CAMICO
CAMICO is the United States's largest CPA-directed program of professional and employment practices liability insurance for the accounting profession. The program was founded in 1986 introducing a proactive way of approaching accountant's professional liability insurance that focuses on helping firms reduce their risk exposure.
CAMICO Mutual Insurance Company CAMICO Mutual Insurance Company was created by CPAs for CPAs and is owned by its policyholders. In a mutual, any monies remaining after payment of claims and operating costs belong to the policyholders. Since its inception, CAMICO has built a stable and financially sound company to fulfill the insurance needs of CPAs. CAMICO's net worth is made up of funds that are held in reserve (called "surplus") to meet regulatory requirements, to sustain a sound financial rating from agencies such as A.M. Best, and, most importantly, to cover claims made against policyholders. CAMICO offers professional liability protection for smaller firms with up to $2 million in limits with coverage through CAMICO Mutual Insurance Company
CAMICO Insurance Services (CIS) CAMICO Services, Inc., d.b.a. CAMICO Insurance Services (CIS), is licensed as an insurance producer in all states in which CAMICO operates. CIS acts as CAMICO Mutual Insurance Company's insurance agency and wholly owned subsidiary, recommending a range of CPA business insurance products to members of the California Society of CPAs. In addition, CIS administers the CAMICO program for mid-to-large firms requiring limits of $3 million and above, with coverage provided by Liberty Insurance Underwriters Inc., a part of Liberty Mutual Group companies that are rated "A" (excellent) by A.M. Best.
Product Offerings
Professional Liability Insurance
The CAMICO program, providing professional liability coverage and practice and risk management services, is available to firms of all sizes at stable rates. CPAs need professional liability insurance to cover damages from an error committed by their firm in providing professional services; and to protect the assets of the firm and partners from the financial consequences of a claim. Learn more about CAMICO’s Professional Liability Insurance Program.
Employment Practices Liability Insurance
CAMICO’s employment practices liability insurance provides comprehensive defense and indemnity coverage for a CPA 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, CAMICO’s 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. Learn more about CAMICO’s Employment Practices Liability Insurance Program.
CAMICO Risk Management Services
CAMICO focuses on risk management for CPAs through discussion, risk assessment, and action. Our experience and claims data indicate that the more familiar CPAs become with risk management techniques, the better equipped they are to avert or minimize a liability claim. CAMICO's goal is to provide risk management services and products to help CPAs adapt to a more volatile marketplace so that they can grow their practices.
To help CPAs keep current on issues affecting the profession, CAMICO has developed short risk management videos. The videos provide CPAs advice on loss prevention topics such as responding to a subpoena, best practices when drafting CPA engagement letters, risks and rewards of disengaging, guidance on avoiding fraud, and much more.
Additional CPA Insurance Solutions (Available in California Only)
CAMICO has partnered with the California Society of CPAs to provide more comprehensive insurance solutions, products, services and advice geared to the needs of CPAs. CAMICO Insurance Services (CIS), CAMICO's insurance agency and wholly owned subsidiary acts as CalCPA's preferred insurance agency to recommend a full range of CPA business insurance products for CalCPA members. CIS helps CPA firms select the best options for the following CalCPA endorsed products:
Business Owners Package
As business owners, CPAs need to purchase several different types of insurance. It can be quite costly, not to mention complicated, to have different policies for various business insurance needs. The Business Owners Package policy (BOP), allows a CPA to combine the property and general liability coverages their firm needs into one convenient packaged policy, at a premium that is most likely less than what they would have paid had they purchased the coverage options separately. CPAs also have the option to tailor the coverage options to meet their specific business needs. Learn more about the Business Owners Package
Workers’ Compensation
Workers' compensation insurance is mandatory for all businesses with employees operating in California and is important for the financial security of a CPA’s business. It protects the firm’s employees in the event they are injured on the job, or the work environment causes them to become ill. The policy provides benefits for injured or ill employees by covering their medical and physical rehabilitation expenses, and by compensating them for lost income as a result of the injury or illness. More importantly, workers' compensation insurance also protects the employer against lawsuits from employees claiming that it was due to the company's negligence that they suffered the job-related injury or illness. Learn more about Workers Compensation
Personal Umbrella
Personal umbrella or "excess liability" insurance works as an added layer of personal protection from large claims and lawsuits. It provides coverage for losses above the limits of the primary policy (e.g. homeowner, auto). Coverage is activated when claims are in excess of the underlying policy limits. Learn more about Personal Umbrella.