Finance and Accounting Business Insurance
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Commercial auto insurance for finance and accounting businesses

Commercial auto insurance covers costly auto accidents involving your financial business's vehicle. State laws usually require this coverage for vehicles owned by a business.

Commercial auto insurance provides financial protection against auto accidents

An auto accident could have a lasting financial impact on a small accounting or bookkeeping firm, especially if another person is injured. When you compare the potential cost of an auto accident to the premium for commercial auto insurance (about $145 per month for small businesses), it's easy to see which is the better deal.

Commercial auto insurance is required in most states for business-owned vehicles, which makes this policy indispensable.

How does commercial auto insurance protect you?

Commercial auto insurance helps cover the cost of lawsuits, property damage, medical bills, and other expenses arising from an accident. It also provides coverage if your vehicle is stolen or damaged by weather or vandalism.

Your policy can be tailored to match your business needs and your budget. For example, you can choose a policy that covers vehicle damage from all causes, or damage from collisions specifically.

Commercial auto insurance needs checklist infographic

Who needs commercial auto insurance?

Business-owned vehicles, such as a company car used to drive to clients' homes and offices, must be covered by commercial auto insurance.

State regulations determine how much coverage you need. Your commercial auto insurance policy must fulfill your state’s requirements for auto liability insurance.

What coverage can commercial auto insurance provide for financial businesses?

Beyond your state's requirements, you can choose the extent of coverage for company vehicles at your financial business. Your policy may cover:

Legal expenses

If your financial business is sued over an accident, legal defense costs can add up quickly. Commercial auto insurance covers attorney’s fees and other related expenses.


Collision coverage pays for damage to your financial company's vehicle, regardless of fault.

Uninsured / underinsured motorists

This coverage pays for damage caused by drivers who don’t have insurance, or who are carrying less than the required insurance.

Non-collision damages

Comprehensive insurance covers non-collision damages, including fire, theft, and vandalism.

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Personal vehicles may need additional coverage

Commercial auto insurance covers business-owned vehicles, but sometimes employees drive their own cars for work errands. However, their personal auto insurance policy won't provide coverage if they get into an accident while driving for work.

Hired and non-owned auto insurance (HNOA) provides liability coverage for financial professionals who get into an accident while driving a personal vehicle to conduct company business. It also covers leased and rented vehicles.

How much does business insurance cost for financial professionals?

Finance professional calculating costs.

Insureon's small business customers pay an average of $147 per month for commercial auto insurance. Insurance costs for financial professionals vary depending on a few factors, including:

  • Financial services offered
  • Business equipment and property
  • Business revenue
  • Number of employees
  • Type of insurance purchased
  • Policy limits and deductibles

Other important policies for financial professionals

Commercial auto insurance covers risks related to driving, but finance and accounting businesses face many other risks. Financial professionals should also consider:

Professional liability insurance: This policy covers legal costs related to your work performance, such as a client who sues because your advice caused a financial loss. It's sometimes referred to as errors and omissions insurance (E&O).

General liability insurance: This policy covers common risks in the finance industry, such as customer slip-and-fall injuries and damage to client property.

Business owner's policy (BOP): A BOP combines general liability coverage with commercial property insurance at a discount to protect against common lawsuits and property damage.

Workers’ compensation insurance: Workers’ comp covers medical expenses and disability benefits for work-related injuries. It's required in almost every state for businesses with employees.

Cyber liability insurance: This policy helps finance businesses recover from data breaches and cyberattacks. It's strongly recommended for any business that handles personal information.

Fidelity bonds: Also called employee dishonesty bonds, fidelity bonds compensate clients in the event of employee theft. They're often required by client contracts.

Get free quotes and buy online with Insureon

Are you ready to safeguard your financial company's vehicle with commercial auto insurance? Complete Insureon’s easy online application today. Once you find the right policy, you can begin coverage in less than 24 hours.

Updated: April 28, 2023
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