Business Insurance Requirements for Accountants in Illinois

Other than workers' compensation insurance, Illinois does not require business insurance for accountants. However, you may find certain policies are necessary based on the risks you face as an accountant. For instance, many accountants get professional liability insurance to cover lawsuits brought by dissatisfied clients. Accountants who rent office space may also want commercial property and general liability insurance.

Certain counties in Illinois may only work with businesses that have insurance. Cook County, for example, requires its vendors to carry general liability, auto liability, and professional liability insurance policies. In other words, don't be surprised when municipal clients want proof of these policies before doing business with you.

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 Illinois, and start an application to get your free quotes today.

Find the right insurance for accountants in Illinois

The most common policies for Illinois 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 CPA professional liability Workers' comp
1099 or independent contractor X X  
Business owner with employees X X X
Solo business owner 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.

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.

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 accountant liability insurance, can help cover legal expenses if you’re sued for unsatisfactory work or a business discrepancy.

Illinois workers' compensation: Illinois state law requires workers’ comp for nearly every employer. Even if you have only one part-time worker, you have to carry coverage. If an employee is injured on the job, workers’ comp can help pay for medical fees and lost wages.

Accounting isn’t a dangerous profession. According to data from the U.S. Bureau of Labor Statistics shown below, accountants most often suffer injuries resulting from falls, slips, and trips. To minimize the risk in your place of business, implement common sense precautions by providing ergonomic office furniture and removing tripping hazards.

Most Common Work Injuries for U.S. Accountants

Business insurance costs for accountants in Illinois

The cost of policies for accountants in Illinois tends to be slightly higher than the national median, according to an analysis of Insureon applications. You can expect to pay more for errors and omissions insurance, but liability insurance tends to be the most costly policy for professionals across the country. The four most common policies average out to about $366 per month; this could be a significant savings compared to the potential cost of legal fees if a client files a lawsuit.

Median Insurance Costs for Illinois Accountants

Save time and money with Insureon

Insureon’s industry-leading technology helps accountants in Illinois 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 Illinois 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.