Accounting, CPA & Bookkeeping Business Insurance

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What Is Accounting, CPA & Bookkeeping Insurance?

Although every business faces some type of risk, certain industries encounter a unique set of risks. Bookkeepers, auditors, tax preparers, and other financial services professionals work with a lot of sensitive, personal financial information, which can expose them to high levels of risk. And that’s in addition to the other risks they face – like damage to their place of business or business-related records.

Why Do Accountants Need Business Insurance?

Most accounting professionals and financial specialists have a Business Owner’s Policy (BOP). Why? Because it helps protect accounting and financial services businesses in much the same way a homeowner’s insurance policy helps protect your home and personal possessions.
By combining three basic coverages that are important to most small businesses including, accounting and financial services firms, a BOP can help accountants and financial professionals save money while safeguarding the business they worked hard to build.
  1. General Liability – helps protect businesses like accounting professionals and financial specialist firms, from certain lawsuits alleging injuries or property damage that occurred as the result of your business operations – like if a client is injured at your accounting office or an employee of your financial services firm causes damage to a customer’s property during a consultation at their home.  It even helps cover certain claims of slander and libel against your firm. Business Liability does not cover liabilities directly arising out of the accounting or financial professional services you may provide.
  2. Commercial Property – helps protect the premises of your accounting or financial services business and the things you use to conduct business, like tools and equipment – computers, calculators, desks, and other office furniture – whether you own or lease them.
  3. Business Income – helps covers the loss of income when you can’t run your accounting or financial services business because of covered property damage.
Learn more about our Business Owner’s Policy for your small accounting business.
Easily Add Optional Insurance Coverages to a Business Owner’s Policy
In your accounting or financial services business, small errors and omissions can lead to big consequences. For example, consider the impact if your accounting firm overlooks a single large expense while preparing a client’s financial statements; the error ends up costing her thousands of dollars, and she decides to sue your firm.
You can be sued for damages resulting from the performance or the failure to perform your professional accounting services. Consider purchasing Professional Liability insurance, which provides financial protection that can help protect your accounting or financial services business assets and help cover the cost of your defense in the event of a lawsuit.
Accounting and financial businesses often store sensitive employee and customer information, including social security and debit/credit card numbers.
Data Breach Coverage helps pay the costs of notifying impacted individuals, managing public relations, good faith advertising, and more if personally identifiable information is lost or stolen from your accounting or financial services firm.
Finance businesses may face a number of claims and lawsuits by employees for issues such as wrongful termination, discrimination, retaliation or harassment. For example, if you were sued by an employee who claimed she was not promoted due to her caregiver responsibilities as a mother, EPL may help cover defense costs and settlements.
Employee Benefits Liability insurance may help cover costs to your financial firm due to claims that errors or omissions were committed in the administration of your company’s employee benefits plan. For example, if an employee claims your company gave him incorrect information about whom he may add to his health insurance policy, Employee Benefits Liability coverage may help cover the costs your company incurs related to that claim.
When you are working off-site, Limited Care, Custody or Control Property coverage may help cover the costs to your finance business if a customer’s property is damaged while in your care, custody or control. For example, if a client claims an employee of your company damaged their computer during a meeting at the client’s office, Limited Care, Custody or Control Property coverage may help cover the costs your company incurs related to the claim.
Think about the types of papers and records your financial business creates and stores. Tax records, accounting documents, bank statements, beneficiary forms, wills, client signatures, meeting minutes, memos, and so on. The list is endless.
Think about the impact if:
  • There was a fire in your building and the water used to put it out damaged important records.
  • Your office sprinkler system malfunctioned, causing water to seep in your file cabinets, damaging receipts and other records.
Valuable Papers and Records coverage can help pay to reproduce important documents, provide temporary storage and move records to avoid a loss.
Bundle Insurance Coverage for Accounting Businesses
It’s easy to increase your accounting or financial services Business Owner’s Policy protection at an affordable price with The Hartford’s Stretch® endorsements that bundle valuable key coverages. For accounting and finance professionals like you we offer:
  • Basic Stretch
  • Super Stretch
  • Super Stretch for Business Services
Contact an agent or a representative from The Hartford about these cost-effective solutions that help take the guesswork out of selecting the right coverage for your accounting or financial services practice.

Additional Solutions

If you have employees, use a car for work, or work from home, your accounting business may also benefit from:
Other Important Insurance Options for Accounting Business
Required by most states, workers’ compensation provides benefits to the employees of your accounting or financial services firm for work-related injuries or illnesses including medical care, wages from lost work time, and more. And if the employee’s family decides to sue you, this insurance coverage can help your accounting or financial services business cover related legal fees. Small businesses including accounting and financial services businesses have been turning to The Hartford for workers' compensation insurance coverage for more than a century. 
Do you use your car to visit clients, deliver financial statements, accounting documents, important records, attend business events, or more?
A Business Auto Policy provides coverage generally not included in a personal auto policy. It can cover you or an employee of your accounting or financial services firm if an owned vehicle, used for your financial business purposes, is involved in an accident.

Learn More About Commercial Auto Insurance
If you run your professional accounting or financial services business out of your home, you probably want a Business Owner’s Policy (BOP). A BOP provides coverage not generally available with a homeowner’s policy.
Ask yourself, “Do I have customers come to my home, have business mail delivered to my home, have employees or inventory in my home, receive deliveries for my accounting or financial services business at my home?” If so, your agent or a representative from The Hartford can help you select the right coverage to protect your accounting or financial services business.
Certain coverages vary by state and may not be available to all businesses. All Hartford coverages and services described on this page may be offered by one or more of the property and casualty insurance company subsidiaries of The Hartford Financial Services Group, Inc. In TX, this insurance is written by Sentinel Insurance Company, Ltd., Hartford Casualty Insurance Company, Hartford Lloyd’s Insurance Company, Property and Casualty Insurance Company of Hartford, Hartford Underwriters Insurance Company, Twin City Fire Insurance Company, Hartford Accident and Indemnity Company and Hartford Fire Insurance Company. In CA by Sentinel Insurance Company, Ltd. (CA license # 8701) and its property and casualty insurance company affiliates, One Hartford Plaza, Hartford, CT 06155.
The Hartford® is The Hartford Financial Services Group, Inc. and its property and casualty subsidiaries, including issuing company, Hartford Fire Insurance Company. Its headquarters is in Hartford, CT.