Tax season is over, but your firm’s exposure to liability risk is not.
CAMICO often hears of CPAs who choose not to purchase Professional Liability Insurance because they think it is unnecessary. Here are 4 reasons why CPAs don’t think they need malpractice Insurance, and how this approach can be risky.
- “I only do tax work” – Tax claims cost $53,000 on average.
- “I can’t be sued if I don’t have insurance” – This will not stop an opponent from filing a lawsuit or going after your personal assets.
- “I’ve known my clients for years; they won’t sue me” – Many good CPA-client relationships have turned sour over money disputes.
- “I don’t make mistakes” – Jury expectations have risen significantly over the years, putting even the most cautious CPAs at risk.