Errors & Omissions ยท Accountants
Accountants E&O for the firms that sign off on the numbers.
Professional liability for accounting firms, bookkeepers and liquidators, on a dedicated Accountants & Liquidators wording. Placed with domestic and international underwriters, including Lloyd’s.
Domestic and international underwritersFor an instant quote
Who we write
Built for the people who keep the books and close the files.
The program uses an Accountants & Liquidators wording, so fiduciary duty, external appointments and regulator complaints are written into the cover, not bolted on.
Sole practitioner or multi-partner firm, send it over if the practice fits inside the program limits.
- Accounting firms
- Sole practitioners
- Bookkeepers
- Tax preparers
- Liquidators
Applications and fact sheet
Download what your client needs to sign
- Accountants applicationPDF, fillable
- E&O renewal applicationPDF, fillable
- Accountants E&O fact sheetPDF, one page
Competitor applications are fine. Email any of them to submit@approvedcasualty.com.
Coverage
What the Accountants & Liquidators wording covers
Core professional liability for negligent acts, errors and omissions in the firm’s accounting or liquidation services, plus these additional coverages.
| Coverage | Limit |
|---|---|
| Breach of fiduciary dutyDuties owed to clients | Included |
| Consultants, sub-contractors and agentsErrors by the people the firm engages | $250,000 |
| External appointmentsTrustee, executor, receiver, liquidator, director, power of attorney | $100,000 |
| Loss of documentsRecords, books, wills and agreements. No deductible | $100,000 |
| Regulatory and disciplinary proceedingsDefence expenses before professional bodies and regulators. No deductible | $50,000 |
| DishonestyProtects insureds who took no part in the act | $100,000 |
| Intellectual property | $100,000 |
| Libel and slander | $100,000 |
Sub-limits in CAD, per claim and in the aggregate. They sit within, not on top of, the policy limit.
Built into every policy
- Defence costs paid on top of the limit*
- Duty to defend, even on groundless claims
- Worldwide territory; US client fees up to 15% of fee income
- 60 days after expiry to report a claim
- 12-month run-off option on retirement, death, disability or closing the practice
*US-jurisdiction claims pay defence within the limit. Run-off is priced at 100% of the expiring annual premium.
Why it fits accounting firms
Accountants sit as trustees, executors, directors and attorneys for their clients. This wording answers for those external appointments up to $100,000, pays breach of fiduciary duty claims, and covers errors by the consultants and sub-contractors the firm engages.
How placement works
From submission to bound, without the back-and-forth.
1
Start the quote
Enter the risk at quote.approvedcasualty.com, upload last year’s policy, or email the application to submit@approvedcasualty.com. Competitor applications are fine.
2
See the indication
Standard risks price on screen in about 60 seconds. Accounts that need a closer look go to an underwriter, with terms back within 48 hours.
3
Place it with our team
You get the completed application to forward to your client. Our underwriters follow up with you, not around you.
Program at a glance
- Limits
- Up to $5M
- Minimum premium
- $515
- US exposure
- Up to 20%
- Form
- Claims-made, worldwide territory
- Security
- Domestic and international underwriters, including Lloyd's
- Wording
- Accountants & Liquidators E&O wording
Outside this appetite?
Investment advice, financial planning, fund management, securities work and tax schemes sit outside this wording. Our Hard-to-Place Facility writes many of them. Send the file the same way and we will route it.
FAQ
Accountants E&O questions brokers ask
Does the policy cover trustee, executor or director appointments?
Yes. External appointments are covered up to $100,000 when the accountant acts as trustee, executor, receiver, manager, liquidator, administrator, director, secretary or under a power of attorney, provided the fees are paid to the firm or the firm agrees to the appointment.
Are CPA complaints and regulator investigations covered?
Yes. The wording reimburses defence expenses for proceedings brought by a professional body or statutory regulator, up to $50,000 with no deductible. Fines and awards are not covered.
How much US work can the firm have?
The wording excludes US-jurisdiction claims tied to US client fees once those fees exceed 15% of annual fee income. Defence on US-jurisdiction claims sits within the limit.
What happens when a partner retires?
If the firm gives up the practice through retirement, death, disability or closing the business, it can buy a 12-month optional extended reporting period at 100% of the expiring annual premium.
What size of account can you write?
Limits go up to $5M. Standard risks quote on screen in about 60 seconds. Larger or unusual accounts go to an underwriter, with terms back within 48 hours.
Got an accounting firm to place?
Standard risks quote in about 60 seconds. Our application or the incumbent’s, any way you like to send it.
Other E&O programs
This page summarizes coverage for broker information only. Coverage is subject to the policy wording, terms, conditions, exclusions and underwriting acceptance. Limits and sub-limits in CAD; sub-limits sit within the policy limit.