Professional Liability
The American Institute of Certified Public Accountants established the AICPA
Professional Liability Insurance Program in 1967 so that quality professional
liability insurance would be available to AICPA members. With the high cost and
serious consequences resulting from a professional liability lawsuit, broad
coverage is especially important for CPA firms today.
The overall management of the AICPA Program is monitored by the AICPA Professional
and Personal Liability Insurance Programs (PLIP) Committee, composed of a group of
practicing CPAs. The PLIP Committee meets regularly with Aon Insurance Services,
the National Program Administrator, and CNA, the Program underwriter, to oversee
all aspects of the coverage.
The AICPA Professional Liability Insurance Program features plans that provide
broad coverage tailored to meet the diverse needs of CPA firms of all sizes and
areas of practice. More accountants get their professional liability insurance from
the Program than from any other plan.
The Plans:
- CPA Value Plan- For firms with three or fewer accounting professionals and annual revenue up to $400,000.
- Premier Plan- For firms with unique coverage needs or four or more accounting professionals and annual revenue in excess of $400,000.
- Regional Firm Plan- For firms billing in excess of $10 million (excluding the Big 4) with specialized needs.
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