Joe Barnard, CPA

How to Choose the Right Malpractice Insurance Carrier

Professional liability insurance protects you if a client files a malpractice claim against you. Before selecting an insurer, it’s important to assess the company’s reliability to ensure it will be there for you when you need it. It’s also essential to weigh the cost of a plan against the value it provides and be certain that any plan you purchase fully covers your practice. 


Selecting an insurer with a good reputation is paramount. When considering a company’s reputation, you need to go past the company’s own messaging in ads or television commercials.

  • Reviews are an excellent source of information, but they’re hard to find on specialty insurance lines such as accountants professional liability insurance. As an alternative, talk to other professionals in your field about their experiences with insurers.

  • Part of an insurer’s reputation should be rooted in how established it is. How long has the company been in business? How long has it been underwriting accountants’ professional liability insurance?

  • Be sure to check the company’s financial rating. A.M. Best Company is the leader in rating insurance companies, although Standard & Poor’s, Moody’s Investor Services, and Fitch Ratings also evaluate the strength of financial companies.

Cost and Coverage

With insurance, like everything else, you tend to get what you pay for. Rock-bottom prices will usually mean you’re paying somewhere else to cover the lower up-front costs.

Premiums are figured based on a few major factors and can vary widely. It’s important to understand what goes into the calculation so you can make an educated decision about your coverage and premiums.

  • How much coverage are you looking for (including limits and deductible)?

  • How many accountants will be covered? Are you solo or a large practice?

  • How many years have you practiced, and what kind of claims history do you have?

  • What areas of accounting do you practice?

In the end, you’ll have to decide what you’re able to pay for a monthly premium and how much of a deductible you can afford in the event a claim is filed against you. Assess what each insurer is willing and able to provide for those prices.

Customer Service

Excellent customer service can make all the difference when you’re facing a claim. You’ll want an insurance provider who will provide support and advocacy every step of the way to best protect you from the damaging effects of lawsuits or professional complaints.

Don’t forget to ask about the process for handling claims. You want to know what steps the insurer will take, who you would deal with, and what is expected of you if a claim is filed.

If you need a new professional liability policy, are unsure you’re fully covered, or are considering changing insurers, the professionals at ProDefender are available for a consultation. Call us at (866) 434-8557, or email us at


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