Accountants and Auditors Insurance
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Accountants And Auditors Insurance Quotes
Accountants and Auditors Insurance helps protect you from risks not typically covered by general commercial liability policies. Just as medical practitioners need malpractice insurance, you need professional liability coverage for your business. Also called Errors and Omissions Insurance (or E&O), it is an essential part of a comprehensive business insurance portfolio for your accounting or auditing company. If you already have a policy, you should review it periodically to make sure it is up to date. As your business expands, it’s a wise idea to increase your coverage limits and reduce your exposure to claims.
You can get quotes for accountants and auditors professional liability insurance by entering your zip code at the top of this page.
Who Needs Professional Liability for Accountants and Auditors?
You need professional liability coverage if:
- You own a small- to medium-sized accounting or auditing business
- You are uninsured now and want to protect your practice or firm
- You have W2 employees or 1099 subcontractors whose work might put your business at risk
What Professional Liability Risks Does Your Accounting or Auditing Firm Face?
You may be the most thoughtful accountant or auditor, but anyone can make a mistake. And no one can control what a disgruntled client might do in the event of an Error or Omission by you or an employee. Even if you do everything right, the end result of a tax filing or write-up work can displease a client. When your client seeks recovery for a tax bill, an unprofitable business decision based on your professional advice or even employee theft, he or she may file a claim against your company. Defending against a law suit, even if you are innocent of blame, is a costly proposition today, often costing as much or more than the claim itself. If you have adequate professional liability coverage for your accounting or auditing firm, you will be protected against claims, judgments and court costs up to the limit of your policy.
Affordable Professional Liability Quotes for Accountants and Auditors
Rates for professional liability insurance for accountants and auditors are affordably priced. You can get competitive quotes from one or more professional liability insurance companies by completing an online application form at the top of this page. If you don’t wish to purchase insurance now, please leave your expiration date on the form provided. When your expiration date is closer, you will be contacted so that you can comparison shop for professional liability insurance at that time.
Protect your business from exposure to risk. Use the form at the top of this page to get quotes for accountants and auditors professional liability insurance now.
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Frequently Asked Questions (FAQs)
Get clear answers to common insurance questions and important details to guide your coverage decisions.
What is Accountants, Bookkeepers, and Tax Preparers Liability Insurance?
Accountants, Bookkeepers, and Tax Preparers Liability Insurance, also known as Professional Liability Insurance or Errors & Omissions (E&O) insurance, protects professionals in financial services from claims of negligence, errors, or omissions in the services they provide. This includes protection against financial losses due to mistakes, missed deadlines, or inaccurate financial reporting.
Why do accountants, bookkeepers, and tax preparers need Professional Liability Insurance?
These professionals handle sensitive financial data and provide critical advice. Even minor errors, such as tax filing mistakes, inaccurate financial reporting, or failure to meet deadlines, can result in financial losses for clients and lead to lawsuits. Liability insurance covers legal defense costs, settlements, and judgments, helping protect both personal and business assets.
What does Accountants, Bookkeepers, and Tax Preparers Professional Liability Insurance cover?
This insurance covers claims related to: Tax Filing Errors (mistakes in tax returns that result in client penalties or audits), Misrepresentation of Financial Information (errors in financial statements or reports that cause client losses), Negligence in Services (failure to meet professional standards or deadlines, resulting in financial harm to clients), and Regulatory Compliance Violations (non-compliance with tax laws, accounting standards, or other regulations).
What is not covered by Accountants, Bookkeepers, and Tax Preparers Professional Liability Insurance?
This insurance typically excludes: Intentional Misconduct (deliberate wrongful acts), Bodily Injury or Property Damage (claims related to physical injuries or property damage, covered by General Liability Insurance), Employment Practices (issues like harassment or discrimination, which require separate coverage), and Cybersecurity Incidents (data breaches or cyberattacks require Cyber Liability Insurance).
How much does Accountants, Bookkeepers, and Tax Preparers Professional Liability Insurance cost?
The cost varies based on: Business Size (larger firms with more clients typically face higher premiums), Risk Profile (professionals dealing with complex financial services may incur higher costs), and Claims History (a clean record can help lower premiums). Typical Costs by Professional Type: Small Practices: $500–$1,500 annually. Larger Firms: $2,000 or more annually.
How can accountants, bookkeepers, and tax preparers reduce their Professional Liability Insurance premiums?
To lower premiums: Implement Strong Risk Management Practices (regularly audit work to prevent errors and ensure compliance with current tax laws), Document Everything Clearly (maintain detailed contracts and documentation for each client and service provided), Maintain a Clean Claims History (avoid past incidents and claims to help secure lower premiums), and Bundle Policies (combine Professional Liability with General Liability or Cyber Liability for discounts).
How do I choose the right Accountants, Bookkeepers, and Tax Preparers Liability Insurance policy?
When selecting a policy: Evaluate Your Specific Risks (focus on risks like tax preparation errors, financial reporting mistakes, or non-compliance with regulations), Ensure Sufficient Coverage Limits (choose a policy with coverage limits that meet your clients’ expectations and professional needs), Work with an Experienced Agent (consult an insurance agent who understands the unique risks faced by accounting and tax professionals), and Review Your Policy Annually (update your policy as your business grows or services evolve).
What additional insurance should accountants, bookkeepers, and tax preparers consider?
In addition to Professional Liability Insurance, consider: General Liability Insurance (covers bodily injury or property damage that may occur during business operations or on-site), Cyber Liability Insurance (protects against data breaches and cyberattacks, especially important for professionals who store sensitive client data electronically), and Business Interruption Insurance (covers lost income during events that disrupt operations, such as a natural disaster or cyberattack).
