Accountant Insurance

As an accountant, you face liability exposures that most other small business owners don’t. Here are some of the most important types of insurance coverage to consider.

• Professional liability coverage
• General liability
• Workers compensation insurance
• Cyber liability
• Umbrella liability
• Commercial property insurance

The independent agents at The Allen Thomas Group take the time to understand the unique risks accounting businesses face so we can offer policies to help protect what you’ve worked so hard to build. 

Also called errors and omissions insurance (E&O), professional liability insurance helps accountants and CPAs cover damages if you make a mistake that causes financial loss for a client, such as missing a tax deadline or providing incorrect advice. 

Professional liability insurance for accountants covers legal defense costs and settlements up to the policy limits. Requirements for professional liability policy vary by state. However, most states require a professional liability insurance policy for a licensed accountant and CPA business. 

You cannot ignore some forms of insurance. In fact, professional liability insurance is crucial form of insurance you need for your bookkeeping business.

General liability insurance can help cover claims of bodily injury or property damage that occur on your business premises.

For example, if a client slips and falls in your office, general liability insurance helps pay their medical bills and covers legal expenses if they sue.

Liability coverage would protect your accounting business if you or an employee accidentally damage a client’s property.

Commercial property insurance can help protect you against damage to your office space and contents due to fire, theft, vandalism, severe weather, and water damage from plumbing leaks or pipe bursts.

Insurance protects your equipment like computers, servers, copiers, and client records stored on-site.

Cyber insurance coverage can help protect your accounting business if your network is hacked and client records or funds are stolen.

It pays the cost of notifying clients, repairing digital infrastructure, loss of income, and PR crisis management.

Workers’ comp covers lost wages and medical care if an employee gets injured at the worksite.

It provides wage replacement and disability benefits as required by law.

 You need commercial auto insurance if your firm owns vehicles used for client meetings or other business purposes.

It covers liability and damage costs related to accidents involving company vehicles.

For added protection, umbrella insurance for accountants provides additional liability coverage beyond the limits of your other policies.

It adds an extra layer of protection for high claims.