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Maryland Professional Liability Insurance for Accountants

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

CB Malaga Insurance Services LLC provides professional liability insurance, also known as malpractice insurance, to accountants, CPAs, tax preparers, bookkeepers, and enrolled agents in Maryland.

What coverage does a professional liability policy provide Maryland accountants?

Professional liability insurance provides coverage for claims made against Maryland accountants by reason of a negligent act, error or omission in the performance of professional accounting services.

Professional liability insurance policies for Maryland 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 Maryland accountants?

We offer Maryland accountants policy limits of $100,000/$300,000 (per claim/annual aggregate) up to policy limits of $5 million/$5 million. Deductibles starting at $1,000 are available to Maryland accountants.

Why do Maryland accountants need professional liability insurance?

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

    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
    Accounting errors
    Data entry errors