USA: Cost of Professional Liability Insurance for Accountants According to Insureon's 2026 cost data, financial service and accounting professionals pay an average of $42 per month, or $500 annually, for professional liability insurance. But the actual range is much wider than that average suggests: Professional liability insurance costs between $32 and $193 monthly, depending on your industry and location. A solo accountant pays $1,437 annually, while a two-employee firm pays $315 more due to increased liability exposure. Here is what specific providers charge US accountants in 2026: ProviderMonthly Cost (Accountants)Annual CostBest ForNEXT Insurance~$26~$312Solo accountants, fastest quoteThimble~$30~$360Freelance/part-time accountantsSimply Business~$42~$500Small accounting firmsCoverdash~$50~$600Growing practicesThe Hartfordcustom~$1,560Established firms, best serviceIndustry Average~$78~$931Benchmark comparison 🇺🇸 Cheapest Professional Liability Insurance for Accountants: US Providers (2026)

Source: Insureon, NEXT Insurance, The Hartford — solo accountant, $1M coverage, no prior claims

UK: Cost of Professional Indemnity Insurance for Accountants In the UK, professional liability insurance for accountants is called professional indemnity (PI) insurance and is mandatory for members of the ICAEW, ACCA, AAT, and CIMA. Hiscox business insurance for accountants starts from £8.40 per month, covering professional indemnity, with policies compliant with ICAEW minimum terms for Chartered Accountants. Here is the full UK provider comparison for 2026: ProviderStarting Monthly CostStarting Annual CostBest ForAXAFrom £6/monthFrom £68/yearBudget-conscious accountantsSimply BusinessFrom £5.64/monthFrom £67/yearComparing multiple quotesHiscoxFrom £8.40/monthFrom £100/yearICAEW/ACCA compliant coverPolicyBeeCustomFrom £92/yearACCA, AAT, CIMA membersMarsh CommercialCustomCustomTop 100 accounting firmsHowdenCustomCustomLarge established practices 🇬🇧 Cheapest Professional Indemnity Insurance for Accountants: UK Providers (2026)

Source: Simply Business, Hiscox UK, AXA — sole trader accountant, £100K–£500K cover

Cheapest Professional Liability Insurance for Accountants in 2026

2. Simply Business UK (from £5.64/month) Aggregator model meaning you get quotes from multiple insurers at once. Excellent for ICAEW and ACCA members comparing prices.

3. Hiscox UK (from £8.40/month) Slightly more expensive but offers wording that exceeds ICAEW minimum requirements. Strong claims reputation.

FAQ: Professional Liability Insurance for Accountants

Q: Is professional liability insurance for accountants tax deductible?

Yes, in both the US and UK. Business insurance premiums are an allowable business expense and reduce your taxable profit. Keep all receipts and policy documents.

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