Accountants Professional Liability insurance, sometimes called accountant's malpractice, errors and omissions or E&O insurance, is available from a range of insurers. Coverage and pricing varies greatly depending upon the accountant's clients, loss history and size.
Some of the key issues for accountants include:
- Small start-up firms
- Public entities accounting
- Firms specializing in tax work for a particular profession (ie. Entertainment, banks, construction)
- Tax and general accounting
- CPA's from larger firms starting a new firm
- Non CPAs starting firms
- General accounting with some associated management consulting services
- Firms with incidental fiduciary and/or trust work
Limits and deductibles vary with the size and type of insured.
Standard limits for most small to medium sized organizations start at $1 million.