According to the New Jersey Society of Certified Public Accountants, there are between 13,000 and 14,000 accountants currently working in NJ. They work at both big and small accounting firms scattered throughout the state.

It’s obviously important for all these accountants to have the necessary qualifications and certifications to work as CPAs in NJ. But it’s just as important for them to secure the right insurance for accountants.

It can be confusing for accountants to figure out which types of insurance they’ll need to have in their back pockets, though. There are so many insurance options for them to choose from.

But if you’re an accountant in NJ, you need to make it your mission to get your hands on the best accountant insurance policies possible. Here are seven tips for choosing insurance for accountants.

1. Learn About the Different Types of Insurance for Accountants

As an accountant at an accounting firm, you’ll face some industry-specific challenges daily. It’ll force you to look into getting insurance for accountants. For example, there will always be at least a slight chance that you might make an error while doing your job, and it could come back to bite you in a big way.

It’s why you’ll want to obtain an errors and omissions insurance policy designed for accountants. It’ll help you bounce back if you happen to make a mistake while working with a client. It’s also known as professional liability insurance, and it’s one of the best types of insurance for accountants and accounting firms.

But professional liability insurance is just one of the types of insurance you might want to get for your accounting firm.  You might also want to get general liability insurance, workers’ compensation insurance, and other insurance options.

It would be wise to kick things off by learning about your different insurance options. It’ll put you on the right path as you shop for insurance for accountants.

2. Decide Which Types of Insurance You Want

Once you’re familiar with all the different types of insurance you might want for your accounting firm, you should sit down and decide which ones you’d like to get. You might not need every kind of insurance for accountants based on the size of your firm, the number of clients you have, etc.

Ideally, you should sign up for as many different accountant insurance policies as possible. They’ll provide you with all the protection you need while working in the accounting world.

But that might not always be necessary, depending on your specific situation. It’s why you should consider which accountant insurance policies will make the most sense for you.

3. Look For the Right Accounting Firm Insurance Companies

There are thousands of business insurance companies operating all across the country. When you need accounting firm insurance, you might be tempted to Google “business insurance near me” and choose the first company you can find. But this isn’t always going to lead you in the right direction.

You need an insurance agency on your side that’s going to have experience working with accountants and accounting firms. It’ll ensure that this insurance company will be able to provide you with the types of insurance you need from the start.

They’ll know which insurance options to provide for you. They can draw on their experience to recommend the right accountant insurance policies.

4. Research the Different Accountant Insurance Companies

Even after narrowing down the list of business insurance companies to just the ones that know how to work with accountants, you will still find quite a few options available to you. To get a better sense of which insurance company you should rely on for insurance for accountants, you should visit each of their websites and get to know them better.

On an accountant insurance company’s website, you’ll be able to discover how long a company has been around. You’ll also be able to determine which types of insurance they offer and how these options might benefit you.

The more you’re able to learn about different accountant insurance companies, the easier it should be to select a company that’s going to provide you with a wonderful experience when you’re choosing insurance for accountants.

5. Read Reviews for Various Accounting Firm Insurance Companies

If you ever have to file an accountant insurance claim, you want to know that an accounting firm insurance company is going to make the process as simple and straightforward as possible for you.

There isn’t any way to find out what this process will actually be like until you go through it. But you can read reviews that other accountants have left for insurance companies to see what these companies are like.

If a particular insurance company doesn’t seem to extend the best customer service based on their reviews, it’ll be a huge red flag. You want to work exclusively with an insurance company with almost nothing but positive reviews from the accountants they’ve worked with.

6. Secure Quotes for Insurance for Accountants

You shouldn’t ever work in or help operate an accounting firm without the right types of insurance. But at the same time, you also shouldn’t ever agree to spend a small fortune on insurance for accountants.

You can steer clear of doing it by securing quotes for the different types of insurance you would like to get for your accounting firm. You should be able to get quotes from a few different insurance companies within a matter of just minutes online.

You don’t want to choose whichever insurance for accountants is the cheapest. But you also don’t want to put yourself in a position where you’re overpaying for accountant insurance.

7. Run With Insurance for Accountants From the Right Company

Ultimately, you should be left with a stack of quotes from different business insurance companies that can help you. You should go through them all and see what they have to offer.

From there, you can choose the insurance for accountants you want through whichever company seems to provide you with the best deal. You can then let them know you’d like to obtain different types of insurance and sign up for a policy in no time.

Start Shopping for Insurance Options for Your Accounting Firm

Choosing insurance for accountants might take you some time and require some hard work on your part. But when you’re finished, you’ll be happy to have the right types of insurance in place.

Accountant insurance can provide you and your accounting firm with the necessary protection. It’ll help you work more efficiently and provide you with peace of mind.

Contact us now to hear about your insurance options for your accounting firm through Central Jersey Insurance Associates. We’re the insurance agency people can trust for homeowners insurance, business insurance, and more.