Business Liability-Property and Workers’ Compensation

CPAs face many risk exposures that stem from a variety of business areas and may cause major coverage gaps. Two such areas, sometimes overlooked, are business liability/property and workers’ compensation. Consider the following scenarios and solutions:

Business Liability


Problem – Your firm hosts a reception where alcohol is served, and a tipsy client trips and breaks his wrist. He sues your firm for medical expenses, loss of income, pain and suffering.

Solution – Business liability coverage protects the policyholder from financial loss resulting from claims of injury or damage caused to others by your business, including damages from medical costs, personal injury, libel, slander, disparagement, and advertising misprints. Business liability policies can be combined with other general liability policies to create a more comprehensive Business Owners Package (BOP).

Business Property


Problem – An office fire damages your furniture, fixtures and equipment. Valuable papers and records are destroyed. Your business, cash flow and revenues come to a halt, and you must rent temporary space to continue operations.

Solution – A business owners policy protects the property your business owns, including office equipment, phone systems, furniture and inventory damaged by fire, theft or other covered perils. Some policies also cover damaged computers and media, and loss of income and valuable papers to help you meet your continuing financial obligations, such as rent or payroll and extra expenses for additional costs. Policies can also be combined to create a Business Owners Package (BOP).

Workers’ Compensation


Problem – A staff member throws his back out while lifting a box and opts for back surgery.

Solution – Many states require businesses with employees to provide workers’ compensation insurance benefits. This sometimes includes regular part-time employees, such as those who work only on weekends, depending on the state. In return for providing benefits for injuries sustained on the job by workers, employers are generally shielded from tort liability for those injuries.

There are more risk exposures to CPA firms than these, such as professional liability, employment practices liability, and cyber/data breach costs, making it all the more important to discuss your situation with your insurance carrier or agent before taking action. Together you can determine the best options for your firm.

For more information on solutions to these exposures, click www.camico.com/solutions or call 800.652.1772 / 650.378.6800 and ask to speak with a CAMICO account executive.

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