Revolutionizing the Way, You Select Your Professional Insurance
At McGowan Professional, we specialize in top-tier Professional Liability Insurance (Errors & Omissions) for Accountants, Bookkeepers, Investment Advisors, and Lawyers. As the leading independent agency in the field, we partner with top carriers and maintain direct, long-standing relationships with underwriters—ensuring you access the best coverage options available. Our broad network of insurance providers allows you to compare quotes and choose the plan that best fits your firm’s unique needs.
We’re committed to delivering a superior insurance experience. That means giving you more than just options—we provide the tools, knowledge, and expert guidance you need to make confident, informed decisions. With decades of industry experience, our team offers personalized, dedicated service that makes the insurance process smooth and stress-free.
Trust McGowan Professional to protect the future of your practice with the coverage it deserves.
Professional Liability Coverage Details for Accountants and Bookkeepers
| Disciplinary & Regulatory Coverage | $50,000 per incident with a $100,000 aggregate. Not subject to the deductible. |
| Expense Reimbursement | $1,250 per day, up to $100,000 per policy when attending a hearing on arbitration proceeding. Addition to limit of liability, not subject to the deductible. |
| Subpoena Expense | Unlimited subpoena expense coverage. |
| Discrimination Complaint Coverage | Full policy limits for defense and damage protection for discrimination claims or complaints made against you, except claims made by employees. |
| Network Security & Privacy Protection | Broad coverage endorsements for network security breach, privacy liability, privacy event mitigation expenses, public relations, electronic media, and regulatory expenses. |
| Deductible Incentive Coverage Enhancement | 100% deductible reduction up to $30,000 if mediation/arbitration is used; 50% reduction for other conditions, like engagement letter use or no claims. |
| IRS Fines and Penalties Coverage Enhancement | Up to $50,000 per policy for fines/penalties related to Internal Revenue Code Sections 6694, 6695(a), and 7216. |
| Additional Claims Expenses Coverage Enhancement | Reimbursement for 10% of the limit, up to $250,000, for unresolved or outstanding claims once the aggregate limit is exhausted by damages or defense costs. |
Professional Liability Coverage Details for Investment Advisors
| Broad definition encompasses a variety of professional services | Financial advice given to others for a fee, remuneration, or other consideration May include pro bono advisory services Educational training such as ERISA 404 (c) Additional coverage for loss control and investigative expenses |
| Premium credits for professional designations and risk management strategies | Fee-only financial advisors Practices dedicated to financial planning only Firms with multiple advisors |
| Critical for early intervention in a potential claim | A “written demand” is not required to trigger loss control Eligible policyholders can have access to our risk management and loss prevention hotline. This hotline allows policyholders to discuss potential claim scenarios with an attorney. We may pay up to $10,000 (without triggering the deductible) in investigative costs if the policyholder calls us before a claim is filed. |
| Broad coverage for business activities | Professional services rendered or advice given to others by the insured for a fee, remuneration, or other consideration Activities as a financial planner, registered representative, registered investment advisor, pension consultant, investment consultant, investment manager, or life insurance agent Automatic coverage for acts as a fiduciary Management of clients’ retirement plans Personal liability insurance protection from the Pension Protection Act of 2006 |
Professional Liability Coverage Details for Lawyers
Our broad, flexible product allows you to tailor insurance protection to meet your coverage and limit preferences:
| Deductible reduced if claim settled through mediation/arbitration | 50% reduction of deductible up to $25,000 if claim is resolved by mediation within 60 days of proceedings or lawsuit |
| Coverage Territory | Worldwide coverage if claim/suit is brought in the United States or Canada |
| Work Covered | Coverage provided for “professional services” performed on or after the retroactive date for work done on behalf of Insured firm and predecessor firms |
| Predecessor Firms (coverage subject to policy definition and firm retroactive date) | Coverage provided for “professional services” performed on or after the retroactive date for work done on behalf of predecessor firms as defined in the policy |
| Of Counsel/Independent Contractors | Coverage for Of Counsel and Independent Contractors is included in the definition of “insured” |
| Recommendation of Counsel | Included |
| Coverage for Defense of Disciplinary Complaints — Supplemental Limit | Up to $50,000 per policy |
| Coverage for Defense of Employment Practices Claims — Supplemental Limit | Up to $50,000 per policy |
| Reimbursement for Income Lost by Attendance at Claim Hearings, etc. — Supplemental Limit | $500 per day, $20,000 per claim, $50,000 per policy |
| Crisis Event Management Supplementary Limit | $10,000 per claim, $10,000 per policy |
| Subpoena Assistance | Included |
| Pre-claim Assistance | Included |
| Extended Reporting Period — Automatic | Firm has 60 days after policy term to report claims made during policy term |
