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Why do tax preparers need insurance?
A mistake on a client’s tax return or a missed filing deadline could result in a costly lawsuit. Gain peace of mind from professional mistakes and other risks, such as data breaches, with tax preparer liability insurance.
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Insureon helps tax preparers compare small business insurance quotes from top U.S. carriers online.
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What types of business insurance policies do tax preparers need?
These policies provide coverage for the most common tax preparer risks.
Errors and omissions insurance
Tax preparer E&O insurance, also called professional liability insurance, can cover legal expenses related to work performance, such as a missed deadline.
BEST FOR
- Errors on a tax form
- Missed filing deadlines
- Accusations of negligence
General liability insurance
This policy covers common tax preparer risks, including customer property damage and bodily injuries. Bundle it with commercial property insurance for savings in a business owner’s policy.
BEST FOR
- Slip-and-fall accidents
- Damaged customer property
- Libel and other advertising injuries
Business owner's policy
A business owner's policy, or BOP, is a cost-effective way for tax preparers to purchase general liability coverage and commercial property insurance together.
BEST FOR
- Slip-and-fall accidents
- Accidental damage to client property
- Stolen or damaged business property
Workers’ compensation insurance
Most states require workers' comp for tax preparation businesses that have employees. It also protects sole proprietors from work injury costs that health insurance might deny.
BEST FOR
- Employee medical expenses
- Disability benefits
- Legal fees
Cyber insurance
This policy helps tax preparers survive data breaches and cyberattacks. It can help pay for recovery expenses, client notification costs, and more.
BEST FOR
- Data breach lawsuits
- Cost of notifying affected clients
- Fraud monitoring expenses
Commercial auto insurance
Commercial auto insurance covers costs if a tax preparer's vehicle is involved in an accident. Most states require this coverage for vehicles owned by a business.
BEST FOR
- Property damage caused by your vehicle
- Auto accident injuries
- Vehicle theft and vandalism
Looking for different coverage? See more policies.
How much does tax preparer insurance cost?
A small tax preparation business will pay less for commercial insurance than a larger company.
Factors that affect the cost of tax preparer insurance include:
- Financial services offered
- Business property and equipment
- Business income
- Business operations
- Types of insurance purchased
- Policy limits and deductibles
How do I get tax preparer liability insurance coverage?
It's easy to get tax preparer liability policies if you have your company information on hand. Our application will ask for basic facts about your business, such as revenue and number of employees. You can buy a policy online and get a certificate of insurance with Insureon in three easy steps:
- Complete a free online application
- Compare insurance quotes and choose policies
- Pay for your policy and download a certificate
Insureon's licensed insurance agents work with top-rated U.S. providers to find the right liability coverage and fidelity bonds for your tax preparation business, whether you work independently or hire employees.
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