How to Compare Accounting Business Insurance Quotes
- Nate Jones, CPCU, ARM, CLCS, AU
- 1 day ago
- 2 min read
Finding the right insurance for your accounting firm can be overwhelming. CPAs, bookkeepers, and accounting professionals need coverage for professional liability, general liability, cyber risks, and more. Comparing quotes effectively ensures your firm gets the best coverage at the most competitive price.
Step 1: Understand Your Coverage Needs
Before requesting quotes, identify your firm’s specific risks. Consider the size of your client base, services offered, number of employees, and regulatory requirements. Most accounting firms need:
Professional Liability (E&O): Covers mistakes or negligence in your services.
General Liability: Protects against property damage or bodily injury claims.
Cyber Liability: Safeguards sensitive client financial data.
Business Property Insurance: Covers office equipment and assets.
Knowing what you need ensures you compare policies that offer similar coverage.
Step 2: Collect Multiple Quotes
Reach out to multiple insurance providers to request quotes. Many insurers, including Wexford Insurance, offer online quoting tools tailored for accounting firms. Getting several quotes allows you to see differences in coverage options, limits, and premiums. Request a quote from Wexford Insurance for a fast and customized estimate.
Step 3: Compare Policy Details
It’s not just about price. Review each policy carefully:
Coverage limits and deductibles
Exclusions and conditions
Claim handling process and customer service
Optional add-ons like cyber or data breach coverage
A policy with a lower premium may not provide adequate protection. Make sure the coverage aligns with your firm’s risk profile.
Step 4: Evaluate Insurer Reputation
Research insurers’ reputations for claim handling, financial stability, and customer service. Resources like AICPA Risk Management Resources provide guidance for accounting professionals on selecting reliable insurance providers.
Step 5: Make an Informed Decision
After comparing coverage, price, and insurer reliability, choose a policy that balances cost and protection. Wexford Insurance specializes in customized accounting business insurance, helping firms of all sizes get coverage that fits their needs.
