Start with how the operation works
Accounting-firm insurance should reflect the services performed, credentials, client types, contracts, deadlines, records handled, payment practices, employees, and potential financial consequences of an alleged error. Bookkeeping, tax preparation, payroll, audit, and advisory services can create different professional and cyber exposures. For workers' compensation, workers’ compensation planning should reflect actual duties, payroll, locations, supervision, and workplace controls.
Operating details to document
- Description of accounting firms & bookkeepers operations, locations, revenue, payroll, and recent changes
- Current values and schedules for professional liability (e&o) appropriate to the services performed, cyber liability, crime, social-engineering, and funds-transfer coverage, business owner's policy, workers' compensation, epli, and umbrella where appropriate
- Contracts, certificates, current policies, and currently valued loss history
Coverage details to review
- Employee classifications and payroll estimates
- Medical and lost-wage benefits for covered injuries
- Employer liability limits
- Multi-state work, subcontractor, and return-to-work considerations
Prepare a Complete Quote Submission
A useful review goes beyond selecting a policy name. It connects current information to eligibility, policy structure, and the consequences of a significant loss.
- Confirm every location, operation, and revenue source is described
- Provide current schedules, values, payroll, sales, and vehicle information
- Explain losses, corrective action, and material operational changes
Alleged calculation, filing, reporting, bookkeeping, payroll, or advisory errors
Confirm how this applies to the operation, how it is represented in the application, and where the policy addresses or excludes the exposure.
Client-data loss, ransomware, privacy events, fraudulent instructions, social engineering, and funds-transfer loss
Confirm how this applies to the operation, how it is represented in the application, and where the policy addresses or excludes the exposure.
Employee injury, employment allegations, office property loss, and interrupted operations
Confirm how this applies to the operation, how it is represented in the application, and where the policy addresses or excludes the exposure.
Employee classifications and payroll estimates
Confirm how this applies to the operation, how it is represented in the application, and where the policy addresses or excludes the exposure.
Medical and lost-wage benefits for covered injuries
Confirm how this applies to the operation, how it is represented in the application, and where the policy addresses or excludes the exposure.
Employer liability limits
Confirm how this applies to the operation, how it is represented in the application, and where the policy addresses or excludes the exposure.
Multi-state work, subcontractor, and return-to-work considerations
Confirm how this applies to the operation, how it is represented in the application, and where the policy addresses or excludes the exposure.
Information to have ready
- Description of accounting firms & bookkeepers operations, locations, revenue, payroll, and recent changes
- Current values and schedules for professional liability (e&o) appropriate to the services performed, cyber liability, crime, social-engineering, and funds-transfer coverage, business owner's policy, workers' compensation, epli, and umbrella where appropriate
- Contracts, certificates, current policies, and currently valued loss history
- Payroll by employee duty and location
- Employee counts, shifts, and seasonal changes
- Subcontractor certificates and payment records
- Loss runs and workplace safety procedures
Questions for the coverage review
Which accounting firms & bookkeepers risks could create the most severe loss?
Document the answer and compare it with the application, quote, endorsements, limits, deductibles, and contractual requirements.
Do current values, classifications, limits, and deductibles reflect the operation?
Document the answer and compare it with the application, quote, endorsements, limits, deductibles, and contractual requirements.
What operational changes, contracts, or dependencies should the insurance review address?
Document the answer and compare it with the application, quote, endorsements, limits, deductibles, and contractual requirements.
Are employees classified by what they actually do?
Document the answer and compare it with the application, quote, endorsements, limits, deductibles, and contractual requirements.
Do employees travel or work in more than one state?
Document the answer and compare it with the application, quote, endorsements, limits, deductibles, and contractual requirements.
Frequently asked questions
Who should use this accounting firms & bookkeepers workers' compensation guide?
Business owners and insurance buyers can use it to prepare for a focused review of submission quality. It is educational guidance, not a quote or a substitute for policy terms.
What information should a accounting firms & bookkeepers account gather first?
Start with description of accounting firms & bookkeepers operations, locations, revenue, payroll, and recent changes, current values and schedules for professional liability (e&o) appropriate to the services performed, cyber liability, crime, social-engineering, and funds-transfer coverage, business owner's policy, workers' compensation, epli, and umbrella where appropriate, contracts, certificates, current policies, and currently valued loss history, plus currently valued loss information when available.
Coverage descriptions are general. Eligibility, availability, limits, deductibles, exclusions, and policy terms vary by risk and market. Review actual policy documents with an appropriate insurance professional.