Lawyers insurance

1. Lawyers Insurance    Save yourself from lawsuits.

2. Lawyers fight lawsuits for their clients. • But there are scenarios when lawyers themselves face malpractice claims against them. • We understand this. • Here are some of the important things you need to know about the coverage.

3. Lawyers Insurance Lawyers insurance covers you against the losses posed by the various risks of the legal industry. 

4. Why Do You Need Lawyers Insurance? Getting lawyers insurance can be beneficial for lawyers. Here, we have discussed points that prove why you need it:   • Protects you against claims of ignorance or negligence. • Protects your employee against claims. • Gives security, which in turn increases efficiency. • Increases your goodwill and builds trust among your clientele. • Fulfils the legal obligations- Lawyers professional liability insurance is mandatory in Oregon and Idaho. 

5. What Insurance Policies Do Lawyers Need? • Lawyers insurance must have the following policies to safeguard lawyers from any sort of threats coming their way: • Business owners policy  • Commercial general liability insurance  • Commercial property insurance  • Workers compensation insurance • Commercial auto insurance • Cyber liability insurance  • Umbrella and excess liability insurance  • Malpractice liability insurance 

6. Business Owners Policy (BOP) • Business owners policy is a combination of policies. • It includes commercial property, general liability, and business interruption coverages.  • It is useful for small law firms as combined policies helps them save money on insurance premiums.  • For example, your employee fumbles over an antique vase at a client's home. BOP would cover the loss of replacing the vase. 

7. Commercial General Liability Insurance • General liability insurance protects your law firm from third party claims of: • Bodily injury  • Personal injury • Property damage • This policy is useful for large law firms as standalone policy, as it provides broader coverage. • For example, if a client trips onto your broken stairs and falls, this policy will keep you covered. 

8. Commercial Property Insurance Commercial property insurance protects the property owned by a business.  This policy protects properties such as electronics, furniture, hardware, office building, equipment, and office space. For example, if a fire breaks out at your office building, this policy will cover the losses and damages to property resulting from the fire.

9. Workers Compensation Insurance • Workers compensation insurance provides coverage to your employees for any injury or illness associated with their work.  • In broad terms, it includes the following coverages: • Medical payments • Loss of wages • Vocal rehabilitation • Death benefits • For example, if a defendant attacks one of your lawyers in court and injures him badly, workers' compensation will cover your losses from this attack.

10. Commercial Auto Insurance • Commercial auto insurance covers vehicles owned by a business. • It also covers personal cars that you use for the company.  • It provides coverage for damages in case of an accident.  • The coverage includes property and medical expenses. • In some situations, commercial auto provide additional coverage when your employee's personal auto insurance is not enough to cover their losses.  • For example, if your employee hits another car while driving to the court, you may be legally liable for the losses. Commercial auto insurance can cover you in such cases.

11. Cyber Liability Insurance Cyber liability insurance covers the losses caused by cybercrimes such as data loss, theft, or misuse of data online. Attorneys are at high risks of cybercrime as they deal with sensitive data of the clients. National Cyber Security Centre states that 60% of law firms reported an information breach in 2017.

12. Commercial Umbrella Insurance • Umbrella and excess liability insurance provide additional coverage to the general and auto liability policies.  • This policy is useful for larger law firms.  • For example, in the car accident your employee caused, many people including your employee were injured. There was a substantial damage to your commercial vehicle. The loss resulting from this incident exceeded the limits of your liability policies. In this scenario, commercial umbrella insurance will cover all the damages. 

13. Malpractice Liability Insurance Clients may sue you for incidents of professional errors, misjudgements, or malpractice.  The American Bar Association states that a lawsuit for malpractice is filed against four out of five lawyers once in their career.  Malpractice insurance, also known as legal professional liability insurance, covers professionals when a client files a lawsuit against them.  Getting this insurance will enable you to have a risk-free mindset to focus on work.  For example, if a client loses a case and sues you for negligence, malpractice liability will keep you covered.