CPA Professional Liability Insurance
Accounting is an extremely rewarding career, providing many opportunities for personal growth as well as meaningful contributions to a company’s financial wellbeing. Unfortunately, mistakes can always happen, and when they do, it’s best to be prepared with CPA professional liability insurance. Although many employers provide broad liability coverage for their employees, it may not always be comprehensive enough to protect you in the event of a lawsuit. A dedicated CPA professional liability insurance broker can help you augment your existing coverage. On the other hand, if you are self-employed or you work for a small firm, professional liability coverage may be a necessity.
What does CPA professional liability insurance cover?
In a lawsuit, you stand to lose more than just your license. Even if you were not at fault, the cost of a skilled legal defense can jeopardize your financial security. In some cases, your existing assets, such as your home or car, can even be at risk. Professional liability insurance protects what’s most important to you while also offsetting the costs of your legal team.
Put simply, CPA professional liability insurance covers your legal defense and settlement if you are sued by a client. Professional liability lawsuits may allege wrongdoing ranging from errors and omissions to negligence. Due to the sensitive nature of accounting information, policies also cover security breaches and data loss.
If you are an individual CPA employed by a larger accounting firm, you have unique insurance risks. Although it can be tempting to forgo your own policy, ultimately it is the best way to protect your investment in your education and your career. Your employer’s insurance provider is obligated to look out for the company’s bottom line. Occasionally, this can mean their defense team may not have your best interests at heart if the case goes to trial. If you are forced to assume full personal liability, the cost of the judgment may exceed the coverage amounts your employer maintains for employees. In this case, you can be faced with high out of pocket expenses. With an individual professional liability policy, you are the highest priority for your insurance provider.
Why do I need a CPA professional liability insurance broker?
Whether you’re a seasoned accountant or just starting out, working with a CPA professional liability policy broker will help you ensure that you’ve selected the best coverage for your unique needs and risks. At Frankel & Associates, we evaluate possible policies based on a variety of factors such as premium costs, individual liabilities, business size and the providers previous claims response history. As a result, you’re able to save time and money by considering only plans that meet your requirements!
Selecting a CPA professional liability policy as an individual can be extremely time consuming and confusing. Obtaining accurate quotes requires speaking with providers directly, as well as providing dozens of personal, identifying details. When you work with a CPA professional liability policy broker, we evaluate your needs first. Every business is different, and the brokers at Frankel & Associates get to know yours before presenting you with policy options. Our focus is obtaining the best coverage for the right price, not upselling an expensive package. With our exceptional customer service, finding a CPA professional liability insurance policy has never been easier!