CPA & Accounting Insurance: Quotes From $5

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One small mistake - like mistyping an incorrect number in just one digit - can spell trouble for accountants. And since it’s finances that’s involved, reversing damages requires a hefty price to be paid. In this discussion today, we’ll talk about business insurance for accountants through different angles, CPA insurance coverage, and more. 

Also read: Bookkeeper & Auditor Insurance: Quotes From $5

CPA Liability Insurance

Accountant liability insurance offering general liability coverage is  the most basic yet comprehensive coverage. Its terms applies to the following situations:

  • When faulty equipment in the office causes bodily injuries to a client (e.g. water dispenser, chairs, desk, electrical outlet, and many more). 
  • The floor is wet after mopping and there's no "caution, wet floor " sign placed. A client walks in confident that the floor isn't slippery and ended up losing balance and sustaining injuries
  • The client downloaded a form from the accounting office's website. However, the form has malware causing the phone to get bricked and become unusable
  • The accounting firm's parking lot lacks space. As a result, the clients' cars ended grazing each other while getting in or out of the parking space. 

Independent CPAs will do fine having general liability coverage without additional policies. As for big and small accounting firms, if you're running any of these, we suggest you avail of a business owner's policy that commonly consists of general liability and commercial auto insurance. If you're willing to compare quotes thoroughly, then you might find business owner's policy not only has general liability and commercial auto insurance but also worker's comp and professional indemnity insurance too. 

Related:   Corporation Insurance: Liability Insurance for Corporations

CPA Employer's Liability Insurance

As a boss of the accounting firm, you shouldn’t forget that you’re not just responding to your clients but to your employees too. This is especially true if your employees suffer from bodily injuries because of work. According to the Bureau of Labor Statistics, 3,000 cases of workplace-related injuries happened in the accounting sector in 2018, wherein some injuries needed recuperation lasting for two days or more than two days. The most common work-related injuries that need coverage are carpal tunnel syndrome and eye strain. For these, you can use your CPA insurance coverage if ever employees demand funds for checkups, treatment, and medicine. Note that this is only possible your insurance for accounting firms comes with employer's liability. 

Cyber Liability Insurance for Accounting Firms

Now let’s say you’re running an accounting firm that uses big data technology to process client transactions and store data for business operations, which a hacker accessed. So, what type of accountant insurance will cover your back in case your clients demand you provide settlement for all the sensitive data the hacker got?  Cyber liability insurance  - this type of insurance policy applies to problematic situations when sensitive information is accessed such as:

  • Credit card numbers
  • Social security numbers
  • Driver's license numbers
  • Health records
  • Bank account numbers

CPA Professional Liability Insurance

Accountants are known to have a keen eye for detail. However, when doing a lot of projects in a limited time frame, mistakes are bound to happen. Professional liability for accountants can be classified into two - technical errors and errors of principle.

Technical errors are those committed by a CPA while documenting, preparing, and crafting financial records. It can be further categorized as:

  1. Errors of omission - pertains to situations where a CPA carelessly forgets to put a figure in the registry or forgets to make a document important for a client
  2. Errors of commission - involves cases where the CPA inputs the wrong figure in the balance sheet or swaps the figures of each financial record
  3. Errors of duplication - an example is when the CPA debits an amount twice from any source of funds

On the other hand, errors of principle involve situations where a CPA commits a mistake in allocation capital and revenue expenditure or wrong valuation of assets. 

Accountants professional liability insurance has your back if any of the above situations happen. You can turn to accountants PL insurance anytime the moment you make a work-related mistake that urges the client to file a lawsuit and get a claim.  

CPA professional indemnity insurance won't only help you pay the client but will also provide funds for legal defense. 

Type of Lawsuit/Claim Cost
Malpractice $42,414
Taxation Error $38,956
Ommissions $32,342
Balance Sheet/Records Error $46,543

Related Read:   Public Liability Insurance for Business: 101, Cost & Cheap Quotes

CPA Errors and Omissions Insurance

CPA errors and omissions insurance is just another term for CPA professional liability insurance. Therefore, there’s no need to get confused about which to get between the two. One thing to remember is that carriers vary a lot when it comes to offering E&O insurance for accountants. 

For example, CPA E&O insurance can be packaged and made part of business insurance for accountants while others offer it as a stand-alone policy. Therefore, we advise you to compare quotes using the “Get Quotes” button to find the best prices and the best companies offering E&0 insurance for accountants

CPA Car Insurance

Travelling is unavoidable for CPAs, especially when they’ve managed to get a considerable position in the company. For example, if you’re working as an external auditor, except for travel to become an aspect of your work. When you’re traveling, there’s always the risk of accidents happening.  And for such risks, car insurance for accountants will protect you from the worst, and car insurance that you should get are:

  • Underinsured and uninsured driver insurance

  • Auto liability insurance

  • Comprehensive insurance

  • Personal injury protection insurance

CPA car insurance includes underinsured and uninsured driver coverage that will protect you from hefty costs if you get into an accident caused by an underinsured or uninsured driver . As drivers only get the minimum car liability coverage mandated by state laws, you might not get enough settlement for injuries and other damages. As a result, you’ll have to spend on your hospitalization. Underinsured or uninsured driver insurance sees to it that in the event the other driver's insurance cannot cover, you’ll have a trusty backup to curb down the cost of treatment.

If not other drivers, then you might be the one causing accidents and ending up hurting people in the process.   Of course, people will demand you pay for the damage caused. In such a situation, costs can scale astronomically and you might find yourself getting a loan to pay things. Auto liability insurance ensures that getting a loan won’t be an option by providing you the money to pay for people’s injuries and property damage.

A comprehensive insurance coverage , on the other hand,  provides money for your car’s maintenance. Note that the previous car insurance policies won’t account for vandalism, theft, and damage caused by natural disasters. For this reason, carriers offer comprehensive car insurance that attends to the loopholes of other car insurance policies. On another note, comprehensive car insurance coverage not only covers repairs and replacements of the car’s chassis and engine but also aftermarket parts, seats, wheels, windows, and more.

Last but not least is personal injury protection insurance which provides medical, childcare, and death coverage regardless if it’s you or it’s another person who caused the accident. This insurance is mandatory depending on where you live. For example, CPAs in no-fault states have to get PIP coverage as an add-on to their car insurance policy. 

Workers Compensation Insurance for CPA & Accounting Businesses

A workers comp insurance will be useful if you’re a CPA having an accountant or managing employees. A worker's compensation insurance is mandatory the moment you choose to work with someone under the premise of being an employer. Courts treat failure to get this insurance a Class A demeanor. Penalties come in the form of fees that are between $12,000 - $110,000 or imprisonment lasting for  8 years. 

Courts are very strict about worker’s comp because it’s one of the most effective ways to ensure employee welfare. Workers comp ascertain that employees don’t spend a dime when recuperating for injuries caused by occupational hazards. It even sustains the financial needs of employees who need to recuperate for weeks or months, and in case of death, worker’s comp can provide death benefits too. 

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CPA Insurance Cost

The average CPA liability insurance cost is $78 a month. If collectively paid for one year, CPAs will have to pay $936 on average. On a more specific note, CPA professional liability insurance cost is $63.42 a month or $761.04 a year. Please refer to the table below to see more rates.

Type of Coverage Monthly Cost Annual Cost
General Liability $78 $936
Professional Liability $63.42 $761.04
Car Insurance $161 $1,932
Employer's Liability $185 $2,220
Cyber Liability $128.41 $1,541

In addition, here are the rates of the best CPA insurance companies:

CompanyCost per monthCost per yearBest for
AICPA$ 60.00$ 720.00CPA’s looking for accounting insurance that will always tailor their needs
CNA$ 55.00$ 660.00Professional liability-only accountant insurance
AON$70$ 840.00Comprehensive and transparent insurance for accountants
Zensurance$43.00$ 516.00Small business accounting insurance

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Best CPA Insurance Companies

Allow us to orient you about the best companies offering CPA insurance right now. Because by doing so, we hope that you will make the smartest decision upon buying your CPA insurance.

AICPA Insurance

AICPA’s accountants insurance is one of the best in the industry. This is not surprising as the organization specializes in giving insurance to accountants and accounting firms. Sadly though, AICPA isn’t rated by BBB or AM Best. Still, the organization is popular for its CPA liability insurance, so you should check it out.

AICPA Liability Insurance

AICPA’s professional liability insurance for accountants narrows down to professional liability insurance for small firms, professional liability insurance for mid-sized firms, and professional liability insurance for large firms. The table below shows the difference between the three:

Coverage Limit Deductibles Covers legal cost Lost income reimbursement
Professional Liability Insurance for small accounting firms $100,000 - $2,000,000 $0-$5,000 Yes Yes
Professional Liability Insurance for mid-sized firms $100,000 -$10,000,000 $1,000 or any amount desired by policyholder No No
Professional Liability Insurance for Large firms More than 10 million To be discussed with company To be discussed with company To be discussed with company

AICPA E&O insurance also comes with other add ons depending on the kinds of accounting services you provide. With that said, insurance application often involves lengthy talks with an agent for you to get the fairest AICA insurance rates for the policies you want.


  • Comprehensive and flexible insurance for accountants

  • Numerous additional options of insurance for accounting firms

  • Allows you to decide whether to pay for a deductible or not

  • Generous amount payable/coverage

  • AICPA insurance rates are reasonable


  • Not rated by BBB and AM Best

  • There are lots of options, so you need to talk with an AICPA agent before getting a quote

Best for : CPA’s looking for accounting insurance that will always tailor their needs

Average cost: $60 per month for a $1 million professional liability coverage

Our rating : 5/5

CNA Accounting Insurance

CNA is one of the oldest insurers in the United States and has 120 years of experience providing quality service to customers. AM Best gives CNA a rating of A+, which is well deserved as the company is one of the best casualty and commercial property carriers around. One surprise though is that CNA isn't accredited by BBB.

CNA Accountants Professional Liability

CNA only provides professional liability insurance as insurance for accountants, engineers, architects, and other professions. Don't get discouraged yet because there's more than what meets the eye. The professional liability insurance of CNA is trusted by reputable organizations such as the National Association of Realtors and the National Society of Professional Engineers. The most notable thing about CNA is that it uses a very thorough and transparent underwriting process so that you have a clear idea about the status of your claim and why it might be denied.


  • Excellent underwriting process

  • Trusted by reputable organizations


  • Only offers professional liability insurance as insurance for accountants

Best for : Professional liability-only accountant insurance

Average cost: $55 per month for $1 million general liability coverage

Our rating : 4/5

AON CPA Insurance

AON commits itself to enabling clients find the best insurance available. With that said, if you want to get insured by a company that's very honest with its policies, we suggest you go for AON CPA insurance.

AON Professional Liability Insurance

AON's professional liability insurance doesn't only cover US citizens but also foreigners who have just started in the United States. This is very advantageous considering that foreign accountants find it hard to find insurance. If you’re running a large firm, you might find AON’S insurance for accountants because it doesn’t only come with professional liability but also EPL liability, cyber risk, fiduciary liability, and management liability.


  • Comes with numerous insurance policies, which can be removed or availed altogether by the decision of the policyholder

  • Smooth transaction and underwriting process

  • Provides aid to accounting firms in the management of their insurance programs


  • Quotes can’t be availed online

  • You have to get in touch with an AON agent to start and finish the insurance application process

Best for : Comprehensive and transparent insurance for accountants

Average cost: $70 per month for $1 million general liability coverage

Our rating : 4/5

Zensurance CPA Insurance

Zensurance was founded in 2016 and specialized in small business insurance. It uses the latest technology to gather and analyze data from customers to find the best insurance policies that fit their needs. Better Business Bureau awards BBB with an A+ rating.

Zensurance Policy Details

Zensurance only offers professional liability insurance for small accounting firms and independent accountants. Its coverage starts with a $1 million amount payable. There’s also cyber liability insurance and commercial general liability as additional options if you want more coverage. Situations, where Zensurance CPA insurance applies, are mistakes in:

  • Tax computations, filing, and planning

  • Financial consulting and planning

  • Audit and review engagements


  • You can get your quote in just 5 minutes

  • Rated by BBB

  • Affordable small business CPA Insurance


  • Not comprehensive

Best for : Small business accounting insurance

Average cost: $43 per rmonth for a $1 million general liability coverage

Our rating : 5/5

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