The Hartford earned our top spot for the best small business insurer for accountants due to its excellent affordability and comprehensive coverage. However, we recommend comparing quotes from our other top picks, including NEXT, Simply Business and Coverdash.
Best Accountants Business Insurance
Updated: July 7, 2025
Advertising & Editorial Disclosure
Key Takeaways
The Hartford is the best business insurance company for accountants firms because it offers the greatest balance of affordability and customer service.
The cheapest overall commercial insurance provider for accountants businesses is Simply Business, with low monthly rates for various coverage types.
To shop for business insurance for your accountants business, assess the risks in your industry, consult agents and other similar organizations and compare multiple options.
Best Business Insurance for Accountants Companies
| The Hartford | 96 | 98 | 91 |
| NEXT Insurance | 95 | 95 | 94 |
| Simply Business | 90 | 90 | 83 |
| Coverdash | 89 | 89 | 83 |
| Progressive Commercial | 89 | 93 | 81 |
| biBERK | 89 | 87 | 91 |
| Thimble | 88 | 92 | 81 |
| Hiscox | 88 | 90 | 87 |
| Nationwide | 88 | 84 | 91 |
| Chubb | 85 | 80 | 87 |
*All scores were based on a accountants business with two employees across professional liability, general liability, workers' comp and BOP policies.
1. The Hartford
pros
Lowest professional liability insurance rates
Extensive experience with over 200 years in the industry
Highest financial stability ratings
cons
Less affordable for workers' comp policies
COMPANY HIGHLIGHTS
The Hartford has claimed the top spot in our accountant business insurance rankings, drawing on its extensive 200-year legacy in the insurance industry. For accounting professionals, the company delivers exceptional value through its most affordable professional liability coverage, averaging $130 monthly. Beyond competitive pricing, the company's A+ financial strength rating from AM Best, which leads our study, gives accounting firms confidence that their claims will be honored and processed efficiently when protection is needed most.
2. NEXT
pros
Best customer service experience
Reasonable rates for most coverage types
Large coverage selection
cons
Slower quote times than competition
Lower financial stability ratings
COMPANY HIGHLIGHTS
The second best provider for accounting firms is NEXT, offering competitive rates regardless of policy type and comprehensive coverage options. It also has strong customer service scores with a 4.7 out of 5.0 rating from over 3,000 customers, earning it the second spot in our customer service rankings.
3. Simply Business
pros
Most affordable rates for general liability insurance
Convenient online process
Ability to get quotes from multiple providers
cons
Lowest customer service ratings
Policies underwritten by third parties
No direct claim handling
COMPANY HIGHLIGHTS
Simply Business earned recognition in our accountant business insurance rankings by offering a comprehensive marketplace that connects accounting firms with multiple specialized insurance providers. The platform excels at helping accounting professionals navigate the complex landscape of professional liability and errors & omissions coverage by comparing policies and rates from various insurers in one convenient location. This marketplace approach is particularly valuable for accounting firms that need tailored coverage for their specific practice areas and client relationships, making it easier to find appropriate protection at competitive rates.
Cheapest Business Insurance for Accountants Firms
Based on our study of business insurance pricing, Simply Business offers the cheapest overall commercial insurance for accountants companies across most policy types. However, this applies only to accountants companies with two employees, and you may find lower rates elsewhere. Below are the most affordable providers by major coverage types.
Cheapest General Liability Insurance for Accountants Companies
With an average monthly rate of $14, Simply Business offers the lowest-cost general liability insurance for accountants. Even so, consider getting quotes from the next-most-affordable insurers: NEXT Insurance and The Hartford.
| Simply Business | $14 | $173 |
| NEXT Insurance | $18 | $219 |
| The Hartford | $18 | $217 |
| Nationwide | $20 | $241 |
| Progressive Commercial | $22 | $261 |
| Thimble | $23 | $279 |
| Hiscox | $24 | $286 |
| biBERK | $25 | $298 |
| Chubb | $27 | $322 |
| Coverdash | $33 | $391 |
Cheapest Workers' Comp Insurance for Accountants Companies
For accountants businesses shopping for workers' comp insurance, Thimble and Progressive Commercial top our list as the most affordable insurers, with average rates of $9 per month or $105 yearly. However, you may find more affordable rates with Hiscox, biBerk, NEXT and Coverdash.
| Progressive Commercial | $9 | $113 |
| Thimble | $9 | $105 |
| biBERK | $10 | $123 |
| Coverdash | $10 | $120 |
| Hiscox | $10 | $117 |
| NEXT Insurance | $10 | $122 |
| Simply Business | $10 | $117 |
| The Hartford | $10 | $119 |
| Nationwide | $11 | $131 |
| Chubb | $12 | $141 |
Cheapest Professional Liability Insurance for Accountants Companies
The Hartford offers the most affordable professional liability insurance options for accountants, with low average monthly rates of $130. You may also want to compare prices from other low-cost providers like NEXT Insurance, Progressive Commercial and Thimble.
| The Hartford | $130 | $1,557 |
| NEXT Insurance | $136 | $1,632 |
| Progressive Commercial | $140 | $1,676 |
| Thimble | $142 | $1,701 |
| Hiscox | $144 | $1,733 |
| Simply Business | $145 | $1,744 |
| Coverdash | $146 | $1,756 |
| biBERK | $151 | $1,807 |
| Nationwide | $158 | $1,890 |
| Chubb | $170 | $2,042 |
Cheapest BOP Insurance for Accountants Companies
Simply Business provides the most affordable business owner's policy (BOP) coverage for accountants, with an average yearly cost of $261 for bundled general liability and property protection. That's a savings of roughly $18 annually compared to The Hartford, the second most affordable option.
| Simply Business | $22 | $261 |
| The Hartford | $23 | $279 |
| NEXT Insurance | $27 | $318 |
| Nationwide | $30 | $361 |
| biBERK | $32 | $386 |
| Progressive Commercial | $32 | $388 |
| Hiscox | $36 | $428 |
| Thimble | $36 | $432 |
| Chubb | $40 | $479 |
| Coverdash | $47 | $567 |
What Type of Coverage Do You Need for an Accountants Business?
Most companies with employees are legally required to carry workers' comp insurance, and businesses that use vehicles must have commercial auto coverage. Many clients or contracts also require businesses to carry general liability insurance before starting work. A surety bond may also be necessary in certain industries, especially when contracts require guarantees of service or compliance.
RECOMMENDED ACCOUNTING BUSINESS COVERAGE
General liability insurance is strongly recommended for accountants because it covers common risks like bodily injury, property damage and legal defense costs. Professional liability insurance is also a smart option for businesses that work under client contracts or provide specialized services. It’s particularly helpful for accountants with commercial contracts or high-risk jobs, like technical, legal, or customized services.
Coverage Recommendations by Accountants Company Type
We've broken down risk considerations and coverage recommendations by accountants business type, ordered from highest to lowest risk for claims frequency. This helps ensure that businesses offering higher-risk services consider broader or more protective coverage to mitigate potential liabilities.
Accounting Company Type | Coverage Types Recommendation | Most Common Insurance Claims | Most Common Reasons For Litigation |
|---|---|---|---|
CPA Firms/Public Accounting | Professional Liability (E&O), General Liability, Cyber Liability, Commercial Property, Workers' Comp, Employment Practices Liability, Fiduciary Liability, Tax Preparation E&O, Umbrella Policy ($2M+) | Tax preparation errors, audit negligence claims, missed deadlines causing penalties, cyber breaches of client data, employment disputes, fiduciary breaches in retirement plan services | Malpractice suits from tax errors costing clients penalties/interest, audit negligence causing business losses, class action cyber breach lawsuits, regulatory violations (SEC/PCAOB), fiduciary breach claims from 401k plan services |
Corporate Tax Services | Professional Liability (high limits), Tax Preparation E&O, General Liability, Cyber Liability, Commercial Property, Workers' Comp, Regulatory Defense, Umbrella Policy ($5M+) | Complex tax law misinterpretation, missed tax credit opportunities, transfer pricing errors, international tax compliance failures, cyber attacks on corporate tax data | Large corporate tax penalty lawsuits, IRS audit defense failures, international tax compliance violations, transfer pricing adjustment disputes, tax shelter arrangement penalties |
Bookkeeping Services | Professional Liability, General Liability, Cyber Liability, Commercial Property, Workers' Comp, Errors & Omissions, Business Income, Umbrella Policy ($1M+) | Bookkeeping errors affecting financial statements, payroll processing mistakes, sales tax filing errors, cyber breaches of small business data, employee theft/embezzlement | Financial statement error lawsuits affecting business loans, payroll tax penalty disputes, sales tax compliance violations, small business cyber breach claims, employee embezzlement recovery suits |
Forensic Accounting | Professional Liability (specialized), General Liability, Cyber Liability, Commercial Property, Workers' Comp, Expert Witness Liability, Litigation Support E&O, Umbrella Policy ($3M+) | Expert testimony challenges, forensic investigation errors, cyber breaches during litigation support, professional negligence in fraud investigations, missed evidence in financial analysis | Expert witness malpractice suits, forensic investigation negligence claims, litigation support errors affecting court cases, fraud investigation defamation claims, cyber breach during sensitive investigations |
Financial Planning/Advisory | Professional Liability, General Liability, Fiduciary Liability, Investment Advisor E&O, Cyber Liability, Commercial Property, Workers' Comp, Regulatory Defense, Umbrella Policy ($5M+) | Investment advice negligence, fiduciary breach claims, unsuitable investment recommendations, cyber breaches of financial data, regulatory compliance violations, fee disputes | Investment loss lawsuits from bad advice, fiduciary breach class actions, unsuitable investment claims, regulatory enforcement (SEC/FINRA), cyber breach affecting client finances, fee dispute arbitrations |
How to Get the Best Cheap Business Insurance for Your Accountants Company
Follow the steps below to find the best cheap business insurance for your accounting firm.
- 1
Decide on coverage needs before buying
Consider risks specific to your business for claims, get advice from similar businesses, talk to agents and research the types of business insurance. This will give you a balanced perspective on your coverage needs and prevent you from being convinced to get excessive coverage.
- 2
Research costs
To ensure you get the best deal, research average costs for your business profile and determine which providers offer the cheapest rates overall. This will give you a measuring stick for how much you're saving when comparing quotes and which companies to start with.
- 3
Look into company reputations and coverage options
To further narrow your list, research what customers say on online rating sites and forums to get a more comprehensive look at company services. Also, to align with your coverage needs and future ones, research coverage options to ensure you're covered for the right items.
- 4
Compare multiple quotes through different means
The tried-and-true method for finding the best deal is to compare multiple quotes for apples-to-apples coverage. Pricing differs by your comparison method, whether with captive agents, comparison sites, company websites or independent agents.
- 5
Reassess annually
Your business situation will change, influencing your rates and coverage needs. Repeat these steps annually to ensure you still have the best deal.
How to Decrease Your Accountants Business's Liability Risk
Reducing liability risk is crucial for accountants looking to manage insurance costs effectively. We've organized risk mitigation strategies by business type or risk tier to help you find the best fit for your needs.
Accountant Business Risk Type | Included Types of Accountant Businesses | Risk Mitigation Tactics |
|---|---|---|
Highest | Public company audits, SEC filings, forensic accounting, bankruptcy proceedings, expert witness testimony, financial statement attestations for public entities |
|
Moderately high | Financial statement audits, tax planning and preparation, business valuation, litigation support, estate and trust services, management consulting |
|
Moderate | Small business accounting, bookkeeping services, payroll processing, financial statement compilation, quarterly tax filings, business advisory services |
|
Moderately low | Personal tax preparation, basic bookkeeping, financial planning consultation, QuickBooks setup, small business startup advice |
|
Lowest | Accounting consultation, financial education, software training, business planning advice, general financial guidance |
|
Best Insurance for Accountants Business: Bottom Line
The Hartford is the best insurer for accountants business insurance, offering both top-rated coverage and the most affordable rates. We also recommend getting quotes from NEXT and Simply Business. To find the best deal, talk to agents, research providers and compare multiple quotes side by side.
Accountants Business Insurance: FAQ
This section answers frequently asked questions about business insurance for accountants.
Who offers the best accountants business insurance overall?
NEXT provides outstanding business insurance for accountants, achieving top scores for customer service with a MoneyGeek score of 95 out of 100. The Hartford, with a slightly higher score, is an equally excellent choice.
Who has the cheapest business insurance for accountants companies?
Here are the most affordable business insurance options for accountant companies by coverage type:
- Cheapest general liability insurance: Simply Business at $14 monthly
- Cheapest workers' comp insurance: Thimble at $9 monthly
- Cheapest professional liability insurance: The Hartford at $130 monthly
- Cheapest BOP insurance: Simply Business at $22 monthly
What business insurance is required for accountants organizations?
Workers' compensation insurance (if you have employees) and commercial auto insurance (if you own business vehicles) are legally required for accountants businesses, with requirements varying by state. While not legally mandated, general liability insurance and surety bonds are effectively required by most commercial clients and property leases.
How much does accountants business insurance cost?
Business insurance costs for accountants businesses vary depending on the type of coverage. Below we've broken down costs for commonly needed coverage of small businesses:
- General liability: $22 per month
- Workers comp: $10 per month
- Professional liability: $146 per month
- BOP insurance: $33 per month
How We Chose the Best Accountants Business Insurance
We selected the best business insurer for accountants companies based on the following criteria:
- Affordability (50% of score): The lower a company's costs compared to the competition based on our base profile for four core coverage types, the better it performs.
- Customer service (30% of score): We scored providers on overall customer satisfaction using industry studies, customer review forum ratings and public forum sentiment analysis from sites like Reddit.
- Coverage (15% of score): We scored business insurance for this category based on the flexibility, payment and actual coverage options.
- Financial stability (5% of score): Using financial stability industry ratings from companies like AM Best and Moody's, we created an overall rating to judge how likely a company is to pay out claims compared to the competition.
All pricing in this article is based on the following base profile to represent the vast majority of small businesses in all states:
- Three-person business with two employees
- Coverage: $1 million per occurrence and $2 million total per year for all but BOP, which includes the same coverage plus $5,000 of business property coverage
- $150,000 in payroll
- $300,000 annual revenue
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.
sources
- AM Best. "Hartford Fire Insurance Company." Accessed June 16, 2025.
- NEXT. "Customer Reviews." Accessed June 16, 2025.