gfizer Posted August 23, 2011 Report Share Posted August 23, 2011 For the past 25 years I have prepared taxes at a local law firm. After last tax season I gave my notice and will be striking out on my own this year. I expect most of my clients will follow me and of course I hope to adverstise and pick up new clients as well. Currently, I do about 200 returns. Most are farm returns and trust/estate returns. I know I need E&O insurance coverage, but I have no idea how much coverage I need or where to start to get it. Can anyone give me some ideas about how to determine coverage amounts, expected cost of premiums, and maybe share the names/contact information for some reputable companies? Thanks for your help! Quote Link to comment Share on other sites More sharing options...
Lion EA Posted August 23, 2011 Report Share Posted August 23, 2011 NAEA has negotiated group coverage. Read about it at NAEA.org Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted August 23, 2011 Report Share Posted August 23, 2011 NATP & NSA also have programs for members. taxbilly Quote Link to comment Share on other sites More sharing options...
Catherine Posted August 24, 2011 Report Share Posted August 24, 2011 Yes, what they said. A bunch of organizations have programs for members (and even if you're not a member, frequently you can get the same coverage under a non-group affiliation plan for few small $$ additional). The key is to get a number of quotes for a number of different coverage levels. I had insurance for years through one program, and decided it was time (larger practice, more complex cases, etc.) to increase my coverage. The company I'd been with for years gave me a quote that seemed high. So I tried another vendor -- slightly better coverage for about 25% less. Yet that _same_ vendor had been too high, years earlier. I think some might specialize in particular "case sizes", and if you hit their target market, you get a better deal. Target Insurance Services (underwritten through The Hartford) and Placer Insurance Agency (underwritten through Traveler's) are two to try. 800-692-5752 and 916-784-1008 (respectively) are the numbers I have easily available for them. If you might have clients coming to your home, make sure you also get a business rider on your homeowners (or renters) insurance. Someone trips & gets hurt on the front step and they were there for business, the regular house insurance will NOT cover the injury. Catherine Quote Link to comment Share on other sites More sharing options...
ed_accountant Posted August 25, 2011 Report Share Posted August 25, 2011 I use Placer Insurance Agency underwritten by Traveler's insurance, 916-784-1008. My insurance limits are 100,000/250,000. I believe the cost to you will depend on your annual sales and experience. I would guess that a policy would cost you approximately $1000. Contact them for a quote. Quote Link to comment Share on other sites More sharing options...
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