Accountants errors and omissions insurance
CPAs and accounting professionals operate with the highest demands on their performance and accuracy鈥攁n expectation to get every detail right, every time. Unfortunately, despite attention to detail and careful calculations, allegations of negligence, errors and omissions in the performance of professional accounting services happen and can lead to claims or lawsuits. That's why McGowanPRO offers accountants professional liability coverage on both an admitted and non-admitted basis. Both programs offer robust coverage along with experienced risk management and expert claims services.
McGowanPRO鈥檚 CPAOneProSM program offers admitted coverage to accounting firms of all sizes. McGowanPRO鈥檚 CPA NewStart program* offers specialized and unique non-admitted coverage offerings, including the NewStart Stand Alone Tail/ERP program which gives accounting firms the ability to get competitive quotes on their tail policies. The CPA NewStart program is for hard-to-place firms that have claims or other regulatory issues and need a fresh 鈥渘ew start.鈥�
CPAOnePro targets a wide range of accounting professionals and firms of all sizes, including:
- Accountants
- CPA firms
- Bookkeepers
- Tax preparers
- Enrolled agents
CPA NewStart targets sole professionals and firms with up to 50 CPAs and revenues up to $50 million that are hard-to-place due to claims frequency or severity, licensing issues, difficult areas of practice, or management and ownership issues. Target areas of practice include:
- Audit, review and compilation
- Taxes - personal, corporate and estate
- Consulting services
- Trustee and non-trustee
- Bookkeeping and payroll
- Financial planning/investment advisory
Written through a risk purchasing group by McGowanPRO, the CPAOnePro prgram was designed by professional liability insurance experts with decades of experience working with CPA firm clients. In addition to higher supplemental coverage available through the exclusive ONEPRO endorsements, clients benefit from an RPG credit.
Special features and coverages include:
- Limits up to $10MM
- Claims expenses in addition to the limits of liability available
- Loss only/first dollar defense deductibles available
- Aggregate deductible options available
- Worldwide coverage
- Broad network security and privacy coverage
Beyond coverage, the robust risk management and claims services include:
- Loss control hotline
- Pre-claim assistance
- Claims triage services
- Guidance on best practices
- Sample engagement letters and provisions
- Engagement letter and website review
- NASBA approved webinars
- Industry updates
- CPA alerts
- Tax organizer, quality control document and marketing material review
Cyber coverage
Use this comparison of our two available options to steer your discussion with professional service clients and assist them in selecting the cyber coverage that best suits their needs.
- Professional liability cyber first-party coverages endorsement
- Standalone Cyber Advantage Pro policy
Available through and underwritten by McGowanPRO on a non-admitted basis, the CPA NewStart Stand Alone Tail/ERP program offers more tail options to accounting firms seeking to purchase tail. Through this unique product offering, accounting firms will no longer be limited to the options of their incumbent carrier. The NewStart Stand Alone Tail program is written on a broad policy form at competitive rates.
The CPA NewStart program for hard-to-place accounting firms is specifically designed for firms that have claims or other regulatory issues and need a fresh 鈥渘ew start.鈥� This is a four-year program, based on the first year being retro inception. Firms have the ability to earn back their previous prior acts date. The prior acts date is applied via endorsement upon completion of year four.
Special features and coverages include:
- Limits up to $5 million with excess limit options up to $10 million
- Standalone extended reporting period duration options include 12, 24, 36, 60 and 72 months
- Multiple deductible options available
- Disciplinary and regulatory proceedings coverage
- Subpoena assistance coverage
- Mediation deductible reductions coverage
- Privacy and security liability coverage
- Broad definition of professional services
Beyond coverage, the robust risk management and claims services include:
- Loss control hotline
- Pre-claim assistance
- Claims triage services
- Guidance on best practices
- Sample engagement letters and provisions
- Engagement letter and website review
- NASBA approved webinars
- Industry updates
- CPA alerts
- Tax organizer, quality control document and marketing material review
CPAOnePro targets a wide range of accounting professionals and firms of all sizes, including:
- Accountants
- CPA firms
- Bookkeepers
- Tax preparers
- Enrolled agents
CPA NewStart targets sole professionals and firms with up to 50 CPAs and revenues up to $50 million that are hard-to-place due to claims frequency or severity, licensing issues, difficult areas of practice, or management and ownership issues. Target areas of practice include:
- Audit, review and compilation
- Taxes - personal, corporate and estate
- Consulting services
- Trustee and non-trustee
- Bookkeeping and payroll
- Financial planning/investment advisory
Product resources
Learn more about CPAOnePro
Visit mcgowanpro.com to learn more about the CPAOnePro offering.
Learn more about CPA NewStart
Visit cpanewstart.com to learn more about the CPA NewStart offering.
Resources for your customers
McGowanPRO offers a wide range of risk management resources to help your customers manage risk.
Customer tools
Contact McGowanPRO
CPAOnePro and CPA NewStart are available exclusively through McGowanPRO. To learn more or submit business, contact:
CPAOnePro
Gary Sutherland
Managing Director, MPA, CIC, MLIS
[email protected]
508-656-1350
CPA NewStart
Michael Gilio
Director of Special Programs
[email protected]
440-333-6300 x6136
*The CPA NewStart program is written on excess & surplus lines, which may include additional taxes and fees.
About McGowan Program Administrators
McGowan Program Administrators (MPA) is America鈥檚 leading writer of innovative insurance programs. MPA is a Managing General Underwriter and Program Manager. MPA designs, administers and markets highly-specialized programs of insurance. These programs are available exclusively through MPA.
All products are underwritten by 华体会 Insurance Company or one of its insurance company subsidiaries or affiliates. Coverage may not be available in all jurisdictions and certain coverage may be provided by an eligible surplus lines insurer and procured only by a properly-licensed surplus lines broker. Surplus lines insurers do not generally participate in state guaranty funds and insureds are therefore not protected by such funds. This release is designed to provide general information for insurance professionals only and does not constitute an offer to sell or a solicitation of insurance. Any inquiries regarding the subject matter should be directed through licensed insurance professionals.
Please refer to the actual policy issued for complete details of coverage and exclusions. For more information about 华体会 visit our website at www.hanover.com.