Accounting firms and CPA practices have unique insurance needs. Your clients trust you with sensitive financial information, important business decisions, and often substantial amounts of money. The right business insurance can help protect your accounting practice from property losses, liability claims, cyber incidents, and other unexpected events.

At Smith & Thomas Insurance, we help Florida accounting firms, CPAs, bookkeepers, and other financial professionals find commercial insurance suited to their business.

Insurance for Accounting Firms, CPAs & Bookkeepers

Whether you operate a small bookkeeping office or a larger accounting firm, your insurance needs depend on how your business operates, the services you provide, and the risks you face.

Common coverage considerations for accounting businesses include:

General Liability Insurance

General liability insurance can help protect your accounting firm from claims involving bodily injury, property damage, and certain personal or advertising injuries.

Even an office-based business can face liability claims. A client could slip and fall at your office, for example, or an employee could accidentally damage a client’s property.

Business Property Insurance

Your office contains equipment and property your business relies on every day. Business property coverage can help protect items such as:

• Computers and monitors
• Office furniture
• Printers and other equipment
• Business records and documents
• Office improvements
• Other covered business personal property

Property coverage can also be combined with business income coverage to help address certain losses that interrupt normal business operations.

Professional Liability / Errors & Omissions

Accounting professionals provide specialized advice and services, which creates exposures that are different from those of a typical office.

Professional liability insurance, also called errors and omissions insurance or E&O, is designed to address claims alleging that professional services resulted in financial harm to a client.

Depending on your operations, this can be an important part of an accounting firm’s insurance program.

Cyber Insurance

Accounting firms routinely handle sensitive financial and personal information. That makes cybersecurity an important consideration for modern accounting practices.

Cyber insurance can provide coverage for certain losses associated with covered cyber events, such as data breaches, cyberattacks, and other technology-related incidents. Coverage varies by policy, so we can help you evaluate the risks associated with your firm’s systems and data.

Business Owners Policy

For eligible small businesses, a Business Owners Policy (BOP) can combine several types of commercial coverage into one policy. Depending on the business and insurer, a BOP may include general liability and commercial property coverage, along with other available coverages and endorsements.

Not every accounting practice has the same needs, so we look at the individual business rather than assuming one policy fits everyone.

Who We Insure

Accounting and financial-service businesses can include many different types of operations. We can help businesses such as:

• CPA firms
• Accounting firms
• Certified public accountants
• Bookkeeping businesses
• Tax preparation offices
• Payroll service businesses
• Financial and business consulting offices
• Other professional office-based businesses

The available insurance markets and coverage options depend on the specific services your business provides.

Why Accounting Firms Need Specialized Insurance

An accounting practice may look like a straightforward office, but the primary risks often come from the professional services performed rather than the physical building itself.

For example, an accounting firm may face exposures involving:

• Alleged professional errors or omissions
• Client financial losses
• Data breaches or stolen information
• Cybercrime and fraudulent activity
• Employee or visitor injuries
• Damage to business property
• Business interruption
• Employment-related claims
• Loss or damage involving client property

The appropriate combination of coverage depends on your firm’s operations, employees, location, contracts, and the services you provide.

Accounting Firm Insurance in Florida

Florida accounting firms face the same fundamental business risks as professional offices elsewhere, along with considerations that come with operating a business in Florida.

Your location, building, equipment, employees, and specific business operations all factor into determining the appropriate commercial insurance program.

Smith & Thomas Insurance works with independent insurance markets to help Florida businesses compare available coverage and find an insurance program appropriate for their needs.

Get a Quote for Your Accounting Firm

Whether you’re opening a new accounting practice, expanding an established CPA firm, or simply reviewing your current insurance, we’re happy to discuss your options.

Contact Smith & Thomas Insurance to discuss accounting firm insurance in Florida.