Learn about business insurance requirements and the most common policies for accountants in New York.
If you have a commercial lease, your property manager may require you to purchase general liability insurance. Commonly purchased by accountants in New York, 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.
Accountants in New York City also need to be aware of the Freelance Isn't Free Act. It gives freelancers the right to a written contract and timely payment and establishes penalties for violating these rights. As a result, some clients may request to be named an additional insured on your insurance policies. This offers your client certain protections through your insurance policy.
State law in New York requires every small business with employees to provide workers’ compensation insurance, which covers medical bills for work injuries.
The most common policies for accountants in New York vary depending on revenue, client contracts, partnerships, and other factors.
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.
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.
Cyber liability insurance can help accountants survive data breaches and cyberattacks. Many professional liability policies include this coverage, but check with your licensed Insureon agent to make sure.
If you own an accounting business in New York 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.
According to an analysis of Insureon applications, the typical accountant in New York can expect to pay more than the national median for some policies, and less for others.
For example, New York accountants pay a median premium of $995 annually for workers’ comp, more than the national median of $795. However, they pay a median premium of only $756 annually for a business owner’s policy, less than the national median of $1,007.
Insureon’s industry-leading technology helps accountants in New York 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 New York and can answer your questions as you consider coverage.
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