Must-Know Insurance Policies for Lawyers and Law Firms

There are several insurance policies your law firm needs to know in order to protect itself from the risks that threaten its success.

As a lawyer, you may make your living in court, but it's no fun being the defendant in a lawsuit. These policies can help cover the professional, employment, and other common liabilities your law firm faces. In addition, Property Insurance and Cyber Liability Insurance can help your business rebuild after unexpected events threaten to derail it.

General Liability Insurance for Attorneys, Solicitors, and Lawyers

General Liability Insurance covers your law firm's "general," or common, third-party liabilities. When people not employed by your law firm sue you, this insurance can pay for lawsuits over…

  • Damaged property.
  • Physical injury.
  • Copyright infringement.
  • Advertising Injury.

We don't have to tell you how much a lawsuit can cost. Having to pay a five-figure legal bill could devastate your business, forcing it to take out loans, cut staff, or even file bankruptcy - and that doesn't even take into consideration what you might have to pay by way of settlement or judgment.

Fortunately, General Liability Insurance can pay for many if not all of your legal costs in these third-party lawsuits. GLI can pay for…

  • Lawyer / paralegal expenses.
  • Miscellaneous court costs for witnesses, evidence, etc.
  • Judgments.
  • Settlements.

No doubt you'd rather be practicing law than having it practiced on you. General Liability Insurance can pay for settlements to keep your case from going to court and let you focus on getting back to business as usual.

If a deliveryman slips on your icy sidewalk, your practice could be liable for his medical bills, pain and suffering, and potentially loss of income (if the injury is severe). Your General Liability Insurance can pay for these third-party personal injury lawsuits.

Contact one of our agents for a free quote on this and other insurance policies.

Property Insurance for Law Offices

Property Insurance covers your law office, furniture, equipment, and other commercial property, reimbursing your firm for its lost or damaged property.

Property Insurance covers your commercial property from…

  • Fire damage.
  • Theft.
  • Vandalism.
  • Certain weather events.

Because Property Insurance reimburses your business for the lost value of its property, you'll have to figure out how calculate that value. There are two options: Actual cash value policies and replacement value policies.

Cash-value policies insure your law offices for the property's current cash value. This can be an issue with computers and other equipment that depreciates quickly. Your ten computers may have cost your business a total of $14,000 when you purchased them two years ago, but now they might only be worth $5,000. Cash-value policies would only pay your business for the current $5,000 amount.

Replacement value policies cover your business's property for the cost of replacing it, which means those computers would be covered for their original value ($14,000). These policies cost more, but will give your business more money to rebuild.

Let's say a fire starts at your office space. Only one of your walls is damaged, but the sprinklers went off, which ruined your carpet, computers, and other electronics. If your business has adequate Property Insurance, your insurer can write a check to cover the cost of the damaged property.

If you rent your office, Property Insurance can also cover the damaged rental property. For this reason, many lease agreements specify that your business needs to have this insurance policy.

Business Owner's Policies for Family Law, Divorce, Criminal Law, Personal Injury, and Other Types of Lawyers

Whether your business is a corporate law firm or a family law practice, Business Owner's Policies (or BOPs) may help you save money on your business insurance by bundling two policies together for a discount…

  • Property Insurance.
  • General Liability Insurance.

But BOPs aren't available to every business. Usually only smaller businesses (those with fewer than 100 employees) that are "lower-risk" qualify for this type of coverage.

In order to purchase a BOP, you can't work in large offices / dangerous industries or need more than 12 months of Business Interruption Coverage (a policy sold with Property Insurance to reimburse your business for lost income if your offices are destroyed and your business is unable to operate).

Complete our simple, online insurance application, and our agents will check to see if your business qualifies for this and other ways to pay less for your business insurance.

Cyber Liability Insurance for Lawyers and Law Firms

Cyber Liability Insurance (also called Cyber Risk Insurance or Data Breach Insurance) covers your business when cyber criminals hack into your networks and steal data or money.

Law firms have a lot of private and sensitive data. Your contracts, bills, and other files may have bank account numbers, signatures, and Social Security numbers, all of which a hacker could use to steal an identity (and ultimately money).

Among other things, Cyber Liability Insurance covers…

  • Crisis management response after an attack.
  • The cost of contacting clients and other people whose data may have been breached.
  • New advertising campaigns or P.R. efforts to restore your customers' faith in your law firm.

Our agents will make sure to fit your business with Cyber Liability Insurance that fits your actual needs and covers your liabilities.

Errors and Omissions Coverage for Law Offices and Legal Professionals

Errors & Omissions Insurance (also called E&O Insurance or Professional Liability Insurance) pays for lawsuits where a client alleges your firm…

  • Made errors or mistakes.
  • Failed to deliver the service agreed upon.
  • Delivered incomplete or unsatisfactory work.

The administrator of a trust fails to diversify and the beneficiary sues them. A tax lawyer makes a mistake that costs their client thousands. A client sues their family lawyer when the divorce agreement is not what the client wanted.

These scenarios can lead to E&O lawsuits. Whether the claims have real merit or are empty allegations, Errors and Omissions Insurance can protect your business from the lawsuit, paying for legal expenses, judgments, settlements, and other costs.

Workers' Compensation Insurance for Attorneys, Solicitors, and Lawyers

Almost every state requires employers to purchase Workers' Compensation Insurance (commonly shortened to Workers' Comp or Workman's Comp), which means your law firm probably has to purchase this insurance in order to meet its legal obligations.

Workers' Comp pays for medical expenses, legal costs, and other expenses when an employee is injured or made ill by the work they do for your law office.

If a paralegal develops carpal tunnel syndrome, Workman's Comp can pay for…

  • Employee medical costs (surgery, hospital stays, MRIs, etc.).
  • Paid leave for employees who are unable to work while they recover.
  • Your legal defense and expenses when an employee sues you over injury or illness.
  • Funeral costs and support payments to workers killed by on-the-job accidents and injuries.

Employees can be injured at any workplace. Whether it's a strained back from lifting a box of paper or a broken leg from falling down the stairs, Workers' Comp can pay for lawsuits as well as employee medical costs.

Fill out our simple insurance form, and our agents will supply you with a variety of quotes that can help you meet your state requirements.

Customized Business Insurance for Lawyers and Law Firms

As a law firm, your business has unique professional liabilities. Insureon's agents are trained to specialize in certain industries, including legal ones.

When you contact insureon, you'll work with an agent who specializes in lawyer's insurance. Our agents will customize an insurance plan to fit your industry and the specifics of your firm. Click here for a free quote on customized insurance for lawyers.

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