessed against the Client by the IRS or other state/municipal taxing authority.


    Regulatory Inquiry Defense Expenses

    Policy includes a separate limit for defense expenses incurred to respond to investigation by a state licensing board, self-regulatory body, public oversight board or governmental agency.


    Subpoena Expense

    Policy includes a separate limit for legal expenses incurred to respond to a Subpoena request where the insured provided Professional Services which have not resulted in a Claim.


    Trial Reimbursement

    provides loss of earnings and reasonable expenses incurred to attend a trial, court ordered hearing, arbitration or mediation.


    Employment Practices Defense Coverage *

    Separate limit to assist in the defense of Employment Practices related claims.


    Non-Profit Directors and Officers Coverage *

    Separate limit to offset loss amounts for the Insured’s activity as a Director or Officer of a Not-for Profit Organization.


    Deductible Reduction *

    Deductible may be waived up to $25,000 when mediation or alternative dispute resolution results in a claim settlement. Deductible may be reduced by 50% (up to $25,000) through the use of engagement letters for services other than Audit and Attest.


    Automatic Extended Reporting Period

    Sixty (60) day extended reporting period is provided when the policy terminates.


    * Does not currently apply in LA, and VT

     




Network Security and Privacy Protection *

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The Network Security and Privacy Protection endorsement is provided to policy holders in approved states to include claims for cyber breaches and loss of confidential information under the policy limit.

The CPA firm may find that they have additional expenses due to a Cyber breach or privacy issue, even if a claim is not made. This endorsement provides limits separate from the policy limits to help with other expenses related to network breaches and privacy issues.

    Event Regulatory Expenses Limit

    $25,000 separate limit for legal expenses incurred by the firm as a result of an investigation by a government regulatory agency for a Network Security or Privacy Event. Higher limits may be available for additional premium.


    Event Mitigation Expenses Limit

    $25,000 separate limit for reasonable and necessary expenses incurred by the insured within one year of the Network Security or Privacy Event. These expenses are limited to notification costs, services of experts to determine the cause and extent of the event, identity thief education, credit file monitoring or other identity protection services. Higher limits may be available for additional premium.


    Public Relations Expenses Limit

    $25,000 separate limit for expenses to a Public Relations Firm to help minimize the harm to the Insured’s reputation or brand after a network breach or privacy violation.


    Regulatory Disclosure Expenses Limits

    $5000 separate limit for expenses incurred to retain a law firm to advise the Insured of any legal reporting requirements, to prepare disclosures and communicate disclosures to the proper authorities.


    * Does not currently apply in LA, and VT

     




Additional Products

These products may be available to enhance coverage by endorsement. Additional premium will apply.

    Defense Costs in Addition to the Limits of Liability

    Provides a cost effective way to increase coverage for Defense costs without having to purchase higher Policy limits of liability.


    Employment Practices Liability increased limits

    Limits of $100,000 may be purchased to provide defense and indemnity coverage for Employment Practices related claims. Employment Practices Supplement required.


    Non-Profit Directors and Officers Defense Limit

    Limits of $100,000 may be purchased for excess coverage for defense of claims made against the scheduled Insured for errors and omissions in the capacity as a director for a non-profit organization. Nonprofit Directors Supplement required.


    Employee Dishonesty Coverage

    Limits beginning at $100,000 may be purchased to provide protection for loss of client funds, securities or other property by means of dishonest acts committed by an employee of the Insured. Fiduciary Services Supplement required.


    Optional Extended Reporting Period

    An endorsement may be purchased to extend the Policy reporting period if a policy is not renewed. The Optional Extended Reporting Period endorsement automatically reinstates the Limits of Liability for the reporting period.