Attorney Lawyer Insurance
Lawyers have to pass the bar before they can be allowed to practice. Some of their duties involve drafting contracts and negotiations with companies, governments, or organizations.
Being an attorney or lawyer doesn’t mean you are immune from hazards. Attorney Lawyer insurance is essential as it protects your business if you find yourself on the receiving end of a lawsuit.
Cost of Attorney Lawyer Insurance
The general liability insurance for a small attorney or lawyer businesses will depend on the company’s size, location, experience, revenue, etc.
Lawyer’s Insurance Business Owner Policy
Also known as BOP, it serves the needs of a lawyer or attorney’s business. It provides three insurance coverage’s as one policy plan. It offers a simple plan yet exceptionally effective. It includes
Business Liability Coverage- the policy protects your business from financial lawsuits. For example, if a client falls and gets injured within your business premises, the policy covers claims against you.
Business Property Coverage- this BO policy covers the building and contents of your property. If there’s a fire or storm, the insurance will cover your business from financial loss.
Business Income Insurance- if your business is damaged to the extent of closure, the policy protects your income during the time of repair or if you need to relocate to another property.
Do Lawyers need business Insurance?
For attorneys and lawyers, general liability insurance is not mandatory. However, a policy liability is essential if your business
- Has the potential of being sued
- Own property that has the potential of being damaged or vandalized
- Your business operates in a rented, leased, or owned property
What Type of Insurance Do Attorneys need?
Professional Liability Coverage
Part of attorney duties is to offer advice to clients. Suppose the advice leads to damage of a client, the person can sue for damages. This policy covers financial claims.
Workers Compensation
The policy is a requirement for businesses with employees. It covers medical care and lost income caused by work-related injuries or illnesses.
Computer Breach
Client information stored in the company computers is very sensitive and should be protected. In the event there’s a breach, the policy covers the claims and settlements awarded.
Accounts Receivable Coverage
A law firm handles a lot of data of clients and cases. In case the company ledgers are damaged, stolen, or vandalized, the policy pays to retrieve, research, or replace the data.
Commercial Auto Insurance
All vehicles used by the business should have commercial auto insurance. The policy covers vehicles against damage, theft, or vandalism.
A professional Insurance agent will custom the policies needed for your business to protect you from unforeseen events.