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Professional Liability for Small Firms

The CPA Value Plan provides small CPA firms with broad professional liability coverage and risk management services with an insurance program that will assist you to protect your financial future.

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What is CPA Value Plan?

CPA Value Plan is professional liability insurance developed for small CPA firms with rates based on the loss experience of the same type of firm. The CPA Value Plan provides efficient claim management and also helps to manage your bottom line with affordable rates and premium savings. With ongoing changes to professional standards, regulations and guidelines, your firm requires a policy that helps you protect your business and proactively manage your risk so you may focus on serving clients.

Professional female CPA on laptop Professional female CPA on laptop

Why CPAs select it?

CPAs require unique insurance coverage for the accounting services they provide. With increasing risks from new tax laws and regulations and litigious clients, CPAs require professional liability insurance to provide coverage for claims that may arise from tax, bookkeeping, or other services often perceived to be low risk. In addition to insurance coverage, firms receive experienced claim management and exclusive access to extensive risk management resources, including engagement letter templates. 

67%

of policyholders added Cyber Liability Coverage to their professional liability coverage.

What it covers?

  • The policy provides coverage for damages and claim expenses because of a covered claim arising from the performance of professional accounting services within the scope of the policy that may include tax preparation and planning, accounting services, business advice, audit, and more.
     

  • Liability limits: For qualified and eligible insureds, limit options are available ranging from $100,000 to $2 million to support your business.
     

  • Deductibles: Starting at $0, aggregate deductible options of $0, $1,000, or $5,000 are available.
     

  • Subpoena Assistance: Under certain conditions, policy will pay to retain an attorney to assist with document production, prepare you for sworn testimony, and to represent you at deposition. This supplementary benefit is not subject to the deductible.
     

  • Reimbursements: Reimburses $100 per hour for the time spent at CNA’s request attending a trial, mediation or arbitration in connection with a covered claim. This supplementary benefit is not subject to the deductible.
     

  • Regulatory inquiry: Provides up to $25,000 in attorney fees and other reasonable expenses associated with a covered regulatory proceeding. This supplementary benefit is not subject to the deductible.
     

  • Settlement: Must obtain insured’s written consent, which shall not be unreasonably withheld.
     

  • Prior acts: Available to qualified firms.
     

  • Cyber liability and privacy event expense coverage may be added by endorsement onto the policy.

What it costs?

The average first-time buyer typically would pay a total annual premium of $590 in the first year of the CPA Value Plan with a $0 deductible. Pricing for the CPA Value Plan varies according to your firm’s insurance selections. In addition to selecting the liability limit and deductible that is consistent with your goals, you also may add additional coverage for cyber liability. To apply for the CPA Value Plan and learn more about additional coverage options, you can begin your application and if qualified, purchase online today.

 
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Professional female CPA working from home office Professional female CPA working from home office

Why CPAs choose AICPA CPA Value Plan

  • Endorsed and monitored by an AICPA Committee of CPAs in public accounting.
  • Coverage designed for small CPA firms to help your firm with insurance coverage against claims.
  • Provides access to the AICPA Policyholder Resource Center and CNA’s Accountants Risk Management Assistance Line so you always have additional support.
  • Includes a wide range of liability limits, deductibles, and coverage options to fit your ongoing needs.

About the Underwriter

CNA is one of the largest U.S. Commercial Property and Casualty insurance companies. CNA provides a broad range of standard and specialized Property and Casualty insurance products and services for businesses and professionals in the U.S., Canada and Europe, backed by more than 120 years of experience. 

About the Underwriter About the Underwriter
Frequently Asked Questions

To qualify for the professional liability coverage, your firm must have no more than three professionals and maximum annual revenue of $400,000. 

You may apply for coverage under the CPA Value Plan online.  Policyholders also may renew online.  

Qualified firms can apply and purchase online with a credit card.  Policyholders may also pay to renew online with a credit card.

The plan provides coverage for damages and claim expenses because of a covered claim arising from the performance of professional accounting services within the scope of the policy that may include tax preparation and planning, accounting services, business advice, audit, and more.

The CPA Value Plan is underwritten by a CNA member company, an “A” rated insurer to provide your small firm with industry experience. 

CPAs have become a target of cyber criminals due to the confidential financial information shared by clients. CPA NetProtect®, a cyber liability endorsement, provides coverage for covered third party claims, extortion demands, and costs associated with complying with state statutes after a data breach. To apply for this endorsement, select this option on the online application.

In addition to coverage options, the plan includes exclusive access to the AICPA Professional Liability Risk Control Program, Online Policyholder Resource Center, and the Accountants Risk Management Assistance Line, staffed by CPAs.  

What CPAs say about us

The process to renew my Professional liability insurance policy was fast and seamless. The application was prefilled and all I had to do was just answer a few questions. Done! 

Robert Allen, CPA
Houston, TX  

Aon has been stellar. They truly care about me and my business. I am more than a number in a process. From renewal to claims and everything in between, the team is very supportive. 

Bridgett Gagne, CPA 
Washington, DC 

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Disclaimer

One or more of the CNA companies provide the products and/or services described. The information is intended to present a general overview for illustrative purposes only. It is not intended to constitute a binding contract. Please remember that only the relevant insurance policy can provide the actual terms, coverages, amounts, conditions and exclusions for an insured. All products and services may not be available in all states and may be subject to change without notice. “CNA” is a registered trademark of CNA Financial Corporation. Certain CNA Financial Corporations subsidiaries use the “CNA” service mark in connection with insurance underwriting and claims activities. Copyright © 2020 CNA. All rights reserved. 

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