Billing Service Insurance Coverage Checklist
The coverages a billing service business may carry — core, prevalent, and situational — why each matters, and the gap most often missed.
Pull out your current policy and check the box next to any coverage you can confirm is already in place — anything unchecked is worth a quick conversation with your advisor. Coverage checklist for non-medical billing and accounts-receivable services. Priorities reflect typical exposure for this class; confirm against your actual services, contracts, and clients.
Tick each coverage you can confirm you carry — anything left unticked is a good question for your next policy review.
| Have it? | Coverage | Why this business needs it | Priority |
|---|---|---|---|
| Professional Liability / E&O | Covers billing errors, missed invoices, and wrong amounts. | Core | |
| Cyber Liability incl. PCI Fines | Covers card data breaches and assessments. | Core | |
| Crime incl. Client Property | Covers employee theft of client funds. | Core | |
| Social Engineering Fraud | Covers spoofed bank-change requests. | Core | |
| General Liability | Covers premises exposure. | Core | |
| Workers' Compensation | Required for employees. | Core | |
| Employment Practices Liability | Covers staff claims. | Prevalent | |
| Collection Agency E&O (FDCPA) | Required if you collect consumer debts. | Situational | |
| Collection License Surety Bond | Often required for state licensing. | Situational | |
| Regulatory Defense | Covers CFPB or attorney general inquiries. | Situational |
The coverage gap most often missed
The gap most often missed by billing services is client funds. Standard crime policies cover your own money unless a client property extension is added, and social engineering losses are often excluded or capped low — yet the most common loss is a spoofed remittance-change email redirecting a client's funds. Most E&O forms also exclude FDCPA statutory damages without a collection endorsement.
Send us the checklist and we'll review your billing service coverage line by line, then market it across multiple carriers that compete for your account.
Related: Billing Service Insurance · Billing Service Supplemental (apply) · All coverage checklists
Frequently asked questions
What insurance does a billing service business need?
The core coverages for a billing service business are Professional Liability / E&O, Cyber Liability incl. PCI Fines, Crime incl. Client Property, Social Engineering Fraud, General Liability, Workers' Compensation. This checklist also lists the prevalent and situational coverages worth considering, with a plain-English note on why each matters.
Is this checklist insurance advice?
No. It is a free educational tool to help you have a more informed conversation with a licensed professional. It affords no coverage and is not insurance, legal, or financial advice — only your actual policy language governs what is and isn't covered.
Can Cory Washington & Co. review my billing service coverage?
Yes. Share your checklist and we'll review your program line by line, market your account across multiple carriers, and explain the trade-offs in plain English. Cory Washington & Co. LLC is licensed in all 50 states.
This checklist is a free educational tool from Cory Washington & Co. to help you review your own coverage and have a more informed conversation with a licensed insurance professional. It is general information only — not insurance, legal, or financial advice, and not a recommendation to buy, change, or cancel any policy. Coverage terms, availability, limits, and requirements vary by policy, carrier, and state, and only the language in your actual policy governs what is and isn’t covered. Checking or leaving blank any item above does not indicate that you are adequately insured or under-insured. Using this checklist does not create a client, agency, or fiduciary relationship. Always consult a licensed professional about your specific situation.