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Michigan Errors and Omissions (E&O) Insurance for Accountants

(For accounting professionals in states other than Michigan, please use the menu on the right.)

CB Malaga Insurance Services LLC provides errors and omissions (E&O) insurance to accountants, CPAs, auditors, tax preparers, bookkeepers, and enrolled agents in Michigan.

Why do Michigan Accountants need E&O Insurance?

Accountants in Michigan are an easy target for lawsuits in the face of an ever increasing set of complex rules and regulations. Michigan accountants face significant exposure to E&O and malpractice claims, including the following:

    Accounting errors
    Data entry errors
    Failure to follow Generally Accepted Accounting Principles
    Failure to follow Generally Accepted Auditing Standards
    Improper or incorrect tax advice
    Failure to complete appropriate forms
    Failure to perform appropriate peer review
    Failure to detect fraud
    Failure to meet deadline
    Failure to maintain appropriate documentation
    Failure to perform background search
    Failure to maintain appropriate safeguards

What Coverage does an E&O Insurance Policy provide Michigan Accountants?

E&O insurance provides coverage for claims made against Michigan accountants by reason of a negligent act, error or omission in the performance of professional accounting services.

E&O insurance policies for Michigan accountants are typically issued on a claims made basis. This type of policy provides coverage for claims reported during the policy period which are the result of on an act, error, or omission incurred on or after the retroactive date. The retroactive date in effect determines the beginning of coverage.

What Policy Limits and Deductibles are Available to Michigan Accountants?

Michigan accountants can choose E&O insurance policy limits starting at $100,000/$300,000 (per claim/annual aggregate) up to policy limits of $10 million/$10 million. The most common policy limits for E&O insurance are $1 million/$1 million. Deductibles starting at $1,000 are available to Michigan accountants.