Lawyers must be properly licensed in order to practice law in their state, and have various clients for a specific area of law. Most lawyers specialize in one area of law, like criminal law, environmental law, financial law or social services. Law firms employ a variety of lawyers or attorneys to work for them and represent their firm. Lawyers and law firm businesses requires business insurance to cover your risks, the biggest of which are professional liabilities and relate to the legal services you provide.
Types of Law Firms and Lawyers Insurance
You have more than one business risk if you run a law firm or are a lawyer, and need more than one insurance policy. These policies cover a wide range of business risks.
Law Firms and Lawyers General Liability Insurance
General liability for a law firm is important because it covers most general lawsuits. This includes premises liability if anyone is injured while on your business property, and completed operations for any special services you provide, aside from your main legal assistance. Premises liability is most important, as a client could slip on your property, get injured from a falling file cabinet, or trip over a stack of books left in a client consultation room.
Law Firms and Lawyers Professional Liability Insurance / Errors & Omissions Insurance
Professional liability, also known as errors and omissions, is one of the most important policies for your business to have. If a lawsuit doesn’t work out in your client’s favor and they feel it is based on an error you made during the legal proceedings, you could be facing a lawsuit yourself. Professional liability insurance will cover any legal costs related to the work or advice you provide. If you operate a law firm, it will cover all of your lawyers. Professional Liability Insurance / Errors & Omissions is one of the most important law firms and lawyers insurance policies to have.
Law Firms and Lawyers Commercial Auto Insurance
You probably use your own vehicle often for business purposes, such as driving to the courthouse, law library, meet a client, or interview a witness. If you get into an accident on the way to or from any of these destinations, having business auto insurance provides coverage for any property damage or bodily injury caused by the accident. You can also choose to include theft and vandalism coverage in the policy.
Law Firms and Lawyers Business Property Insurance
Business property insurance provides coverage for your law firm property or office. If an unexpected event, like a natural disaster, fire or flood occurs, it could destroy your property and anything inside, including files, books, and electronic equipment. Business property insurance helps you replace what was ruined and make necessary repairs.
Law Firms and Lawyers Cyber Liability Insurance
Although you may not have an online store or sell items, you probably still have a website for your law firm. It must be covered by cyber liability insurance, as you are susceptible for viruses, stalking and other types of cyber crimes. Not only is your business at risk, but anyone visiting your website has the same risk. Cyber liability insurance will cover legal costs associated with the crime.
Law Firms and Lawyers Workers’ Compensation
Workers’ compensation is required in most states, and provides protection for your lawyers, legal assistants and other employees. If you have an employee that sustains a work-related injury, such as falling on the stairs in the courthouse, that injury is covered by workers’ comp since it is related to their occupation. Workers’ comp covers all medical costs and treatment options.
Law Firms and Lawyers Crime Insurance
One of the biggest risks when it comes to crimes is from dishonest employees, but you also risk office equipment and supplies being stolen, as well as your property being vandalized. Be sure to always run background checks on employees, and get a crime insurance policy just in case they commit a crime against your law business.
To fully protect your law firm or status as a lawyer, select law firms and lawyers insurance for all of your potential risks. This keeps you from suffering financially as a result of an unexpected event that could not have been prevented.