Best Business Insurance For Accountants

The Hartford takes the top spot as the best small business insurer for accounting firms. It excels most in coverage and affordability, earning perfect scores in both categories. However, we recommend comparing quotes from our other top picks, including NEXT, Simply Business, Coverdash and biBERK.

*We based all scores on a accountants business with two employees across professional liability, general liability, workers' comp and BOP policies.

The Hartford charges accountants the lowest overall rates at $48 monthly on average and offers the cheapest professional liability coverage at $130. However, Simply Business provides more affordable BOP and general liability insurance, while NEXT offers cheaper workers compensation coverage for accounting firms.

Simply Business delivers the best rates for general liability insurance for CPA companies at $14 monthly. This saves accounting firms around $4 per month compared to the industry average of $18.

For Accountants shopping for workers' comp insurance, NEXT stands out with the most affordable average rates of $19 per month. The next most competitive options are The Hartford, Thimble, Simply Business and Progressive Commercial.

The Hartford and NEXT offer the most affordable professional liability insurance options for cleaning businesses with average monthly rates of $130 and $136, respectively. Compared to the industry average of $138, you can save around $8 per month with The Hartford.

For combined general liability and property insurance through a business owner's policy, Simply Business delivers the most affordable coverage for accounting firms at $259 annually. This saves $25 yearly compared to The Hartford's rates.

In general, accountant business insurance costs are the following for the four most popular coverage types:

• General Liability: $22 on average per month ranging from $19 to $26 depending on state
• Workers Comp: $20 on average per month ranging from $18 to $24 depending on state
• Professional Liability (E&O): $146 on average per month ranging from $125 to $169 depending on state
• BOP Insurance: $32 on average per month ranging from $27 to $38 depending on state

For most accounting businesses, the best types of coverage include professional liability, cyber liability, and general liability insurance. Workers' compensation, employment practices liability, and commercial auto insurance (if you have vehicles) legally required coverages in most cases.

Here's why these coverages are recommended and the coverage amounts for each of these plan types that is right for the average accounting business:

• Professional Liability Insurance (Errors & Omissions): Protects accountants from claims of negligence, mistakes, or inadequate work, covering legal and financial costs if a client alleges that your professional services caused them financial harm. A minimum of $1 million per occurrence or $1 million aggregate is recommended, though some states require higher minimums for accounting corporations.
• Cyber Liability Insurance: Protects against cybercrime, data breaches, and other technology-related risks from handling sensitive client data. Most firms purchase $1 million per occurrence with a $1 million aggregate and $2,500 deductible.
• General Liability Insurance: Covers third-party claims of bodily injury or property damage not related to professional services, such as client slip-and-falls in your office. Recommended coverage is $1 million to $2 million per occurrence or $2 to $3 million aggregate.
• Workers' Compensation: Required by law in most states if you have employees, covering medical expenses, lost wages, and rehabilitation costs for work-related injuries or illnesses. Coverage should be in line with state mandated limits.
• Employment Practices Liability Insurance (EPLI): Shields against employee-related claims like discrimination, harassment, and wrongful termination. A minimum of $1 million per occurrence with a $1 million to $2 million aggregate is recommended for small to mid-sized accounting firms.
• Commercial Auto Insurance (if you use vehicles for business): Covers liability and damage costs related to accidents involving company vehicles used for client meetings or business purposes. We recommend 100/300/100 liability coverage and $1,000 deductible comprehensive and collision insurance for most accounting firms.

Here's a step-by-step method for finding the best and cheapest business insurance for your accountants company.

The Hartford is the best cheap insurer for accountant business insurance overall. We also recommend getting quotes from NEXT, Simply Business and Coverdash. For the best deal, consult agents and similar businesses, research costs and companies, and compare multiple quotes.

We answer frequently asked questions about 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 the company 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 providers 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 companies are 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