Discussion:How many of you have insurance
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| Revision as of 07:24, 28 December 2007 Jdugancpa (Talk | contribs) (Southpark, $100k) ← Previous diff |
Revision as of 09:49, 28 December 2007 Mtmckeecpa (Talk | contribs) (My coverage: $2) Next diff → |
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| {{ForumReplyPost|UserID=Jdugancpa|Date=28 December 2007|Text=Southpark, $100k would not seem adequate to me, especially if you are issuing financial statements of any kind.}} | {{ForumReplyPost|UserID=Jdugancpa|Date=28 December 2007|Text=Southpark, $100k would not seem adequate to me, especially if you are issuing financial statements of any kind.}} | ||
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| + | {{ForumReplyPost|UserID=Mtmckeecpa|Date=28 December 2007|Text=My coverage: $2 mil aggregate, $1 mil per claim, $1,000 deductible, cost $851.00 through CNA. | ||
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Revision as of 09:49, 28 December 2007
Discussion Forum Index --> Basic Tax Questions --> How many of you have insurance
Discussion Forum Index --> Tax Questions --> How many of you have insurance
| 27 December 2007 | |
| How many of you to cover you professional? Some people have it and some people don't. Whats a good amount to have as coverage in case anything happens? | |
Bottom Line (talk|edits) said: | 27 December 2007 |
| I would suggest at least $1,000,000. You'll probably find that the cost of increasing the amount is a declining percentage of the initial amount. | |
| 27 December 2007 | |
| 1) Probably less than all of us. 2) Enough to cover the largest claim that might be made against you.
Check out CAMICO or Aon (the AICPA's plan). Both are good carriers. I think Aon is somewhat cheaper. | |
| 27 December 2007 | |
| It's crazy to practice w/o insurance.
Check out NAPLIA. Every couple of years I get quotes from several plans, and these guys broker comprehensive coverage from solid companies at a fair price. I obtained a quote from CAMICO recently - they were 3 x as expensive. | |
| 27 December 2007 | |
| Agree with Jdugancpa. Professional liability through AICPA AON. Very inexpensive. AIPCA also offers Business Owner's Policies,disability, etc. | |
Cigarmanpr (talk|edits) said: | 27 December 2007 |
| Are you talking E&O insurance or other kinds? | |
| December 27, 2007 | |
| I agree with JDugan and Jennifer. Obtaining a liability policy was one of the first things I did when I started my practice. | |
Southparkcpa (talk|edits) said: | 27 December 2007 |
| My office, a small 4 person firm , does only tax work and compilations.
I have malpractice insurance of only $100K, liability insurance on my office space is required by lease of $1 million. Malpractice ins costs about $1,000 annually with a 5K deductible. I would never practice without it. You never know what can happen. I have NEVER been sued but just last month I was threatened by a buyer of one of my clients businesses. He failed as the new owner because he was under capitalized and ran the business as an absentee. He called me and said the financials were not accurate. They happen to agree to the tax return and are VERY accurate. Yet if he sues the seller, it costs NOTHING to add the accountant as a defendant even though I have no real liability. | |
| December 27, 2007 | |
| Aye. Mine's for tax only, which covers 90% of the possibilities. That keeps the cost reasonable, just a few hundred bucks a year. | |
| December 27, 2007 | |
| Jeff, does your comment mean that you are not covered for the other 10%? | |
| 28 December 2007 | |
| Southpark, $100k would not seem adequate to me, especially if you are issuing financial statements of any kind. | |
Mtmckeecpa (talk|edits) said: | 28 December 2007 |
| My coverage: $2 mil aggregate, $1 mil per claim, $1,000 deductible, cost $851.00 through CNA. | |
