Trade insurance
Insurance for accountants.
Accountants face direct financial-loss claims from clients; professional liability is required by many state boards and client engagements, with cyber increasingly expected.
Updated 2026-05-16 · Beaconcover editorial§ 01
Why this matters
What can go wrong on the job.
- Filing/calculation errors. Client penalties from mistakes
- Audit and advisory negligence. Disputed professional judgment
- Data breach of financial records. Sensitive client data exposure
§ 02
Required vs recommended
What contracts require, and what's worth adding.
§ 03
Typical premium ranges
What it tends to cost.
- Professional liability: $537 avg / year[Q]Insureon
Figures are reported averages, not quotes. Actual premiums vary by state, revenue, payroll, and underwriting.
§ 04
Common gaps
Where this coverage trips people up.
Tax-prep vs audit vs advisory scopes are rated differently
Prior-acts coverage matters when changing carriers (claims-made)
Cyber is often required for firms handling PII at scale
§ 05
Before you bind
Questions to ask any carrier for accountants.
- Does the quote include the lines listed above as typically required?
- What does a certificate of insurance cost and how fast can the carrier issue one?
- How is workers' compensation rated for this trade — by payroll or by class code?
- Is there a separate deductible for tools and equipment in transit between sites?
- If a client requires an additional-insured endorsement, is there a fee?