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Insurance Buying Guide for Finance and Accounting Businesses
Which Insurance Should You Consider?
Consider professional errors and omissions (E&O), cyber liability, crime, workers’ compensation, and commercial property. Start with the coverages tied to your day-to-day operations, then use the situations and buying questions below to compare your options.
Professional errors and omissions (E&O)
A client relies on your bookkeeping, accounting, tax preparation, reporting, or financial advice.
NAIC describes professional liability broadly for errors in services or advice. Ask how the form defines the services you actually provide.[1][4]
Ask Before Buying
Which services, client types, and alleged errors are within the proposed definition, and how are tax work or outsourced tasks treated?
Cyber liability
You collect tax, payroll, bank, identity, or other client records.
FTC describes first-party cyber costs and third-party claims as subjects to compare; IRS security guidance is directed to professional tax preparers. Neither determines your policy response.[3][2]
Ask Before Buying
Which response costs, vendor events, restoration, interruption, and customer claims are included, and what conditions apply?
Crime
Employees can access client or company money, payment instructions, or accounting systems.
Ask whether a proposed crime form addresses employee theft. Diversion of client funds or payment instructions is a separate question for the insurer; no response is assumed.[1]
Ask Before Buying
Does the form address employee theft, client funds, social engineering, or payment redirection, and which definitions and exclusions apply?
Workers’ compensation
You hire staff or add workers in California.
California DWC says employers generally need workers compensation for employees, including with one employee. Check each work state and actual worker classification.[5][6]
Ask Before Buying
Which states, duties, payroll, and worker categories are listed? How are owners or disputed classifications handled?
Commercial property
You lease an office or own computers, records, or equipment needed to serve clients.
Property coverage depends on the location, property interests, covered causes, and exclusions in the proposed terms.[7][1]
Ask Before Buying
Which office interests, computers, paper records, and equipment are scheduled, and what valuation and covered-loss basis applies?
Before You Handle Client Money or Records
Write down which accounts, payment instructions, tax identifiers, and records your staff can access. Tell the insurer who can approve transactions and whether a client can authorize transfers.[2][1]
Ask separately about employee theft, impersonation, redirected payment instructions, and a compromised email account. A crime label does not answer each scenario.[1][3]
When Your Engagement Scope Changes
Compare the engagement letter with the application: bookkeeping, tax preparation, payroll, reporting, and advice can be different services. Ask which service definitions and exclusions fit each.[1][4]
Tax-security guidance cited here is specifically for tax professionals. It helps identify information and controls to discuss; it does not establish an insurance requirement or coverage.[2]
Before the First Hire or Office Lease
For California employees, confirm workers compensation with DWC; share state, duties, payroll, and worker status with the broker. Recheck when a worker is added in another state.[5][6]
List office property by location and ownership, including records or equipment held for clients. Ask how replacement values, covered losses, and exclusions are shown.[7]
Providers to Compare by Coverage
Professional errors and omissions (E&O)
Alliance Risk
Spot Score
Review Score
Not enough ratings
Amelia Risk
Spot Score
Review Score
2.0/ 10
Cyber liability
Alliance Risk
Spot Score
Review Score
Not enough ratings
Amelia Risk
Spot Score
Review Score
2.0/ 10Crime
Alliance Risk
Spot Score
Review Score
Not enough ratings
Amelia Risk
Spot Score
Review Score
2.0/ 10
Workers’ compensation
Alliance Risk
Spot Score
Review Score
Not enough ratings
Amelia Risk
Spot Score
Review Score
2.0/ 10
Commercial property
Alliance Risk
Spot Score
Review Score
Not enough ratings
CFC
Spot Score
Review Score
Not enough ratings
Common Questions
Does employee-theft insurance answer the question about client payment fraud?
The label alone does not show whether a specific event is covered. Ask the insurer whether the proposed form distinguishes employee theft, outside impersonation, and redirected client payments.[1][3]
Read the Full AnswerDoes tax-security guidance tell a tax business which policy to buy?
No. IRS security guidance is aimed at professional tax preparers and helps frame data-handling questions. It does not select an insurance product or establish policy response.[2]
Read the Full AnswerSources and Further Reading
- Small Business Insurance — National Association of Insurance Commissioners. Small-business coverage categories, exclusions, property interests.
General coverage purposes and exclusions, not policy wording.
- Tax Security 2.0: The Taxes-Security-Together Checklist — Internal Revenue Service. Tax-professional security plan; requirement applies to professional tax preparers.
Tax-preparer security planning with narrow legal scope.
- Cyber Insurance — Federal Trade Commission (content developed with NAIC and federal partners). First-party and third-party cyber examples; not policy wording.
First/third-party examples to turn into quote questions, not promises.
- Launch your business — Get business insurance — U.S. Small Business Administration. Business insurance overview, common types and buying steps; broad federal mandate statement not relied on.
- DWC employer information — California Department of Industrial Relations, Division of Workers’ Compensation. Employer requirement and out-of-state employer note.
- DWC FAQs for employers — California Department of Industrial Relations, Division of Workers’ Compensation. Employee and owner distinctions in employer FAQ.
- Commercial Insurance Guide — California Department of Insurance. Revised June 14, 2024: buying cover; property/time-element; inland marine; equipment breakdown; GL; workers compensation; rating.
- Cybersecurity for Small Business — Federal Trade Commission. Supplier risk assessment and vendor-breach response.
Spot, a product of Tools for Enlightenment, publishes this guide and works in the commercial insurance market. This is general buyer education. Policy wording and applicable state rules determine terms for a particular business.
Updated 2026-09-28. Editorial Policy
Get Help With Insurance Buying and Renewals.
Get help buying coverage and managing renewals, with less paperwork for your team. Start with a free consultation.