Business Insurance Requirements for Accountants in Florida

Florida’s business-friendly tax rate and strategic location are just two reasons the state’s business climate is ideal for accountants. Not only do you get the benefit of the pro-business environment, but you have your pick of clients, too.

However, each client brings risk to your business. That’s why business insurance is a smart investment for accountants. For instance, Florida law requires any non-construction business to carry workers’ compensation insurance when it has four or more employees. This protects your business by covering injured employees’ medical bills and lost wages. Florida also requires CPA firms to have public liability insurance, which is usually included in general liability insurance.

Other policies aren’t required by law but they still provide important protections. For example, clients often require professional liability insurance in case an accounting error results in losses to their business. That’s the same reason many commercial landlords put general liability and property insurance requirements in their leases.

Insureon makes shopping for insurance easy with industry-leading technology that gathers quotes from top U.S. carriers that fit your needs. Read more to find out which policies are most common for accountants in Florida, and start an application to get your free quotes today.

Find the right insurance policies for your accounting business

The most common policies for Florida accountants vary depending on a number of factors, including revenue, client contracts, and partnerships. The table below illustrates which policies might work best for your business type.

 

Business type General liability / BOP Professional liability Workers' comp
Independent contractor X X  
Sole proprietor X X  
Small business owner X X X

 

General liability insurance: General liability insurance is the foundation of an accountant's business protection. Coverage extends to bodily injury, client property damage, advertising injury, and the cost of legal defense. Most commercial leases require you to have this coverage.

Florida state law requires CPA firms to carry public liability insurance. This coverage is often  included in general liability policies. Unless it’s a sole proprietorship, your firm has to be insured at a minimum of $50,000 per shareholder, officer, member, or partner and any Florida-licensed CPA up to a maximum of $2,000,000. Otherwise, you’ll have to get a signed waiver of limitation on liability.

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

Business owner's policy (BOP): Accountants sometimes qualify for a business owner’s policy. This package helps your business save money by bundling commercial property insurance with general liability at an affordable rate.

Florida workers' compensation: In Florida, business owners with fewer than four employees are not required to have workers’ compensation. If an employee is injured on the job, workers’ comp can help pay for medical fees and lost wages. Even for a business with fewer than four employees, it’s worth considering workers’ comp; costly medical fees could quickly outweigh any savings you might have from not purchasing insurance.

Accounting may not be a physically demanding job, but data from the Bureau of Labor Statistics shows accountants do periodically suffer work-related injuries. The most common are falls, slips, and trips; overexertion; and bodily reaction injuries, like pinched nerves or carpal tunnel syndrome.

Most Common Work Injuries for U.S. Accountants

Typical business insurance costs for accountants in Florida

At just over $800 a year, workers' compensation insurance has the highest median premium for accountants in Florida, just barely topping the national cost. General liability insurance is on the other end of the spectrum, typically costing around $500 for Florida accountants. However, bundling your general liability and commercial property coverages into a business owner’s policy can save you around $60 each year.

Median Insurance Costs for Florida Accountants

Save time and money with Insureon

Insureon’s industry-leading technology helps accountants in Florida save time and money shopping for insurance by comparing policies from dozens of top U.S. carriers. Simply apply online and review quotes for the policies that best fit your business needs. Our insurance specialists are licensed in Florida and can answer your questions as you consider coverage.

To make the application go even 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.