My E&O insurance is up for renewal and the premiums keep climbing. Currently carrying $1M coverage through CUBA's group plan but wondering if that's adequate these days. Had a close call last year when a Wisconsin Electric customer claimed my audit caused them to miss out on a rate change deadline, potentially costing them $15K annually. What coverage levels are others carrying? Any recommendations for carriers?
Professional liability insurance - what coverage do you carry?
Linda, I carry $2M through the CUBA group plan. The extra coverage only costs about $300 annually and gives me peace of mind with larger commercial accounts. Had a client in Houston threaten a $500K lawsuit over a missed solar credit calculation. Nothing came of it, but I was glad to have the higher coverage. Some of these commercial clients have deep pockets and aren't afraid to sue.
I'd definitely recommend increasing your coverage if you're working with larger accounts. We're seeing more aggressive litigation these days, even when the auditor isn't really at fault. The CUBA group rates are still the best deal I've found, and the coverage is solid. They understand our business risks better than general E&O carriers. Worth the investment for professional peace of mind.