momof3 Posted February 29, 2008 Report Share Posted February 29, 2008 I have done about 30 returns a year for the past few years, but am looking to expand past the close friends and family referrals and grow my business. I have never had liability insurance, and I am considering purchasing it to protect myself. Can anyone help? I know nothing about what to get, how much it costs. I did go on the AICPA website and found a policy for $200 that has a $5,000 deductible and 100/250 coverage. Is that enough? Is that a good deal? thanks for the help. Quote Link to comment Share on other sites More sharing options...
Chrisbry Posted February 29, 2008 Report Share Posted February 29, 2008 I've got mine thru a local agency (insured with Philadelphia Indemnity Ins). $1,000 deductible per claim, $500,000 per incident and it's retroactive for 3 years. I pay $365 a year. I'm also a small practice (less than 100 tax returns). Quote Link to comment Share on other sites More sharing options...
catax Posted February 29, 2008 Report Share Posted February 29, 2008 I use Target underwriting. 860-284-0088. Group policy for tax professionals. You might want to call and get a quote for comparision. Nena (also mother of 3 in CA) Quote Link to comment Share on other sites More sharing options...
BulldogTom Posted February 29, 2008 Report Share Posted February 29, 2008 I get mine through CNA for $165 per year. Got it through a broker out of SoCal called Dimarik (sp?). They were advertised at a California Society of EA's publication. Very happy with them. Every year they send me an invoice in Oct, Nov, and the one I pay in Dec. I have a small practice also. Just me and the missus and the two children (receptionists). Tom Lodi, CA Quote Link to comment Share on other sites More sharing options...
Lion EA Posted February 29, 2008 Report Share Posted February 29, 2008 EZ Insurance Solutions/Affinity Insurance Services $500 deductible $100,000/250,000 I'm in pricey Fairfield County, CT, $298. I filled out an on line form; they sent me a couple of options to choose from. Quote Link to comment Share on other sites More sharing options...
joanmcq Posted February 29, 2008 Report Share Posted February 29, 2008 I'm probably seriously overinsured, but I also have Philadelphia, but with a $5000 deductible and $500,000/$500,000. I have a small practice but a lot of stuff. I just renewed at $621/yr. Quote Link to comment Share on other sites More sharing options...
cred65 Posted November 22, 2008 Report Share Posted November 22, 2008 I have contaced my ins. agent about about this coverage. Probably$500 to $1000 deductible. Quote Link to comment Share on other sites More sharing options...
Julie Posted November 24, 2008 Report Share Posted November 24, 2008 Mine is the same as Tom's. $165 a year, but the limits are much lower than what some others here have mentioned....I think 10000/25000. That's a tenth what some others cover, and maybe too low for this day and age. I get mine through CNA for $165 per year. Got it through a broker out of SoCal called Dimarik (sp?). They were advertised at a California Society of EA's publication. Very happy with them. Every year they send me an invoice in Oct, Nov, and the one I pay in Dec. I have a small practice also. Just me and the missus and the two children (receptionists). Tom Lodi, CA Quote Link to comment Share on other sites More sharing options...
Lion EA Posted November 24, 2008 Report Share Posted November 24, 2008 My renewal for 2009 is $365. Ouch! Quote Link to comment Share on other sites More sharing options...
Catherine Posted November 24, 2008 Report Share Posted November 24, 2008 I have done about 30 returns a year for the past few years, but am looking to expand past the close friends and family referrals and grow my business. I have never had liability insurance, and I am considering purchasing it to protect myself. Can anyone help? I know nothing about what to get, how much it costs. I did go on the AICPA website and found a policy for $200 that has a $5,000 deductible and 100/250 coverage. Is that enough? Is that a good deal? thanks for the help. I use Target Insurance Services; they have an "American Tax Preparers Insurance Program". 888-888-1613, www.target-capital.com. My renewal is $229.00 for $10K per claim, $20K aggregate, with a bookkeeping/accounting service extra fee. That must be riskier for them. Catherine Quote Link to comment Share on other sites More sharing options...
Jake Posted November 24, 2008 Report Share Posted November 24, 2008 When I was shopping for insurance a few years ago I found that many of tax prep policies would not insure CPA's regardless of the amount assurance work that the firm did. I ended up going with the AICPA program and it has been fine. Hopefully I will never have to use it.l Quote Link to comment Share on other sites More sharing options...
ILLMAS Posted November 25, 2008 Report Share Posted November 25, 2008 At the beginning of thise year, I had called my insurance provider regarding prof. liability insurance I was told I didn't need it since I was not a CPA nor was I giving opinions. I contacted two of my CPA friends and I was basically told the same. Can someone point in the right direction if I was told wrong?? Thanks, Quote Link to comment Share on other sites More sharing options...
RoyDaleOne Posted November 25, 2008 Report Share Posted November 25, 2008 Claims about income taxes are probably 10 times the rate of claims for accounting, auditing work. Quote Link to comment Share on other sites More sharing options...
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