General liability insurance for finance and accounting businesses

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

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.

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.

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

If you use promotional materials to attract clients to your business, you’ll want to make sure your insurance includes this protection.

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: 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).

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.

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.

Are you ready to safeguard your small financial business 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.