Business Insurance Requirements for Accountants in North Carolina

With its low income tax and banking hubs like Charlotte, North Carolina is one of the best places in the United States for accountants to do business. But entrepreneur-friendly policies do not eliminate risk for your accounting business. You should still consider business insurance to protect your assets when those risks become reality.

North Carolina only requires one type of coverage, workers’ compensation insurance, and that’s only for businesses with three or more employees. However, contracts may require you to carry other policies. For instance, clients may want to see your professional liability insurance before they sign with you. A commercial lease agreement for your office space might also require you to have general liability and commercial property insurance.

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

Find the right insurance policy for your accounting firm

The most common policies for North Carolina 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.

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.

North Carolina workers' compensation: North Carolina state law requires businesses with three or more employees to have workers’ compensation coverage. That includes corporate officers, full-time employees, part-time staff, seasonal workers, and family members. If an employee is injured on the job, workers’ compensation can help pay for medical fees and lost wages.

Long days of crunching numbers don’t typically result in workplace injuries. However, accountants aren’t immune from accidents. National data shows they most often suffer overexertion injuries, such as carpal tunnel syndrome, along with falls, slips, and trips.

Most Common Work Injuries for U.S. Accountants

Business insurance costs for accountants in North Carolina

Accountants across the United States typically pay the most for errors and omissions insurance, or professional liability coverage, according to an analysis of Insureon applications. This is a critical type of coverage for accountants, as the work revolves around providing financial advice to clients. When you spread the premium out over the year, the median cost is only about $100 a month. Compare that to the cost of a lawsuit, and coverage looks like the better deal.

National Median Insurance Costs for Accountants

Save time and money with Insureon

Insureon’s industry-leading technology helps accountants in North Carolina 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 North Carolina 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.