- General liability insurance
General liability insurance covers common small business risks like customer injury, customer property damage, and advertising injury. It protects your business during lawsuits and helps you qualify for leases and contracts.
General liability protects against common risks
Even though accountants, tax preparers, and other finance and accounting professionals are not in a high-risk industry, this does not mean you’re immune to accidents. A deliveryman could trip on your front step, or you could drop a client’s laptop. General liability insurance can help pay legal bills resulting from customer property damage or injury. You might also need this policy to sign a commercial lease.
This policy provides liability coverage related to:
- Third-party bodily injury
- Third-party property damage
- Advertising injuries
Bundle policies to save money and increase security
If you run a small finance or accounting business, you may be able to bundle general liability insurance with commercial property insurance in a business owner’s policy. A BOP costs less than purchasing each policy separately. Businesses that are eligible for a BOP typically:
- Have fewer than 100 employees
- Have a small workplace or office
- Make less than $1 million in annual revenue
- Operate in a low-risk industry
- Need less than 12 months of business interruption insurance
Talk to a licensed Insureon agent who specializes in the finance and accounting industry to find out if a BOP fits your business.
What coverage can general liability provide for finance and accounting companies?
Third-party bodily injury
If a client trips on an extension cord at your accounting office and breaks a wrist, there’s a chance you could be blamed for the injury. In the event of a lawsuit, you could end up footing the medical expenses – plus the cost of hiring a lawyer – if you’re not carrying accountant liability insurance. General liability insurance covers:
- Medical bills
- Attorney's fees
- Judgments or settlements
Note that this policy does not cover employee injuries. For that, you’ll need workers’ compensation insurance.
Third-party property damage
General liability insurance protects your business when customer property is damaged. For example, you may be doing bookkeeping at a client’s home and accidentally knock over an expensive sculpture. The resulting lawsuit, including a court-ordered judgment or a settlement, would be covered by your general liability insurance.
While advertising your finance or accounting company, it’s possible to inadvertently copy a competitor’s slogan or mimic another advertising campaign. Accidental advertising injuries are covered by general liability insurance, including:
- Defamation, both libel (written) and slander (spoken)
- Copyright infringement
Other important insurance policies to consider
General liability insurance offers protection against many common risks, but it doesn’t cover employee injuries, professional mistakes, or data breaches. Finance and accounting business owners should also consider:
Professional liability insurance: Also called errors and omissions insurance, this policy can cover professional mistakes, such as a tax preparer missing a filing deadline or an investment advisor whose advice results in financial loss for a client.
Workers’ compensation insurance: Required in almost every state for businesses that have employees, workers’ comp can cover medical fees and lost wages for work-related injuries.
Get free quotes and compare policies with Insureon
Are you ready to safeguard your accounting firm, auditing business, or other enterprise with general liability insurance? Complete Insureon’s easy online application to compare quotes from top U.S. carriers. Once you find a policy that fits your needs, you can begin coverage in less than 24 hours.