Insurance for Tax Preparers

Get business insurance with optimized coverage to meet your exact needs

Prefer to speak with a CoverWallet consultant? Call (646) 844-9933 anytime.

Better, Regardless of Your Size

  • Get your tax preparers insurance even before you open

  • Relax while you tax, get insured today

  • Affordable tax preparers insurance with CoverWallet

  • Proactive service that protects your bottom line

Coverage Plans for All Your Needs

BASIC

Essential coverages to meet client demands


General Liability (GL)

Instant quote »

Includes:

  • Coverage against claims from bodily injury, property damage and personal injury
  • Coverage for products/completed operations

STANDARD

Protect your business against service errors


General Liability (GL) + Professional Liability (PL)

Instant quote »

All Basic plan benefits and:

  • Professional negligence
  • Retroactive claims (previous contracted work)
  • Subcontractor errors

PRO

When you also have equipment or work from an office


GL + PL + Commercial Property

Instant quote »

All Standard plan benefits and:

  • Natural disasters
  • Equipment breakdown
  • Revenue loss
  • Construction costs

CUSTOM

When you have specific requirements


Including Commercial Auto, Workers Compensation, etc.

Instant quote »

ALREADY INSURED?

We will take care of the switching hassle.

Call us at (646) 844-9933 for help and more information

We've Got You Covered with Coverage You Need

Everyone hates tax season, but as a tax preparer it is your big money-maker. So, it’s important to cover your business in all the work you do for clients in filing their annual taxes and the contract you enter. Someone can easily become unhappy with their tax return and you should be covered in case of the slightest oversight so legal fees and your business reputation are covered.

Act Now, Get Protected Easily, Quickly and Affordably

See how much you could be saving, with best in class insurance partners.

Start your application and get a free quote in minutes.

Or call (646) 844-9933 anytime.

Get protected easily with CoverWallet

Frequently Asked Questions

Who needs Professional Liability insurance for tax preparers?

Every tax preparer needs Professional Liability insurance because it is a complex task they cannot do it on their own. It is your responsibility to give them the most accurate result possible. Professional Liability insurance protects your business and physical assets from claims of wrongful acts committed while performing your duties. It is your safety net when a client claims that you have committed a mistake while doing taxes.

What liability risks do tax preparers face?

Even the most careful tax preparer can make an error or omission while preparing their client's taxes. There are also state tax laws that change constantly. Your clients rely on you to do your job accurately. Failing to do so will result in a lawsuit that will risk your finances and the future of your business. Without insurance, you'll have to pay your own defense and the cost associated with the judgment against you.

Do I need Workers Compensation as a tax preparer?

When you are an individual contractor, Workers' Compensation is not required. When you employ a team of tax preparers, this insurance for tax preparers is mandatory but only if you meet your state minimum number of employees. For more information about the state requirements for Workers' Compensation, please visit your state website.

What happens if I don't buy insurance as a tax preparer?

As a tax preparer you must provide work as accurate as possible. When you have made an error or omission on your client's taxes, they may sue. Without Errors & Omissions (E&O) insurance, a lawsuit can put a huge dent in your finances. Some are forced to sell all their business assets just to pay their clients. There is also the cost of the defense and whatever you lose in judgment. Insurance covers out-of-pocket expenses as long as it meets your current limits.

What insurance is needed when growing your tax preparation business?

Growing your text preparation business is an exciting step in your entrepreneurship journey. Living out your passion while earning a living is the true American dream, but it can all come crashing down without the right insurance protection in place. If you plan on opening another location you will have to make sure you cover the property from physical damage or theft with a Commercial Property insurance policy, or if you have a Business Owners Policy you can add the new location to it.

A great way to grow your tax preparation business is by offering more services in addition to taxes. Many tax preparers choose to offer bookkeeping, employee payroll services, or HR consulting. If you decide to offer these services then you should have Professional Liability insurance in place. The more professional services you offer, the bigger the risk you face of making an error or omission so Professional Liability is a must.

As you grow you will probably hire employees in which case you will need Workers Compensation insurance. It will provide them with their lost wages and medical expenses for a work-related illness or injury. It also contains Employers’ Liability insurance in case an employee sues you for negligence.

How much does tax preparer insurance cost?

As a tax preparer, you will probably want to know what the insurance policies you need are going to cost. This is not an easy answer. Each insurance policy you need to properly protect your tax preparer business will be rated on different information, but here is a ballpark to get you started.

  • General Liability has an average price of $350 - this policy is usually rated on your annual sales, so the more you grow the more you will have to pay. Some companies will base it on the number of employees but this is rare.
  • Errors & Omissions’ average price is $600 - it is usually based on sales as well but does tend to cost more than General Liability insurance since it is going to pay for losses associated with your profession.
  • Workers Compensation has an average price of $400 - this will be based on your annual payroll for your employees. So, the more employees you have, the more you will pay.

Peace of Mind, At Your Fingertips

CoverWallet utilizes state of the art technology to help small businesses understand and buy customized coverage, get significant savings and conveniently manage their insurance, in a matter of minutes, all through our online platform.

why coverwallet

Businesses Love CoverWallet

Our mission is to help small businesses to be better protected, informed and served. See what our customers are saying.

Testimonial John White

Personalized Service

5 stars service

John White, Restaurant Owner

I didn’t know what type of insurance I needed for my new business so I called CoverWallet and the agent provided me with everything in under an hour!

Testimonial Laura Campbell

Quick and Easy!

5 stars service

Laura Campbell, Distributor

There is nothing more that CoverWallet could have done to make the process any faster or easier. They made it as painless as possible.

Testimonial Anthony Williams

Honest and Transparent

5 stars service

Anthony Williams, Contractor

I was extremely satisfied with all services and communications with customer support. I would definitely recommend to others. Thank you CoverWallet!

We are making headlines!

Already insured?

No worries, keep your insurance, just get an account with us to manage your policies, certificates of insurance and more

Get CoverWallet »

Need help? Get free advice

Understand in 10 seconds what type of insurance your industry needs, and why

Insurance Assessment »

The Power Behind CoverWallet

Algorithms, Science, Magic
Customized, Intelligent Application
Endless Experience!

Algorithms, Science, Magic!

You wanted better protection and cheaper pricing. So did we. We baked that dream into everything we've set out to accomplish in building our award winning platform.

Customized, Intelligent Application

We have one! How much could we have really improved the insurance purchase process? Try us! We ask only the questions you need to answer, nothing more.

Endless Experience!

We are proud to be part of Aon, the leading global professional services firm providing advice and solutions in Risk, Retirement and Health. With us, you’re in good hands!

Are you ready to get down to business?

Start your application and get a free quote in minutes or call (646) 844-9933 anytime.