Accountants and bookkeepers handle the numbers clients build decisions on, so a mistake, or a claim of one, can be expensive. If you run a practice serving Illinois clients, professional liability is your core coverage.
What professional liability (E&O) covers
E&O protects you when a client says your work caused them a financial loss, even if you made no mistake:
- A filing error or missed deadline leads to a penalty the client blames on you.
- A client says your advice cost them money or triggered an audit.
- A reconciliation or report is challenged and the client seeks damages.
General liability will not cover these, because they are about your professional work, not physical injury or property damage. E&O handles legal defense and covered claims, which matters because defending even a baseless claim is costly.
What about general liability?
General liability covers injury or property damage, like a client hurt at your office. Some leases and contracts ask for it, and many practices add it. But for an accounting or bookkeeping practice, E&O is the priority. Bundling the two can lower your total.
What insurance costs for accountants in Illinois
Two things set your premium: the state you work in and the risk your trade carries. Insureon’s customers in Illinois pay a median of $40 a month for general liability, against $45 nationally. Accounting work is low-hazard physically but carries real exposure to claims about a return, an audit, or advice a client relied on. The ranges below start from Insureon’s published medians for accountants and adjust them for Illinois.
| Coverage | Typical monthly | Typical annual | What it covers |
|---|---|---|---|
| Professional liability (E&O) | $34–$68/mo | $408–$816/yr | Claims that your work or advice cost a client money. Also called errors & omissions. |
| General liability ($1M per occurrence) | $18–$36/mo | $216–$432/yr | Third-party injury and property damage. Usually the coverage a client, landlord, or license asks for by name. |
| Business owner’s policy (BOP) | $32–$64/mo | $384–$768/yr | General liability and commercial property bundled, usually with business-interruption cover. Cheaper than buying both separately. |
| Hiscox advertised starting price | from $22.50/mo | from $270/yr | E&O from $22.50, general liability from about $29, a BOP from about $42. |
Estimates from Insureon’s published medians for accountants, adjusted for Illinois, for a business of two to five people at standard limits. Not quotes: your insurer prices your specific business. Hiscox writes coverage in 49 states plus Washington DC (not Alaska). Its advertised prices are starting prices for the lowest-risk businesses, and most businesses pay more.
See these costs for your own business size, revenue and state
For what bookkeepers and accountants pay nationally, by size, state and limit, see our bookkeeper insurance cost guide. For the wider picture, see our guides to how much small business insurance costs, the average cost of general liability insurance, the average cost of professional liability (E&O) insurance, and the average BOP insurance cost. Comparing states? Average business insurance cost by state puts Illinois next to the other 49. Not sure which policy you actually need? General liability vs professional liability vs BOP sets out the differences.
Frequently asked questions
How much does insurance cost for accountants in Illinois?
Accountants in Illinois generally pay about $18–$36 a month for general liability and $34–$68 a month for professional liability (E&O). A business owner’s policy, which bundles general liability with property cover, runs about $32–$64.
Is business insurance more expensive in Illinois?
No, slightly cheaper on general liability. Insureon’s customers in Illinois pay a median of $40 a month for general liability, against $45 nationally. Litigation climate, weather and catastrophe exposure, and local medical and repair costs are what move a state off the national figures. Your trade, revenue, limits, and claims history then set your own number.
Do accountants in Illinois need professional liability insurance?
Most do. E&O covers claims that your work caused a client a financial loss, and clients and contracts often require it.
Is E&O the same as malpractice insurance?
For accountants, professional liability (E&O) is the coverage that handles claims of professional negligence in your work.
Does general liability cover an accounting mistake?
No. That is a professional liability claim, which is exactly what E&O is for.
Get a real price
These figures are estimates. Only an insurer can give you a real price.
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Example: Hiscox. Rated A (Excellent) by AM Best. Sold in 49 states and DC.
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Disclaimer: Informational only, not insurance advice or a substitute for a licensed agent. Coverage descriptions are summaries; policy terms govern. Availability and pricing vary by state and business, and prices are illustrative. Hiscox is available in 49 states and DC, not Alaska.