How much does tax preparer insurance cost?

The median cost of errors and omissions insurance (E&O) is less than $30 per month, or about $340 annually, for tax preparers. Also called professional liability insurance, this policy can cover legal fees of lawsuits related to work performance.

Median cost per year: $340
Policy limit: $250,000 per occurrence
Policy deductible: $500

Learn how to save money on your policy, which coverage limits to choose, and more on Insureon's errors and omissions insurance cost analysis page.

Tax preparation businesses pay a median premium of less than $30 per month, or $350 per year, for general liability insurance. This policy provides financial protection against third-party injuries, third-party property damage, and advertising injuries.

Tax preparers can often save money by bundling general liability insurance with commercial property insurance in a business owner’s policy (BOP).

Median cost per year: $350
Policy limit: $1 million per occurrence
Deductible: $500

Learn how to save money on your policy, which coverage limits to choose, and more on Insureon's general liability insurance cost analysis page.

With a median rate of less than $70 per month, or $810 per year, cyber liability insurance is crucial for tax preparers who handle sensitive information. This policy helps by paying for legal fees related to data breaches and cyberattacks.

Median cost per year: $810
Median policy limit: $1 million

Learn how to save money on your policy, which coverage limits to choose, and more on Insureon's cyber liability insurance cost analysis page.

The median cost of workers’ comp insurance is less than $35 per month, or $400 annually, for tax preparers. This policy is required in almost every state for tax preparation businesses with employees. It can help cover medical fees and lost wages for work-related injuries and illnesses.

Learn how workers' comp premiums are calculated and more on Insureon's workers' compensation insurance cost analysis page.

The median premium for a fidelity bond is $88 per month for small businesses, or $1,055 annually. The cost primarily depends on the size of the bond.

Fidelity bonds provide reimbursement if one of your employees commits fraud, theft, or forgery against a client or your business, including illegal electronic funds transfer. They are often required by client contracts.

Learn how fidelity bond costs are calculated on Insureon's fidelity bond cost analysis page.