Small Business Insurance
for Accountants, Advisors, Appraisers, Brokers & Other Finance Professionals

If the Internet is good for anything, it's probably overwhelming you with unnecessary information. If you search for "small business insurance," you're inundated with unhelpful articles that don't really tell you how insurance works for an accounting firm or finance company.

So let's make things easy. These are the basic small business insurance policies that other accountants, auditors, and financial advisers purchase…

A single policy won't cover all your lawsuit risks. Small-business owners generally have a combination of policies. While you might not need all of the ones listed above, looking at these policies will help you understand your basic risks and how to cover them.

General Liability Insurance

General Liability Insurance

General Liability Insurance is sometimes called slip-and-fall insurance because it covers third-party lawsuits about many of the common accidents and injuries that can occur at your office. If a client slips and falls down your front stairs, GL Insurance can pay for your legal bills, court fees, and damages you owe the client. General Liability Insurance covers also covers lawsuits when a third party claims you've damage their property, slandered or committed libel against them, or accidentally infringed on their copyright.

Errors and Omissions Insurance

Errors and Omissions Insurance

An accounting error or bad investing advice could leave your firm reeling with legal bills from a client lawsuit. Fortunately, Errors and Omissions Insurance covers the cost of a lawsuit when a client alleges you didn't fulfill your professional obligations. For a finance professional, this insurance covers all kinds of lawsuits, including failing to detect fraud, bookkeeping errors, and misfiling.

Cyber Liability Insurance

Cyber Liability Insurance

If your online payment system is hacked or your client's confidential financial records are exposed in a data breach, Cyber Liability Insurance can help your business pay for the cost to repair your network and respond to the data breach.

Data breaches and cyber attacks come with numerous costs, including customer contact, credit monitoring, PR consultations, and investigation. Cyber Liability Insurance covers these expenses, helping you minimize the damage caused by a breach.

Workers' Compensation Insurance

Workers' Compensation Insurance

Most states require small-business owners to have Workers' Compensation Insurance (aka Worker's Comp or Workman's Comp). When employees are injured at work, Worker's Comp can pay their medical bills and cover some lost wages. Being an accountant isn't the most dangerous job in the world, but common injuries like carpal tunnel syndrome, back strains, and broken bones from a fall do happen. These injuries could leave your firm with thousands in employee medical bills, so make sure you're covered with Workers' Comp.

Property Insurance

Property Insurance

Property Insurance covers your financial service business's furniture, electronics, supplies, equipment, and other property. When your property is stolen, vandalized, or destroyed in a fire, Property Insurance can cover your repair costs or pay to replace the covered property. Be sure to check what weather coverage is included with your policy. Most policies cover some storm damage, but frequently don't cover natural disasters and major weather events.

Business Owner's Policy

Business Owner's Policy

A Business Owner's Policy (also called a BOP) is an insurance package that bundles General Liability and Property Insurance. Why bundle your insurance? When you sign up for a BOP, you can qualify for lower insurance premiums by being a small-business owner. BOPs are a smart way to save on your basic business insurance.

Commercial Auto Insurance

Commercial Auto Insurance

If you get in an accident while driving to a client meeting, your Commercial Auto Insurance could pay for repairs, injuries, and other damages. Many new business owners don't realize that their Personal Auto Insurance usually doesn't cover the driving they do for work. Check your personal coverage and make sure to invest in Commercial Auto Insurance to avoid a gap in coverage.

Umbrella Insurance

Umbrella Insurance

Say a slip-and-fall injury ends up costing your business $1.5 million in legal fees, but your General Liability has a $1 million limit. When you need additional lawsuit coverage, Umbrella Insurance can kick in to cover $1 million in additional costs for your General Liability, Workers' Comp, and Commercial Auto lawsuits.

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