AAA-CPA Offers Exclusive Dual-Practice Liability Insurance
Professional liability insurance, also known as Errors and Omissions Insurance, is essential for even the most diligent of lawyers and accountants for two reasons:
- You cannot definitively rule out the possibility that you will someday make a mistake that costs your client financially; and
- In our Compensation Culture, it is entirely possible for a client to perceive an error and pursue a case against you regardless of whether a mistake was truly made.
Any claim of negligence would expose you to possible liability. Even if the claims are eventually dismissed, the litigation costs of frivolous lawsuits can still cost thousands of dollars.
However, there is no such thing as a standard E&O plan, as professionals in different fields require unique policies based on their exposure risks — an attorney and a CPA perform different responsibilities for clients, so the policies would need to be customized based on the tasks performed.
That leaves many dually-qualified professionals in a tough position, possibly requiring multiple policies with different providers to fully cover their practice.
Fortunately, the American Academy of Attorney-CPA has developed a unique liability policy that covers dual-practice Attorney-CPAs under one plan.
Unique liability insurance for unique professionals
Dually-licensed Attorney-CPAs are unique in their qualification to practice law while also providing the services of a CPA. However, having the ability to perform a dual role to clients also opens them to additional liability.
As an organization that understands these challenges, AAA-CPA has worked to create a special Errors and Omissions insurance plan to encompass both practice areas.
Unlike most professional liability plans, the academy’s Hays Affinity Professional Liability Insurance, underwritten by Lloyd’s of London, defines its coverage to include a comprehensive list of legal and accounting professional services.
This makes holding separate law and accounting policies unnecessary and eliminates the possibility your different insurance carriers would try to deny coverage based on the area of practice relating to the other policy.
Extensive coverage for dual-practitioners
From executor to tax advice, the Hays Affinity Professional Liability Insurance defines specific roles in the legal and accounting fields to ensure your right to practice as both an attorney and a CPA are protected.
With a broad range of limits of liability and various deductible options, the AAA-CPA dual-liability insurance allows you to customize your policy to fit your individual needs of professional coverage for services rendered as both an attorney and CPA.
Offering protections from actual or alleged errors, omissions, negligence, breach of duty, misleading statements, and similar claims resulting from the performance/non-performance of professional services, you can feel safe in your practice that even frivolous lawsuits won’t have a major impact on your future.
Both attorneys and CPAs are at risk of a malpractice suit materializing at any time, and dually-licensed professionals increase their exposure to the possibility by offering services in both industries.
It is vital that dually-licensed professionals have a safety net to protect themselves, as the costs of defending yourself out-of-pocket can be financially devastating for a small firm or solo practitioner.
The American Academy of Attorney-CPAs unique dual-liability coverage is the best option for a dual-practice professional.
Specifically written to cover a wide range of legal and accounting services, the Hays Affinity Professional Liability Insurance covers all your bases with one policy, leaving you free to work without fear of losing your livelihood due to a mistake or frivolous claim.