Insurance for Accountants

Are you an accountant looking for CPA insurance?

At Tomins, we take the headaches out of Accountants insurance with our easy to use access portal and 24 hour a day access, freeing you to focus on what really matters – growing your business.

The best part? Unlike many self-service CPA insurance providers, Tomins is backed by Higginbotham, giving you the peace of mind of knowing you’re covered by one of the best in the business.

Tomins: because you deserve an insurance partner who works as hard as you do.

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Do I Really Need Accountants Insurance?

CPA insurance can easily spell the difference between success and failure in today’s high-risk business environment.

Considering all the ways that a small mistake can lead to huge headaches down the line, it’s critical to make sure your accounting firm and the people you work with are protected by solid coverage.

At Tomins, our deep understanding of the unique needs of an accounting firm helps us design a perfectly-tailored policy for your specific situation. From professional liability insurance to general liability coverage, Tomins has you covered

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Closup of the hands of the owner of a computer repair business with tan complection wearing a long sleeve demin shirt working on an open laptop with a small screwdriver

Which Computer Repair Insurance Coverages Do I Need?

If you own an accounting firm or operate out of a brick and mortar location, you should probably be carrying a Commercial Package Policy.

Much like a homeowner policy protects an owner’s house and personal possessions, a CPP protects a business owner’s buildings, property, and other business assets.

Typically, a Commercial Package for a CPA includes three basic coverages:

  1. General Liability

General Liability insurance is one of the most commonly-known coverages in the small business world. This coverage is important well beyond the world of accounts, and should generally be included in every small business insurance policy.

As an accounting firm, your general liability coverage will protect you against loss from risks including, but not limited to: lawsuits stemming from injuries or property damage caused by your business operations or lawsuits filed against your accounting firm for slander or libel (advertising injury), and the associated attorney fees, court costs, administrative costs and judgements resulting from the litigation process. 

      2. Commercial Property Insurance

 Commercial Property Insurance covers an accounting firm’s office, property, and assets in the unfortunate case of a loss or damages.

      3. Business Income Insurance

This coverage is designed to protect an accounting firm against any loss of income resulting from covered property damage. For example, if your accounting office was hit by a tornado, your Business Income Insurance coverage could help cover any loss of income suffered as a result of not being able to conduct business as usual during the recovery process.

There are many other options to consider when deciding on the specifics of your policy.

Talk with a Tomins CPA  Insurance expert today to learn more about the coverages that make sense for your business.

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Professional Liability (E&O) Insurance

A typical accounting firm should carry all of the aforementioned coverages recommended for any small business (Commercial Property, General Liability, and Business Income).

While these coverages may be enough to protect certain businesses, CPAs should almost always also include a professional liability policy too. Also known as Errors and Omissions or E&O insurance, professional liability insurance covers accountants against mistakes made working with clients.

Because client financial information is so sensitive, it’s especially important for CPAs to carry E & O insurance to limit their legal liability in the unfortunate case of negligence or error. Depending on the unique exposure of your accounting firm, you may need additional coverages outside of E&O and a CPP.

Additional coverages you may want to consider in your policy include, but are not limited to:

  • Employment Practices Liability (EPLI): Protection against damages related to hiring, termination, sexual harassment and discrimination.
  • Workers Compensation Coverage: Protection against damages related to workplace injuries. Covers cost of medical bills, wage replacement and more for an injured employee.
  • Cyber Liability Coverage: Especially important if you store personally identifiable information (PII). Protects against data loss and covers costs related to restoration, legal liability, and extortion resulting from a data breach or cyber-attack.
  • Commercial Umbrella: Extended coverage designed to protect an accounting firm beyond the general aggregate limits of a base policy.


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CPA Insurance Cost

In short: there is no ‘one-size-fits-all’ answer to this question.

Unlike many other firms, Tomins actually takes the time to understand the unique needs of each business so we can offer you the right coverage at the right price.

At the end of the day, Insurance for accountants is a critical part of doing business as a CPA. Whether you’re working as a bookkeeper, accountant or in another role dealing with sensitive financial data, CPA insurance is a cost you can’t afford to ignore.

At Tomins, we are committed to getting you all of the coverages you need to protect your firm and none that you don’t.

Get your free custom-tailored CPA Insurance quote today.

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How to Get a CPA Insurance Quote

We are in the business of making CPA insurance easy. If you are looking for insurance for your accounting business, all you need to do is head to our free online quote page.

To make sure we can provide the most accurate and competitive quote possible, it helps to make sure you have the following information available before you start:

  • Business address and tax ID 
  • Income for your most recently completed fiscal year 
  • Number of employees you currently employ
  • Information about other insurance you currently hold
  • Volume, nature, and storage method tenant or client data  
  • Proof of professional licensing and other relevant certifications or permits  
  • History of past claims (at least three years) 

Tomins—mindful insurance today, successful CPA tomorrow.

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