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As an accountant, you give people plenty of financial advice. All that means you may be exposing yourself and your accounting business to risk if an error or omission occurs with your work. Without the right protection, you could be financially liable for these errors - which means you have to pay right out of your own pocket. Don’t leave your accounting business unprotected.
Since a lot of your time is spent giving people financial advice, you’re going to need a range of insurance coverage that protects you in case of errors or negligence. Let Simply Business build an accounting insurance policy that’s personalized just for you, with policies including:
Professional liability insurance - also commonly referred to as errors and omissions insurance - is a type of policy that protects you in case a customer accuses you of making a mistake or giving bad financial advice. If that happens, your professional liability insurance policy may cover the cost of your legal fees, as well as any claims you might need to pay (up to your policy limit).
This is perhaps one of the most important policies for accountants, simply because so much of what you do is based on your advice and guidance. Don’t let one mistake ruin your business - make sure you get professional liability coverage!
Professional liability insurance usually covers:
Professional liability insurance doesn’t include:
General liability insurance - also known as commercial general liability (CGL) insurance - protects your business from third-party claims of bodily injury or damage to someone else’s property. For example, if you visit a client’s house and accidentally break an expensive heirloom vase, general liability insurance may cover the cost of replacing that vase.
General liability usually covers unintentional:
General liability insurance usually does not cover:
Learn more about commercial general liability insurance.
If you have an employee or work with consultants within your office, you may need workers compensation insurance. This type of insurance policy covers medical bills, lost wages, and any legal costs associated with an employee or subcontractor who got sick or hurt on the job.
Most states require any business with employees to have workers compensation insurance, so make sure you add it to your accounting insurance coverage!
Learn more about workers compensation insurance.
If you’re curious about how much you might pay for accountants business insurance, your final policy price will usually be determined by:
Want to find out how much your accounting business insurance might cost? Just click here to answer a couple of questions about your business.