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Who do you use for E&O/Liability?

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#1
Posts:
106
Joined:
1-Sep-2020 2:47pm
Location:
845-NY
I've been dealing with a local broker, but there is a ranking of insurance providers in the latest issue of Accountant's Today.
Considering getting some quotes.
Anyone have a company they like dealing with?
 

#2
Posts:
106
Joined:
1-Sep-2020 2:47pm
Location:
845-NY
I found another thread on insurance that mentions the AON company.
(Happens to be rated A (Excellent) in the magazine I was reading, but others are rated A+ and A++.)
Ran a quote for 88k gross, 5% off for engagement letters on the majority of engagements, 250k/500k with $1000 deductible in NY. Premium quote is $385 for a year, plus $255 for the NetProtect data coverage with a 500k network limit, 1000 deductible, 75k extortion sub-limit.
-
$5000 deductible knocks it down to $354/year.
500k/1Mil with $1000 is 448/year.
 

#3
Posts:
2451
Joined:
4-Mar-2018 9:03pm
Location:
6 ft away
I have AON.

No complaints.

I see based on your profile you're a CPA but not a member of the AICPA.

You should consider joining both their regular membership and the tax section.

The latter gives you the monthly Tax Adviser magazine, which is invaluable, plus practice materials such as engagement letters, checklists, and other handy stuff.

It is well worth the annual member dues IMO.
 

#4
Posts:
106
Joined:
1-Sep-2020 2:47pm
Location:
845-NY
Thank you for the tip, and feedback on AON/AICPA.
Membership is on my radar.
 

#5
Posts:
283
Joined:
7-May-2014 1:13pm
Location:
DC Metro
Have you looked into Camico. They are great with feedback on issues, engage ment letter templates, subpoena, etc.
 

#6
Posts:
1451
Joined:
22-Apr-2014 1:34pm
Location:
North Carolina
I also have my liability insurance through the AICPA. My underwriter is Continental Casualty Company. Have been very pleased over the years with their service and rates. Agree with ManVsTax regarding the AICPA membership and joining the tax section. I am members of both and consider them well worth the money!
 

#7
sjrcpa  
Posts:
2770
Joined:
23-Apr-2014 5:27pm
Location:
Maryland
We use CAMICO, too. They specialize in accountants' liability insurance.
I also recommend AICPA and its Tax Section. For a small firm, the coverage offered through AICPA/AON may better suit your needs. We outgrew it.
 

#8
WBR  
Posts:
172
Joined:
17-May-2014 3:36pm
Location:
Cleveland, Ohio
I use AON no issues and found them to be great to work with. The only two times that I have needed to call them have been regarding client document request and both times they have had an atty advise me on what should be provided/respond at no cost.
 

#9
Posts:
646
Joined:
28-Jul-2017 12:08pm
Location:
North Country, USA
Camico
 

#10
Posts:
1917
Joined:
24-Apr-2014 7:54am
Location:
Wisconsin
CAMICO for me, they're fine. Do you have an actual reason to want to change policy?

I would be hesitant to change willy-nilly due to the likely need to purchase a final policy with your existing carrier that will handle future claims from work already performed.
 

#11
Posts:
1266
Joined:
21-May-2018 7:50am
Location:
SC
AON via AICPA. Haven't been able to beat the coverage for the premiums, elsewhere.
 

#12
Posts:
82
Joined:
5-Feb-2015 9:28am
Location:
TimBuckTwo
 


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