The Hartford Offers Accounting Professional Liability Program

The Hartford Financial Products, an underwriting unit of The Hartford, is now offering an Accountants Professional Liability product that provides coverage for certified public accountants and other accounting professionals, including public accountants, enrolled agents, tax preparers and bookkeepers. Firms with up to 50 accountants are eligible.

This new coverage expands The Hartford’s range of products that cater to a large portion of the accounting industry, including business insurance, workers’ compensation and commercial auto policies.

The product is administered by Arrowhead General Insurance Agency Inc., a national program manager specializing in accounting industry customers. Arrowhead’s technology platform, Arrowhead Exchange, includes an automated application process that enables agents to obtain premium indications and online quotations.

Key policy features include:
* A broad definition of professional accounting services that includes both advice given and services performed as an accounting professional;

* Automatic coverage for newly acquired entities with five or fewer professionals, and for predecessor firms;

* A 50 percent reduction of the deductible when claims are settled by alternate dispute resolution;

* A 50 percent deductible credit for the use of engagement letters for services that don’t involve an audit or other attestation services;

* Payment for defense costs in disciplinary proceedings and reimbursement for lost earnings due to court appearances up to $500 a day per insured, $10,000 per policy period;

* Defense coverage for discrimination charges up to $50,000 per policy period; and

* A variety of options to extend the claim loss-reporting period, including extensions that cover retirement, and death and disability, for sole practitioners.

The Accountants Professional Liability product is sold through agents and brokers. To access this program, agents should contact Arrowhead’s Professional Liability Division at (866) 287-8031 or (310) 965-0697, or visit:

Source: Hartford Financial Products