How Accounting Firms Can Lower Their Business Insurance Premiums
- Nate Jones, CPCU, ARM, CLCS, AU
- 1 day ago
- 2 min read
Business insurance is essential for accounting firms, but rising premiums can strain budgets—especially for small CPA and bookkeeping practices. The good news is that there are practical, proven ways to lower your accounting firm’s insurance costs without sacrificing coverage. By understanding what insurers look for and working with the right provider, firms can significantly reduce premiums over time.
1. Bundle Multiple Insurance Policies
One of the most effective ways to lower premiums is by bundling policies. Many insurers offer discounts when you combine professional liability, general liability, cyber liability, and business property insurance into a single package. Bundling simplifies policy management and reduces overall costs.
Wexford Insurance specializes in bundled insurance solutions for accounting firms, helping CPAs and bookkeepers secure comprehensive coverage at competitive rates.
2. Improve Risk Management Practices
Insurance providers reward firms that actively reduce risk. Steps that can lower premiums include:
Implementing quality control and review procedures
Using secure accounting software and data encryption
Training staff on compliance and cybersecurity best practices
Maintaining accurate documentation and client agreements
Strong risk management reduces the likelihood of claims, which insurers consider when pricing policies.
3. Maintain a Clean Claims History
A history of frequent claims signals higher risk to insurers and often leads to increased premiums. By addressing potential issues early and resolving disputes before they escalate, accounting firms can maintain a clean claims record and qualify for lower rates over time.
4. Adjust Coverage Limits and Deductibles
Review your coverage annually to ensure it matches your firm’s current needs. Increasing deductibles can lower premiums, while removing unnecessary coverage helps avoid overpaying. However, it’s important not to underinsure your firm—finding the right balance is key.
5. Work With a Specialized Insurance Provider
Not all insurance providers understand the unique risks accounting firms face. Working with a specialist like Wexford Insurance ensures you receive tailored coverage designed specifically for CPAs, tax professionals, and bookkeepers. Their expertise often results in better pricing and more relevant coverage options.
Conclusion
Lowering business insurance premiums doesn’t require cutting corners—it requires smarter planning. By bundling policies, improving risk management, maintaining a clean claims history, and partnering with a specialized provider, accounting firms can reduce costs while staying fully protected. Wexford Insurance offers customized solutions that help accounting firms save money and safeguard their future.
