Professional Liability Insurance
CPA Value Plan
FAQ


Do I need professional liability insurance?

Most of my practice is tax return preparation. How much risk does that carry?

As a small firm owner, won't I be paying for the risk of larger firms?

What services are covered by the CPA Value Plan?

Does the AICPA endorse this plan?

What other advantages does the CPA Value Plan offer?

If I have insurance,will there be an interruption in coverage if I switch to the CPA Value Plan?

If my firm increases our staff or billings, will I lose my coverage?

Who underwrites this insurance?

If I have a question about the Plan, what should I do?

Can I renew my CPA Value Plan policy online?

 

Do I need professional liability insurance?
The AICPA recommends that all accounting firms carry professional liability insurance. In today's litigious times, clients sue more frequently for an increasing number of reasons. Many lawsuits arise not only from errors and omissions, but from the failure to meet client expectations and attempts by clients to recoup financial losses. Even if you did nothing wrong, the cost of legal defense and settlement can be a financial hardship. And the disruption to your practice could reduce your billable time, and possibly expose your personal assets. That is why all CPA firms should carry professional liability insurance.

Most of my practice is tax return preparation. How much risk does that have?
Unfortunately, claims experience shows that tax engagements are the leading cause of professional liability lawsuits. Defense attorney fees, court costs, and settlement amounts can quickly add up and impact the financial stability of small firms.

As a small firm owner, won't I be paying for the risk of larger firms?
Only small CPA firms can qualify for the CPA Value Plan, because its unique rating structure is based solely on the experience of small practices. The risk is less complex for small firms, so the CPA Value Plan is able to pass on significant savings to insureds.

What services are covered by the CPA Value Plan?
The CPA Value Plan covers a broad range of accounting and consulting services. These include tax planning and preparation, personal financial planning, bookkeeping, compilations, reviews, audits, management advisory services, EDP services and system consultations, general business planning, and litigation support services. Click here for a detailed description of coverage features.

Does the AICPA endorse this plan?
Yes. In fact, the CPA Value Plan is part of the AICPA Professional Liability Insurance Program. As such, the CPA Value Plan is continuously monitored by a committee of AICPA members in public practice to ensure that it meets the needs of CPAs. This means you get all the coverage and service that have made the AICPA Program so highly regarded, but at a substantial savings for smaller firms.

What other advantages does the CPA Value Plan offer?
It's easy to apply. The answers to a few questions are all that are needed to prepare your coverage and rate quotation. You can even get your quote in real time, right online. And now you can even purchase your coverage online. Also, our premium financing option allows you to make installment payments at very affordable rates. Apply Now

If I have insurance, will there be an interruption in coverage if I switch to the CPA Value Plan?
No. If you apply and are approved before your current policy expiration date, then you don't have to worry about having a period without coverage when you switch to the CPA Value Plan. The available prior acts provision protects you for claims filed during your policy period, even if the incident occurred before your policy effective date provided you had no knowledge of the incident. Simply stated, this means that once you're insured with the CPA Value Plan and you cancel your current coverage, the prior acts clause will give you uninterrupted coverage.

If my firm increases our staff or billings, will I lose my coverage?
The CPA Value Plan provides for your firm's growth beyond the initial eligibility requirements. If your firm experiences uncommon growth, you can still continue coverage under the Premier Plan. This flexibility helps you get the protection that's right for your firm's needs.

Who underwrites this insurance?
The Plan's underwriter is Continental Casualty Company, one of the CNA insurance companies. CNA is the market leader in accountants professional liability insurance, with over 38 years of experience. You can count on CNA to provide excellent claims and risk management services, as well as the commitment and stability to ensure that your insurance needs are met well into the future. To view information on CNA's primary markets, financial highlights, ratings and investment portfolio, go to CNA's web site and click the " CNA At A Glance" link to access a PDF containing the information.

If I have a question about the Plan, what should I do?
As the AICPA Professional Liability Insurance Program Administrator, Aon Insurance Services has a staff of knowledgeable service representatives available to help you with coverage questions or any other Plan concerns. You can either e-mail us or call us toll-free at 1-800-221-3023.

Can I renew my CPA Value Plan policy online?
Yes. You can renew your CPA Value Plan policy online during the 90 days before your policy expiration date in the Policyholder Resource Center. To renew your policy online, have your policy number, four-digit PIN and credit card handy.



or

Call us toll-free at 1-800-221-3023

One or more of the CNA companies provide the products and/or services described. The information is intended to present a general overview for illustrative purposes only. It is not intended to constitute a binding contract. Please remember that only the relevant insurance policy can provide the actual terms, coverages, amounts, conditions and exclusions for an insured. All products and services may not be available in all states and may be subject to change without notice. CNA is a service mark registered with the United States Patent and Trademark Office. Copyright © 2008 CNA. All rights reserved.

Aon Insurance Services is a division of Affinity Insurance Services, Inc.: in CA, MN & OK, (CA License #0795465) Aon Insurance Services is a division of AIS Affinity Insurance Agency, Inc.; and in NY, AIS Affinity Insurance Agency.


McAfee Secure sites help keep you safe from identity theft, credit card fraud, spyware, spam, viruses and online scams.