Professional Liability Protection: Protecting CPA and EA Firms from Malpractice Claims: Why Clients Sue and How to Read Your E and O Policy (Video) (Course Id 2744)

• Who is this course for?
  This course is for CPAs, IRS Enrolled Agents, and other professionals who need Continuing Professional Education (CPE) and want to protect their firms from malpractice claims.

• What is this course about or what problem does this course solve?
  The course addresses the risk of malpractice claims in CPA and EA practices and teaches professionals how to understand and effectively manage their Errors & Omissions (E&O) insurance policies.

• How can the knowledge from this course be used?
  Participants can use the knowledge to reduce malpractice risk through better engagement practices, make informed decisions about E&O insurance coverage, and respond properly to potential claims.

• Why is this course important to a CPA, Accountant, or IRS Enrolled Agent?
  It is important because it helps protect professionals from financial and reputational damage caused by client lawsuits, ensuring that their insurance truly supports them in times of need.

• When is this course relevant or timely?
  This course is relevant for ongoing professional risk management and is especially timely for those reviewing or renewing E&O insurance or looking to enhance client protection strategies.

• How is a course like this consumed or used?
  The course is delivered as a QAS Self Study video, and participants must pass a final exam to earn 2.0 CPE and 2 IRS credits.

Running a CPA or EA practice is rewarding, but it comes with real risks. Even the most careful professionals can find themselves facing a malpractice claim if a client feels let down. Do you know why clients sue, and what steps can prevent those claims before they ever reach your inbox? This CE course pulls back the curtain on the patterns driving malpractice suits in tax practices and shows you how to protect both your firm and your reputation.

Beyond prevention, the session takes a practical dive into Errors & Omissions (E&O) insurance. Many firm owners have coverage, but few truly understand how claims-made policies, retroactive dates, or defense cost provisions really work. Without that knowledge, you may be paying for a safety net that doesn’t catch you when you need it most. This course explains policy mechanics in plain English so you can confidently buy, manage, and rely on your insurance.

Major Topics:

• Why Clients Sue Patterns
• Malpractice Prevention Engagement Practices
• E&O Insurance Policy Basics
• Exclusions Endorsements Limit Selections
• Reporting Response Post-Incident Improvements

Finally, we’ll tackle real-world claim scenarios, breaking down exclusions, endorsements, and reporting requirements. By the end, you’ll not only know how to minimize risks but also how to respond effectively if a claim arises. Join us to protect your firm, strengthen client confidence, and ensure your insurance truly has your back.

Video - NASBA QAS - NASBA Registry - IRS Enrolled Agents - 2744

Course Learning Objectives

• Identify top drivers of malpractice claims against CPA and EA firms.
• Discuss engagement and documentation practices that reduce claim risks.
• Explain E&O policy mechanics including claims-made triggers and defense costs.
• Analyze exclusions and endorsements impacting professional tax practices.
• Explore reporting strategies to preserve insurance coverage and minimize loss.
• Differentiate practice controls by mapping them to malpractice claim scenarios.

Chapter 1 - Professional Liability Protection: Protecting CPA and EA Firms from Malpractice Claims: Why Clients Sue and How to Read Your E and O Policy

Chapter 1 Review Questions

Glossary of Key Terms