Business Insurance for Accountants and Auditors
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Accountant insurance in California

Learn about business insurance requirements and the most common policies for accountants in California.

Which insurance policies are required for accountants in California?

If you have a commercial lease, your property manager may require you to purchase general liability insurance. Commonly purchased by accountants in California, general liability insurance can protect your business from expenses associated with common mishaps, such as client property damage and injuries.

Your clients may require professional liability insurance in a contract. Also called errors and omissions insurance, professional liability insurance provides financial protection if a client files a lawsuit claiming your work caused financial harm because it was late, erroneous, or incomplete.

State law in California requires every small business with employees to provide workers’ compensation insurance, which covers medical bills for work injuries.

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What are the most common policies for a California accountant?

The most common policies for accountants in California vary depending on revenue, client contracts, partnerships, and other factors.

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General liability insurance

General liability insurance is the foundation of an accountant’s business protection, with coverage that extends to client injuries, client property damage, and advertising injuries. Most commercial leases require you to have this coverage.

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Professional liability insurance

Many clients require proof of professional liability insurance before entering into contracts for professional services. This policy, also called errors and omissions insurance or accountant liability insurance, can help cover legal expenses if you’re sued for unsatisfactory performance or a work mistake.

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Cyber liability insurance

Many clients require proof of professional liability insurance before entering into contracts for professional services. This policy, also called errors and omissions insurance or accountant liability insurance, can help cover legal expenses if you’re sued for unsatisfactory performance or a work mistake.

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California workers' compensation

If you own an accounting business in California that has employees, you are required to carry workers’ compensation coverage. If you are a sole proprietor, the coverage is optional. However, if you break your arm while tripping down the stairs at a client’s office, or develop carpal tunnel syndrome after years of working on a computer, you can turn to your workers’ comp policy to help pay your medical bills and lost wages.

What do accountants in California pay for insurance?

According to an analysis of Insureon applications, the typical accountant in California can expect to pay more than the national median for some policies, and less for others.

For example, California accountants pay a median premium of $1,596 annually for workers’ compensation, more than twice the national median rate. However, they pay a median premium of just $875 annually for professional liability insurance, far less than the national median rate of $1,220.

Median insurance costs for California accountants.

Save time and money with Insureon

Insureon’s industry-leading technology helps accountants in California save time and money shopping for insurance by comparing policies from top U.S. carriers. Start a free online application to review quotes for the policies that best fit your business. Our insurance agents are licensed in California and can answer your questions as you consider coverage.

To make the application go quicker, have this information ready:

  • Workforce details, such as the number and types of employees
  • Current and projected revenue
  • Business partnerships
  • Insurance history and prior claims
  • Commercial lease insurance requirements

Apply for free accountant insurance quotes today.

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