Accountant Insurance

Accountant professional liability

Professional liability insurance for accountants (also known as professional indemnity and malpractice insurance, or errors & omissions) covers risks associated with performing actual professional duties. It protects you from losses due to negligence. If a client or third party claims your financial services caused them to suffer financial harm, professional liability is what you need to help protect your company’s reputation (and bank account).

Should someone file a claim against you, this policy will protect you from things professional errors, negligence, or failure to deliver promised services.

Accountants pay an average of $20/month for professional liability, which amounts to $240/year for this insurance policy.

Accountant liability insurance

General liability insurance> for accountants protects a business from “general”, or everyday risks. These risks can include slip and fall accidents or damage to someone’s property that occurs at your office. Basically, general liability protects you against claims that may arise from third-party bodily injury, property damage, or personal advertising injury such as libel, slander, or copyright infringement.

General liability for accountants and bookkeepers costs an average of $24/month, or $288/year.

Business property insurance for accountants and bookkeepers

Property insurance for accountants covers building damage, fire damage, smoke damage, theft, and more. If goods or inventory are damaged, replacement and repair costs are taken care of by this policy. It helps protect accountants from experiencing devastating losses, helping prevent high out-of-pocket repair and/or replacement costs.

Many financial professionals can secure an affordable commercial property insurance policy for around $23/month, or $276/year.

Accountant business owner’s policy

Business owner’s policies, or BOPs, for accountants combine general liability and commercial property damage coverage, resulting in one convenient policy! This bundled policy is more affordable than purchasing each policy separately.

The average cost of a BOP for an accountant is $38/month, or $450/year.

Learn more about BOP insurance costs.

Cyber insurance for accountants

Cyber insurance for accountants covers cyber-crimes, especially important as most of today’s accounting information is stored using cloud technology. Accountants are trusted professionals who deal with sensitive information daily and this data breach insurance helps cover expenses related to data breaches and/or cyber-attacks.

Claim examples include lost, stolen, or otherwise compromised digital data. Cyber insurance policies cost accountants about $135/month, or $1,620/year.

Accountant workers’ comp

Most states require workers’ compensation insurance to cover employees when they experience an injury or illness. It’s used to cover medical costs and lost wages. If a lawsuit is filed, workers’ comp helps cover your court costs, attorneys fees, and judgments.

Learn about workers’ comp costs.