Accountants Liability Insurance

[geekgirldany]

I've been with an insurance broker through my membership in a tax association ever since I opened my business. The last three years they have been late on sending bills to me to renew my accountants liability insurance. Basically I have to call to get them to send it. Well got a letter in the mail today that they cancelled my policy. This is after I got an email from them with my renewal policy info. I asked the person if I should send in a payment and he said they would bill me. I am pretty aggravated.

I wanted to ask the forum what insurance company/broker they use. If you (or admin) do not want to put it on this thread please PM me. I believe I need to find another company.

Thanks
Dany

[Lion]

I went with the group plan that NAEA has. It was cheaper than what I had before.

[smithtax]

Calsurance

Agree with Lion. I've been a policyholder for a number of years.

[Bjorn]

Liability Insurance

My personal experience has been negative the one time I needed guidance on a matter. They wanted to settle a claim that lacked all merit rather than defend the insured because it was cheaper.

Does anybody have anything good to say about an insurance company that puts the long term reputation of the insured above the short term cost to settle? In my case I hired my own attorney to defend.

Maybe there should be a mutual insurance company by tax / accounting people for tax / accounting people. If these folks can't get premium invoices out the door what else is going wrong?

Mahalo

Bjorn

[Black Bart]

Well, I've got one, but don't have any rave reviews for it. While they do bother to send a bill once a year, they also make you fill out an application just like you're buying it all over again and, in general, leave the impression that if you don't act just right, then, by George, they won't sell it you (doesn't make for a cozy business relationship). Only reason I took it was because my last one was a local guy who only furnished $10K liability, no attorney, & cost $225 a year. This one (Marsh Insurance, Professional Liability Underwriters/800-337-2621) pays $100K, furnishes a lawyer, costs $300 annually.

Good luck. I'm considering dropping mine anyway and maybe hiring my own lawyer in view of my negative view of insurance companies and Bjorn's experience related above.

P.S. Just read the fine print on the new policy and it's $372 instead of $300, but on the plus side the liability ceiling has been raised to one million dollars (they must think we're a bunch of big losers).

Post P.S. Just noticed also that there's a thousand dollar deductible on it.

[geekgirldany]

Thank you all for posting and for the PMs.

Well mine is with Marsh also Bart and has went up to $445. I called them today and they said the policy number had changed and was not cancelled. Plus they were quoting me with a new insurance company. Customer service is just not very good to me. I have my doubts as to how claims would be handled if they ever came up.

I was talking to a relative and they suggested just getting a lawyer if needed. Also after reading Bjorn's post this might be the way to go. I suppose that is just how an insurance company will do.... take the cheapest way out.
I am talking to my local ins. agent now to see what they offer.

I would like to hear from any forum members that had a good experience with their insurance company in regard to any claims. Do not go into details of the claim, just how the insurance company handled it.

Thanks
Dany