Your liability risk exposures don’t end after tax season

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.

  1. “I only do tax work” – Tax claims cost $53,000 on average.
  2. “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.
  3. “I’ve known my clients for years; they won’t sue me” – Many good CPA-client relationships have turned sour over money disputes.
  4. “I don’t make mistakes” – Jury expectations have risen significantly over the years, putting even the most cautious CPAs at risk.
  5. Don’t leave your practice exposed to risk. CAMICO’s Professional Liability Insurance policy comes with free risk management support, tools, advice and resources. Get a quote today! Special Offer: Complimentary Engagement Letters Template Pack with 12 free sample letters, plus risk management articles. Get your letters today!

Share this post

Leave a comment

Filtered HTML

  • Web page addresses and e-mail addresses turn into links automatically.
  • Allowed HTML tags: <a> <em> <strong> <cite> <blockquote> <code> <ul> <ol> <li> <dl> <dt> <dd>
  • Lines and paragraphs break automatically.

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

Latest Articles

  • 12 Sep

    How to Handle Problem Clients

    Problematic or less-than-desirable clients may be keeping your firm from developing the clients it wants. An excellent way to identify those clients is to re-evaluate your client relationships on a regular basis, at least annually. Re-evaluate tax clients while there is still ample lead ti... read more

  • 08 Sep

    Policyholder Partner Wins ACE Administrator Award

    Jeanie Price, AAAPM, a partner of DeLeon & Stang Certified Public Accountants and Advisors, received the prestigious ACE Administrator Award from the CPA Firm Management Association (CPAFMA) at the association’s annual conference in Baltimore on June 29.

    ... read more

  • 08 Sep

    Hackers stealing tax refunds

    Be sure to verify that changes in bank account numbers are legitimate when e-filing tax returns. Hackers will send fraudulent email messages with bank account numbers different from the legitimate client account numbers in an attempt to divert tax refunds into their own accounts.
    read more