Professional Liability Insurance

[momof3]

I have done about 30 returns a year for the past few years, but am looking to expand past the close friends and family referrals and grow my business. I have never had liability insurance, and I am considering purchasing it to protect myself. Can anyone help? I know nothing about what to get, how much it costs. I did go on the AICPA website and found a policy for $200 that has a $5,000 deductible and 100/250 coverage. Is that enough? Is that a good deal?

thanks for the help.

[Chrisbry]

I've got mine thru a local agency (insured with Philadelphia Indemnity Ins). $1,000 deductible per claim, $500,000 per incident and it's retroactive for 3 years. I pay $365 a year. I'm also a small practice (less than 100 tax returns).

[catax]

I use Target underwriting. 860-284-0088. Group policy for tax professionals. You might want to call and get a quote for comparision. Nena (also mother of 3 in CA)

[BulldogTom]

I get mine through CNA for $165 per year. Got it through a broker out of SoCal called Dimarik (sp?). They were advertised at a California Society of EA's publication. Very happy with them. Every year they send me an invoice in Oct, Nov, and the one I pay in Dec.

I have a small practice also. Just me and the missus and the two children (receptionists).

Tom

Lodi, CA

[Lion EA]

EZ Insurance Solutions/Affinity Insurance Services $500 deductible $100,000/250,000 I'm in pricey Fairfield County, CT, $298. I filled out an on line form; they sent me a couple of options to choose from.

[joanmcq]

I'm probably seriously overinsured, but I also have Philadelphia, but with a $5000 deductible and $500,000/$500,000. I have a small practice but a lot of stuff. I just renewed at $621/yr.

[cred65]

I have contaced my ins. agent about about this coverage. Probably$500 to $1000 deductible.

[Julie]

Mine is the same as Tom's. $165 a year, but the limits are much lower than what some others here have mentioned....I think 10000/25000. That's a tenth what some others cover, and maybe too low for this day and age.

I get mine through CNA for $165 per year. Got it through a broker out of SoCal called Dimarik (sp?). They were advertised at a California Society of EA's publication. Very happy with them. Every year they send me an invoice in Oct, Nov, and the one I pay in Dec.

I have a small practice also. Just me and the missus and the two children (receptionists).

Tom

Lodi, CA

[Lion EA]

My renewal for 2009 is $365. Ouch!

[Catherine]

I have done about 30 returns a year for the past few years, but am looking to expand past the close friends and family referrals and grow my business. I have never had liability insurance, and I am considering purchasing it to protect myself. Can anyone help? I know nothing about what to get, how much it costs. I did go on the AICPA website and found a policy for $200 that has a $5,000 deductible and 100/250 coverage. Is that enough? Is that a good deal?

thanks for the help.

I use Target Insurance Services; they have an "American Tax Preparers Insurance Program". 888-888-1613, www.target-capital.com. My renewal is $229.00 for $10K per claim, $20K aggregate, with a bookkeeping/accounting service extra fee. That must be riskier for them.

Catherine

[Jake]

When I was shopping for insurance a few years ago I found that many of tax prep policies would not insure CPA's regardless of the amount assurance work that the firm did. I ended up going with the AICPA program and it has been fine. Hopefully I will never have to use it.l

[ILLMAS]

At the beginning of thise year, I had called my insurance provider regarding prof. liability insurance I was told I didn't need it since I was not a CPA nor was I giving opinions. I contacted two of my CPA friends and I was basically told the same. Can someone point in the right direction if I was told wrong??

Thanks,

[RoyDaleOne]

Claims about income taxes are probably 10 times the rate of claims for accounting, auditing work.