Walker & Associates: Professional Liability Insurance for CPAs & Accounting Firms
At Walker & Associates, we are committed to helping CPAs and Accounting Firms protect themselves from the potential for financial loss resulting from professional liability claims. These types of claims are not covered under a General Liability policy as they involve financial injury to a client as a result of allegations of errors, omissions or negligence in the services provided. A Professional Liability insurance policy specifically designed for CPAs and Accounting Firms is what is needed to provide both defense and indemnity coverage involving such claims.
Our success in providing customized policies that respond to the needs of CPAs and Accounting Firms speaks for itself with the many clients we insure throughout the Midwest. We also have longstanding relationships with top-tier insurers that specialize in creating Professional Liability (also known as Errors & Omissions) policies for this industry segment. We work with our carriers to craft coverages based on client needs and negotiate terms and premiums in line with your goals and budgets.
We provide coverage for those providing professional accounting services, including CPAs, Accounting Firms, Bookkeepers, Enrolled Agents, and Tax Preparers. Our policies can be tailored to respond to the various challenges that may arise from a professional liability claim, including:
- A Broad Range of Limits and Deductibles
- Broad Definition of Professional Services including Services as a Trustee, Receiver, Executor, and Notary Public
- Coverage includes Independent Contractors Working on Your Behalf as the Insured
- Defendants Reimbursement Coverage
- Cyber Coverage
- Coverage for Network Security/Privacy Breach
- Disciplinary Proceedings
- First Dollar Defense
- Defense Costs in addition to the Limit of Liability
- Subpoena Assistance
Minimizing Losses, Keeping Costs In Line
We will put our expertise to work for you to help prevent losses from happening in the first place. This includes reviewing your best practices and procedures to see where improvements can be made. Some of the issues we will review include:
- Your engagement letters with clients. These should clearly outline what you will and will not be doing, when you will be doing it, what the client’s responsibilities will be, and what services cannot be relied upon to be accomplished (for example, detect fraud).
- Your client screening procedures. Higher risk clients increase the exposure for even the most careful accounting firms.
- Your invoices. On hourly engagements, providing clients with billing details of time spent for certain tasks not only helps explain what you are doing for the client but also could narrow down issues for possible fee disputes, should they arise.
- Your document retention policy. A practical and systematically implemented document retention policy is critical to protecting you and your client. Destroying or discarding client files may cause an accountant to face serious and adverse legal consequences if the destruction occurs in bad faith.
Offering A Portfolio of Business & Personal Coverages
As a full service insurance agency, Walker & Associates can also provide you with broad risk management solutions including business insurance coverage that includes General Liability, Property, Directors & Officers, Employment Practices, Fiduciary, Crime, Cyber Liability and Workers’ Compensation. Additionally, we can assist you with all your personal insurance needs.