As a CPA or accountant, your days are filled with balancing books, advising clients, and keeping up with constantly changing regulations. But have you considered how prepared your business is if the unexpected happens? November 3 is the perfect reminder to take stock of your business insurance coverage because even the most organized practices are vulnerable to risks.

Why Business Insurance Matters for CPAs and Accountants

Even though accounting is a desk-based profession, CPAs and accountants face unique risks every day:

• Professional liability: Errors, omissions, or advice that leads to a client loss can expose your practice to costly claims.
• Cybersecurity threats: Handling sensitive financial data makes your practice a target for cyberattacks.
• Property loss: Office damage from fire, flood, or theft can disrupt your ability to serve clients.
• Business interruption: Even short-term interruptions can lead to lost revenue and client trust.

Business insurance is more than just protection, it’s peace of mind, letting you focus on your clients and your practice without worrying about “what if.”

Key Coverage Options for CPAs and Accounting Firms

1. Professional Liability Insurance (Errors & Omissions)
   Covers claims arising from mistakes, negligence, or advice that results in financial loss for a client.
2. General Liability Insurance
   Protects against third-party claims for bodily injury, property damage, or legal defense costs.
3. Cyber Liability Insurance
   Critical for firms handling sensitive client data, this coverage can help manage costs from breaches, ransomware, and other digital threats.
4. Business Property Insurance
   Covers your office, equipment, and documents if damaged or stolen.
5. Business Interruption Insurance
   Helps replace lost income if your practice is temporarily unable to operate due to a covered event.

Tips for Choosing the Right Coverage

• Assess your risks: Every firm is different. Consider the size of your practice, the types of clients you serve, and how you store sensitive data.
• Bundle for efficiency: Many insurance providers, including Midwest Heritage, offer package policies that combine liability, property, and cyber coverage.
• Review annually: As your practice grows, your coverage needs may change — review policies yearly to ensure you’re fully protected.

Why Midwest Heritage?

At Midwest Heritage, we understand the unique challenges CPAs and accountants face. Our team works with small businesses and professional practices to find insurance solutions that fit your needs and budget, so you can focus on what you do best: helping your clients succeed.

Not a Deposit | Not FDIC Insured | May Lose Value