Guide | On Your Own
Insurance Considerations for your

New CPA Firm
Before you begin your first engagement or open your doors to the public, it’s important to address your insurance needs and requirements. If you are leaving a position with an employer, you will most likely lose all insurance coverage provided by your employer and will need to obtain health insurance coverage for you and your family.

Professional Liability insurance is also critical to your financial security and peace-of-mind. Lawsuits are a fact of life in today’s world and you’ll need to help protect your practice and your personal assets against legal liability resulting from errors or omissions in providing professional services. Employment Practices Liability insurance will be important when you have employees working for you, as it protects you against charges of discrimination in hiring, wrongful termination and other workplace liabilities. You may also want to offer Group Life insurance to your employees as a benefit. The AICPA Member Insurance Programs offer members a wide range of affordable insurance plans, including:
Commercial Property and Liability
– Business Owner's Policies (BOP) combining property and general liability coverages are available to meet the diverse and growing needs of small to medium-size firms. Worker's Compensation coverage is offered to you at low rates. Other coverages include commercial liability umbrella and commercial auto.
Professional Liability –
Plans which provide comprehensive coverage tailored to meet the diverse needs of CPA firms of all sizes and areas of practice. This program also includes cyber liability coverage in the event of a claim as a result of theft and misuse of client confidential information or damage to client computer networks during the rendering of professional services.
Cyber Security –
Our optional CPA NetProtect® endorsement helps pay for expenses associated with a data breach and adds coverage for claims brought by third parties whose computer networks and information may have been damaged by a wrongful act that resulted in a security breach of the firm’s network.
See the risks and challenges associated with cybersecurity and the accounting profession.
Employment Practices Liability –
A wide range of services to help firms understand and comply with the rapidly expanding arena of employment law.
Group Life Insurance for Firms –
Term life insurance for owner and employees.

For a complimentary consultation, please call 1-800-221-3023, Monday through Friday, 8 a.m. to 6 p.m. ET, to speak with a personal insurance advisor.
Or visit
to review our insurance portfolio and risk mitigation resources.

“Intelligence without ambition is a bird without wings.”  -- Salvador Dali