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Cyber insurance for finance and accounting businesses

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Cyber insurance

Cyber liability insurance, also called cybersecurity insurance, protects small businesses from the high costs of a data breach or malicious software attack. It covers expenses such as customer notification, credit monitoring, legal fees, and fines.

Cyber insurance covers data breaches

Cyber insurance protects accountants, auditors, and other financial professionals when sensitive data is stolen or compromised. If your clients are affected by a cyberattack, you could be held liable. This policy can cover legal fees and expenses while also providing vital resources to help you recover.

This policy provides liability coverage related to:

  • Data breach lawsuits
  • Breach notification expenses
  • Fraud monitoring costs

What coverage can cyber liability provide for finance and accounting professionals?

There are two kinds of cyber liability insurance: first-party and third-party.

First-party cyber liability insurance

First-party cyber liability insurance covers cyberattacks and data breaches at your place of business. It provides vital protection for any business that handles financial transactions, Social Security numbers, and other sensitive client information. This policy can cover expenses related to:

  • Notifying customers about a breach
  • Credit monitoring services for affected clients
  • Cyber extortion demands
Compare cyber insurance quotes for finance businesses

Third-party cyber liability insurance

If one of your clients suffers a data breach or cyberattack and holds you responsible, you could face a lawsuit. For example, a tax preparer could recommend software that turns out to be compromised. The affected client might decide to sue the tax preparer to recoup expenses. Third-party cyber liability insurance can shield your business from legal expenses related to a data breach by paying for:

  • Court costs
  • Attorney’s fees
  • Settlements or judgments

How much does cyber liability insurance cost for finance and accounting professionals?

Finance professional calculating costs.

Finance and accounting businesses pay a median of less than $80 per month for cyber liability insurance, but you could pay more or less depending on your risks.

Insurance costs for finance and accounting professionals are based on a few factors, including:

  • Accounting and finance services offered
  • Business equipment and property
  • Revenue
  • Location
  • Number of employees

Other policies for finance and accounting businesses

While cyber liability insurance protects against data breaches and cyberattacks, 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.

Commercial auto insurance: This policy is required in most states for vehicles owned by a business. It covers costs if your work vehicle is involved in an accident.

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

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Updated: April 28, 2023
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