Business Insurance Requirements for Accountants in New York

Depending on the details of your accounting firm, your business may need insurance to protect against everything from cyberattacks to hurricane damage. Selecting the appropriate coverage usually depends on the risks you face, along with key business factors such as your operations and location. State law may mandate certain types of insurance, too. For example, New York state law requires accountants to carry workers’ compensation insurance for their employees. You may find some optional policies valuable, too. A major client may ask to see proof of professional liability insurance before signing your contract, or your landlord’s lease might require commercial property and general liability insurance.

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.

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

Find the right insurance for accountants in New York

The most common policies for New York 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 size.


Business type General liability / BOP Professional liability Workers' comp
Sole proprietor X X  
Partner X X  
Contractor / freelancer X X  
Employer X X X


Each policy covers a different kind of risk. The most common types of business insurance for accountants include:

General liability insurance: General liability insurance provides the foundation of an accountant’s business protection with coverage that 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.

New York workers' compensation: New York state law requires workers’ compensation coverage for almost every kind of employee: full-time workers, part-time staff, family members, and contract workers. If an employee is injured on the job, workers’ comp can help pay for medical fees and lost wages. Business owners without employees can get a policy for themselves to protect against on-the-job injuries that may cause them to miss work. Luckily, accidents are rare for accountants. The most common injuries in the accounting industry are caused by overuse and repetitive motion.

Here are some of the common workplace injuries for accountants, according to data from the Bureau of Labor Statistics.

Most Common Work Injuries for U.S. Accountants

Business insurance costs for accountants in New York

The most expensive insurance for New York accountants is errors and omissions (also called professional liability), according to an analysis of Insureon applications. With a median premium of $1,200 per year, the coverage is just under the national median. In New York, accountants can expect to pay more than the national median cost for general liability and workers' compensation, but they have a lower median cost for a business owner's policy than the national rate.

Median Insurance Costs for New York Accountants

Save time and money with Insureon

Insureon’s industry-leading technology helps accountants in New York 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 New York 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 your free accountant insurance quotes today.