Text entry is an increasingly important activity for mobile device users. As a result, increasing text entry speed of expert typists is an important design goal for physical and soft keyboards. Mathematical models that predict text entry speed can help with keyboard design and optimization. Making typing errors when entering text is inevitable. However, current models do not consider how typists themselves reduce the risk of making typing errors (and lower error frequency) by typing more slowly. We demonstrate that users respond to costly typing errors by reducing their typing speed to minimize typing errors. We present a model that estimates the effects of risk aversion to errors on typing speed. We estimate the magnitude of this speed change, and show that disregarding the adjustments to typing speed that expert typists use to reduce typing errors leads to overly optimistic estimates of maximum errorless expert typing speeds.