Could You Be the Victim of the Next CPA's Professional Liability Horror Story?

What you don't know COULD hurt you...

A Minnesota CPA was shocked to discover his trusted partner had allegedly diverted funds from a client to himself.

But that shock turned to horror when he found himself party to a lawsuit - even though he had nothing to do with the incident! Too bad...but the client named both partners in the lawsuit.

The standard response is to file a professional liability claim and let the insurance carrier step in and defend the claim, but there was a catch. He was informed that his malpractice insurance limit was being used to defend both partners. Since they had to have two separate lawyers to protect both of their interests, the cash register was running twice as fast.

The "limit" was running out, and soon "outside the limit" defense costs would start coming out of his pocket. Even worse, since his limit would be gone, if the judgment were against him, any and all damages to the client would come out of his own pocket!

The Good News: the CPA in this case was not found to be at fault and the entire judgment was charged to his partner.

The Bad News: the CPA spent $151,000 of his own money above and beyond his professional liability limit to defend himself against an allegation in which he was found to be not accountable. This amount doesn't even reflect lost time or the amount of stress this situation brought about.

These costs could have been avoided!
Fill out a quick quote form here and discover how you can be protected from this exact type of loss...and you might be able to actually reduce your annual costs!

Don't delay, contact Minnesota's CPA Professional Liability Insurance Expert, Shaun Irwin today.