Employment Practices Liability
Whether you run your small firm like a family or have a grand company culture of 100 staff members, there’s always the risk of a disgruntled employee. Protect yourself and your firm from worry with an Employment Practices Liability (EPL) insurance policy from CAMICO.
A dispute with a former or current employee is stressful enough, so don’t go at it alone. EPL insurance from CAMICO provides top-notch resources, advice, and counsel personalized for your firm and situation. While larger firms have a greater financial risk from these types of claims, small firms also benefit from a proactive EPL policy. CAMICO specializes in helping CPA firms of all sizes stay ahead of the next problem.
An EPL policy from CAMICO will provide your CPA firm with comprehensive defense and indemnity coverage for full-time, part-time, and contract workers. It protects against claims resulting from allegations of discrimination (based on age, race, sex, disability, etc.), wrongful termination, sexual harassment, and retaliation.
Features and Benefits
- Broad definition of Employment Practices including but not limited to discrimination or harassment (including sexual), wrongful termination, and employment-related misrepresentation
- Third-party claimant provision protects the CPA firm in the event an allegation is made against the CPA’s employee while on-site with the client
- Potential claims expenses such as attorney fees are not charged against the deductible or limit of insurance
- 50% reduction in deductible (up to $50,000) for early reporting of a potential claim, or use of mediation
- Coverage for independent contractors
- Up to $1 million
HR Consulting Services and Resources
- Unlimited telephone and email consulting services
New! Employer Resource Center. Save time and money by simply engaging with these valuable on-demand HR Tools:
- Resources that address key employment-related HR issues
- A state-specific employee handbook and policy builder
- Online training including employee and supervisor sexual harassment prevention
- Up to date Federal and State specific posters with real time notification of changes – just download and post!
- Live and on-demand access to topical webinars, including occasional HRCI credits for HR professionals
For firms with up to 30 employees (Not applicable in California)
For firms with 31 or more employees (Also applicable for firms of any size in California)
For firms with up to 30 employees
For firms with 31 or more employees
This information is provided as a general overview. Coverage is underwritten by CAMICO Mutual Insurance Company. Actual coverage may vary and is subject to policy language as issued.
Frequently Asked Questions
Every carrier has a claims management philosophy, whether it is in a written statement or not. Ask the attorneys, who work as defense counsel for CPA professional liability carriers, for their assessments of the carrier’s claims handling process and philosophy. Most insurers make sound choices in selecting legal counsel and devising defense strategies, although some carriers may have more expertise in defending lawyers, doctors and design professionals than they do in defending CPAs—and the disciplines are very different from each other. The insurer should have skilled claims representatives on staff willing to work closely with the CPA firm and legal counsel in defending the claim.
There are many reasons why CPAs switch to CAMICO for their insurance needs. Here are five reasons why many CPAs choose CAMICO.
- Created by CPAs, for CPAs: As a company formed and run by CPAs, CAMICO concentrates on insurance products and services for CPA firms only. The CPA focus means that we monitor and stay closely in step with changes in the accounting profession to provide timely risk management communications to policyholders on significant matters that pose potential liability exposures.
- We only work with CPAs: Unlike many other carriers, CAMICO insures CPAs only and does not insure other professionals. Everyone at CAMICO only works with, and for CPAs. This is a big benefit because as a policyholder, you consult directly with in-house specialists and experts some of whom are also CPAs. It is very likely, that any situation you encounter will be one that our loss prevention and/or claims team has seen before and therefore, are in a position to respond, advise and guide you.
- Superior Service: Nothing is more important to us than supporting the needs of our policyholders. We call it ‘The CAMICO Experience’, a personalized approach to taking care of you. Don’t take our word for it – check out testimonials from some of our policyholders.
- Stability: Since opening our company in 1986, our goal has always been to protect the profession over the long term and provide a stable insurance program of choice for all CPAs. We offer stability of coverage. We have proudly been protecting the profession for 37 continuous years.
- Free, unlimited education, advice and resources: Policyholders with professional liability insurance have access to advice hotlines, education opportunities, practice management resources, a robust Members-Only Site and much more. For example, all of the CPAs at your firm have access to free CPE (approximately 20 free CPE credits per year). Consider the savings to your firm and staff.
Yes we do. In addition to CPA Professional Liability Insurance, CAMICO offers Employment Practices Liability, and Cyber insurance, and will place your Business Owners Package, Workers Compensation insurance and select Cyber liability policies through our wholly owned agency. As a company singularly focused on CPAs, our products and services are designed to deliver the expertise, support and solutions necessary to protect CPA firms. If you are interested to learn more, contact the team at CAMICO and we can help you select the right coverage options to meet the needs of your firm, thus helping to eliminate any gaps in your firm’s liability protection.
Our Claims department’s strategy toward claims handling includes a proactive approach and a strong emphasis on risk management. You work directly with experienced in-house claims specialists who only handle accountants’ professional liability claims. Our claims handling philosophy includes:
- Solve professional liability problems fairly, efficiently and expeditiously with superior services and a personal approach.
- Encourage early notification of situations that could give rise to a claim. We even provide incentives to encourage early reporting of a problem.
- Provide a proactive defense—not passive and reactionary. Upfront analysis enables the development and implementation of a plan to resolve the matter in a focused manner.
- Employ a team approach that brings together the policyholder, the CAMICO representative and external attorneys and consultants, as required.
- Assist with potential claim matters on your behalf and at our own expense. Potential claim expenses such as attorneys’ fees are not charged against the deductible or policy limit
- Counsel policyholders on ways to avoid or minimize exposure.
Learn more about our claims guidance here
If you have a circumstance that your firm would like to report, please complete the Claims Intake Form here. A CAMICO representative will contact you within 1-2 business days. If it is an urgent matter, please call CAMICO at 800.652.1772 / 650.378.6800 and request to speak with a Claims representative.
We take pride in the depth and variety of benefits and resources CAMICO offers to our firms. When you purchase CAMICO’s Accountants Professional Liability or Employment Practices Liability insurance, you get unlimited access to CPA-focused practice and risk management resources and tools. Even better – they are free and included with your policy! Here are a few things to know:
- Simply call our advice hotlines and request to speak with a Specialist who can help with a wide range of areas/concerns such as: arbitration/mediation, conflicts of interest, client screening, documentation, A&A, engagement and disengagement letters, technical tax questions, billing and collections, fraud, and internal control. Loss Prevention specialists also perform engagement and disengagement letter review services for policyholders.
- Receive free training and NASBA-accredited CPE that is available to you and all members of your firm. For example, CAMICO offers approximately 20 free CPE credits per year through webcasts.
- Benefit from practice management tools that provide you a support system of protection from liability. Some examples include articles, war stories, sample letter language, and more!
- Access to 150+ sample letters, educational articles, resource centers, and more on the Members-only Site.
Check out the Benefits section for details
Your firm can purchase a CAMICO policy in any one of these ways:
- Online: If you are a CPA firm with up to 3 CPAs and / or non-CPA professionals that has revenues of $500,000 or less and provides services such as tax, accounting, bookkeeping, review, compilation or management consulting – then obtain an online professional liability insurance (PLI) quote by going to our online application. You’ll be asked to answer a few simple questions, receive three quote options to choose from and can click to purchase.
- Application: If you’re looking for Professional Liability Insurance, then visit the applications page to download, complete and submit your state specific application. A CAMICO Account Executive will work directly with you to help identify your coverage requirements and secure the best insurance package for your firm.
- Other business insurance: Looking for a Workers Compensation or Business Owners Package quote, then call 800.652.1772 and request to speak with an Account Executive.
CAMICO is no stranger to challenging times. The program continues to be highly effective in protecting CPAs in difficult times as well as in good times — and through it all our risk management and claims professionals help CPAs with their current and evolving needs.
Since the company’s founding in 1986, CAMICO has navigated three recessions by taking decisive actions when needed, all with a responsible approach to financial management, maintaining stable insurance rates over time, and prioritizing the continued protection, security and success of our policyholders.
Currently we serve more than 8,000 firms throughout the U.S. and average a 94% renewal rate each year – reflecting strong loyalty in response to ‘the CAMICO Experience’. This was further validated in a 2020 CAMICO policyholder survey showing over 95% of respondents are likely to recommend CAMICO.
Simply call 800.652.1772 and request to speak with a Specialist. CAMICO dedicates an entire Loss Prevention department to answer your questions. On call to help policyholders are CPAs and experts with a wealth of experience. Especially noteworthy is that all of the advice is free and included with your professional liability or employment practices liability insurance policy. Furthermore, we do not limit the frequency or duration of policyholder consultations with our Specialists. We want you to call and we encourage it!
Yes we can. CAMICO Loss Prevention Specialists are happy to review and comment on your drafted engagement letters. Letters can be emailed to us and we’ll get back to you with an estimated turnaround time. We also have 150+ sample engagement and disengagement letter templates available to you as a policyholder on the Members-only Site.
When evaluating Accountants Professional Liability Insurance programs, CPAs often look for “apples to apples” comparisons — which may involve insurance coverages, limits, premiums and deductibles — to determine the best deal. But, just because programs may look similar, it doesn’t always mean they are. That’s why we recommend you consider which program gives you the best value and return on your premium.
While the cost of premium is a major consideration for any firm, we encourage CPAs to consider the potential consequences of choosing a carrier just on that one factor. Questions to ask include:
- Will the carrier be there to fully support the firm when the firm really needs expert guidance?
- Does the carrier provide the advice and resources needed to help CPAs avoid and minimize damages?
- Is the program dedicated to the profession and do the insurance professionals there have a complete understanding of what CPAs do?
- How long has the program been insuring CPA firms and how many CPA firms do they insure?
Another point to consider is quality of service and responsiveness. You want to choose a carrier who answers your call and returns messages in a timely manner. So, you have peace of mind that they will be there to help when you really need it.
We have a team of Account Executives and Underwriters on staff who you can talk to for help with your questions. Direct account executives can assist in the following ways:
- Help obtain a free, no-obligation insurance quote
- Explain product coverages and limits to help CPAs better understand what is included in the policy
- Help identify coverage requirements, determine optimal coverage limits, provide recommendations, and answer questions about premiums
- Secure the best insurance package for the firm
Each firm is also assigned a dedicated Underwriter who can help address coverage questions and concerns. Underwriters are available to meet with policyholders via conference calls. This gives policyholders an opportunity to discuss the CAMICO program while giving the Underwriters a better perspective of the policyholder’s business to help reduce the policyholder firm’s risk and improve CAMICO services.
CAMICO uses a team approach when supporting policyholders with each department specializing in expertise, guidance, and support in a specific area.
Customer Service: CAMICO has dedicated, in-house Customer Service representatives who are the first points of contact for anyone calling the CAMICO hotlines. This team also supports members who have general inquiries or questions.
Sales: Potential policyholders speak with our direct account executives who can assist with obtaining an insurance quote, explaining coverages, identifying coverage requirements, answering questions about premium and more.
Underwriting: Each policyholder firm has a dedicated Underwriter who is the firm’s primary contact for coverage questions and concerns.
Claims Handling, Potential Claims and Subpoenas: CAMICO’s team of dedicated, in-house Claims specialists works to develop equitable resolutions that best protect the interests of policyholder firms. Our Claims specialists also provide assistance with potential claims matters or questions.
Loss Prevention: CAMICO’s in-house Loss Prevention team of specialists assists policyholders with ways to minimize liability risks and help keep CPAs current on accounting liability trends, changes, and risk management best practices. We have advice hotlines available for general loss prevention questions, tax advice, accounting & auditing and employment practices.