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How much does business insurance cost for tax preparers?

Tax preparer insurance costs depend on your policy limits, your business risks, the value of your property, and other factors. Cost estimates are sourced from policies purchased by Insureon customers.

General liability insurance icon

General liability costs for tax preparers

Tax preparation businesses pay a median premium of less than $30 per month, or $350 per year, for general liability insurance. This policy provides protection against third-party injuries, third-party property damage, and advertising injuries.

Tax preparers can often save money by bundling general liability insurance with commercial property insurance in a business owner’s policy.

Median cost per year: $350
Policy limit: $1 million per occurrence
Policy deductible: $500

Learn more about general liability insurance.

Professional liability insurance icon

Errors and omissions costs for tax preparers

The median cost of errors and omissions insurance is less than $30 per month, or about $340 annually, for tax preparers. Also called professional liability insurance, this policy can cover legal fees of lawsuits related to work performance.

Median cost per year: $340
Policy limits: $250,000 per occurrence
Policy deductible: $500

Learn more about errors and omissions insurance.

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Cyber liability insurance icon

Cyber liability costs for tax preparers

With a median rate of less than $70 per month, or $810 per year, cyber liability insurance is crucial for tax preparers who handle sensitive information. This policy helps by paying for legal fees related to data breaches and cyberattacks.

Median cost per year: $810
Median generic limit: $1 million

Learn more about cyber liability insurance.

Workers’ compensation insurance icon

Workers’ compensation costs for tax preparers

The median cost of workers’ comp insurance is less than $35 per month, or $400 annually, for tax preparers. This policy is required in almost every state for tax preparation businesses with employees. It can help cover medical fees and lost wages for work-related injuries and illnesses.

Learn more about workers' compensation insurance.

Get free quotes and compare policies with Insureon

Insureon's financial and accounting insurance agents work with top-rated U.S. carriers to find coverage that fits your tax preparation business, whether you work independently or hire employees. Apply today to compare quotes from multiple carriers with one free online application. If you decide to purchase a policy, you’ll work with an account manager who specializes in the unique risks facing tax preparers and enrolled agents.

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