Professional Liability Insurance
CAMICO - one program, two coverage options.
The CAMICO Program, providing professional liability coverage and practice and risk management services, is available to firms of all sizes at affordable rates. As a CPA, you need professional liability insurance to cover damages from an error committed by your firm in providing professional services; and to protect the assets of your firm and partners from the financial consequences of a claim.
We offer protection for smaller firms with up to $2 million in limits with coverage through CAMICO Mutual Insurance Company. For mid-size to large firms requiring limits of $3 million and above, the program is administered by CAMICO Insurance Services with coverage provided by Liberty Insurance Underwriters Inc., a part of Liberty Mutual Group companies that are rated 'A' (excellent) by A.M. Best.
- Broad range of professional services covered, including specific investment advice, computer consulting, business valuations, litigation support, trustee/executor and assurance services.
- Deductible credits of 50% to a maximum of $50,000 for reporting potential claims prior to the claim being made.
- Broad innocent insured provision applies to dishonest, fraudulent, malicious or criminal acts, errors or omissions.
- Optional zero deductible for defense costs.
- Unlimited 'tail coverage' period for qualified retiring sole practitioners.
Complete list of Coverage, Limits and Options
Our employment practices liability insurance provides comprehensive defense and indemnity coverage for your firm's full-time, part-time, and contract workers. In response to the growing demand from CPA firms for insurance protection, human resources advice and legal services, our CPA employment practices liability insurance was designed to address the proliferation of employment laws that make CPA firms vulnerable to claims and litigation. While large firms are natural targets and suffer the greatest financial losses, smaller firms have significant exposure as well.
- Third-party claimant provision protects the firm in the event that an allegation is made by the client's employee against your employee while on-site with a client.
- Pre-claim expenses such as attorneys fees are not charged against the deductible or limit of insurance.
- Reduction in deductible by 50% (up to $50,000) for reporting a matter before it becomes a claim or when formal mediation is utilized.
Complete list of Coverage Limits and Options
Employment Practices Liability Insurance (For firms with 31 or more employees)
CAMICO Insurance Services, CAMICO Mutual Insurance Company's insurance agency and wholly owned subsidiary, has partnered with the Empower program to offer CPAs nationwide access to an Employment Practices Liability (EPL) Program designed to meet the needs of firms with 31 or more employees. EPL is one of the most common forms of business litigation, and this policy provides coverage for loss (damage and defense costs) arising out of a broad range of allegations including discrimination, sexual harassment, wrongful termination, and wrongful discipline. And while these allegations are often groundless and false, the cost to defend your organization against such claims can significantly impair your bottom line. The program has competitive rates and provides industry-leading coverage that is essential for mid-to-large firms such as 'wage and hour' and 'failure to make partner'.
- Broad Definition of Wrongful Acts to include discrimination (by both employees and non-employees), harassment, constructive discharge, failure to promote (failure to make partner), hostile work environment, wrongful termination and breach of actual or implied employment contract.
- Broad Definition of Insured to include full-time, part-time, temporary and seasonal employees, trustees, volunteers, leased employees and independent contractors.
- Defense Coverage for 'Wage and Hour' Lawsuits responding to allegations of failure to comply with the Fair Labor Standards Act with regards to overtime pay, meal and rest breaks, adequate record keeping and wage laws.
Complete list of Coverage Limits and Options
Additional CPA Insurance Solutions
CAMICO Insurance Services (CIS), CAMICO Mutual Insurance Company's insurance agency and wholly owned subsidiary; has partnered with various insurance providers to provide CPAs with comprehensive insurance solutions, products, services and advice. CPA firms now have a one-stop resource from which to obtain business packages and other coverages required to protect a firm's practice and professional standing.
Business Owners Package - This policy protects your business and safeguards your assets by combining some of the basic coverages into one standard package that may be tailored to your specific business requirements.
Workers' Compensation - This insurance provides medical and disability coverage for company employees who may experience employment-related illness or injury.
Personal Umbrella (CA Only) - This insurance protects individuals by providing additional liability coverage for claims that exceed, or may not be covered under, the limits of your primary insurance policy.
ACE's International Advantage.NET International Travel Policy packages a comprehensive set of coverages in one affordable policy to protect your business and employees when traveling outside of the country.