Attorney Lawyer Insurance. As an attorney, you're the last person who probably needs to be told to protect your legal practice with a business owner's policy. This type of policy is essential to running a successful legal practice of any type. Even though you might be courtroom often, it doesn't make you immune to the types of liability suits that can be brought against you as you conduct your business - such as having clients to your office etc.
Lawyers and attorneys are professionals entrusted by a client for advice in handling legal matters They may draft contracts and other legal documents, represent the client in a legal action, or defend or prosecute criminal matters in court. While some lawyers work in their own private practice, many work for businesses as staff attorneys.
Their responsibilities may include the drafting or approval of contracts, product descriptions, and similar materials, negotiations with unions or government regulators, or work as lobbyists. Lawyers and attorneys are held to a high degree of professional knowledge and skill. A lawyer must pass a bar exam to practice in a particular state and those states which allow reciprocity.
An attorney lawyer insurance policy can be a true godsend if you find yourself on the receiving end of a claim.
Attorney Lawyer insurance protects your practice from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
A standard business owner's policy, often abbreviated to just BOP in the industry, serves the needs of most small legal practice owners. This attorney lawyer insurance provides a trio of coverage types into one policy, making it easy to bundle your insurance needs for simplicity and total coverage. Small law firms can purchase BOP policies on their own or with other insurance products they need for a more comprehensive insurance solution.
Standard BOP policies include:
Although BOP purchase is not a requirement under any state or federal rules, there are a number of professionals and small business owners who stand to benefit from BOP policies. Essentially, you need a BOP policy if you:
While a standard attorney lawyer insurance BOP policy provides much of the coverage your business needs, there are other types of coverage for attorneys. Some of these include:
Premises liability exposure is often minimal since most operations are conducted off premises and most of the client contact is electronic or by mail. If clients visit the premises, they must be kept in designated areas so they cannot view or overhear conversations regarding other clients' confidential information.
To prevent slips, trips, and falls, all areas accessible to clients must be well maintained with floor covering in good condition. The number of exits must be sufficient, and be well marked, with backup lighting in case of power failure. Parking lots and sidewalks need to be in good repair with snow and ice removed, and generally level and free of exposure to slips and falls. Procedures must be in place in case mediations or conferences become emotional or violent.
Off-premises exposures arise from meetings at the customer's home or business premises, as well as from court appearances.
Professional liability exposure is extensive depending on the services the lawyer provides, the firm's credentials and experience, and the ratio of professional versus clerical employees. The exposure increases if the firm fails to conduct thorough background checks to verify employees' credentials, education, and licensing, permits clerical workers to carry out tasks that only the professionals should handle, or if error checking procedures are ignored or are inadequate. Very serious losses may result from failure to document decisions and actions or to secure client approval.
Workers compensation exposure is generally limited to that of an office. Since much of the work is done on computers, potential injuries include eyestrain, neck strain, carpal tunnel syndrome, and similar cumulative trauma injuries that can be addressed through ergonomically designed workstations.
Some firms have significant off-site work for client visits, court appearances, and similar activities. Employees can be injured in an automobile or aviation accident, or from encounters with unruly clients.
Property exposure is generally limited to that of an office, although there may be some incidental storage or an area for meetings. Ignition sources include electrical wiring, heating, and air conditioning systems, wear, and overheating of equipment. The storage of reference materials and clients' records adds to the fire load. Computers and other electronic equipment may be targets for theft.
Crime exposure comes from employee dishonesty, which can be serious as lawyers and their staff possess unique access to customers' property and personal information, including bank accounts. Potential for theft, directly or by means of identity theft, is great. Hazards increase without proper background checks, along with monitoring procedures and securing of all records to prevent unauthorized access.
All job duties, such as ordering, billing and disbursing should be separate and reconciled on a regular basis. Receipts should be issued for any cash payments received. Bank deposits should be made on a timely basis to limit the buildup of cash on premises. Audits should be performed at least annually.
Inland marine exposures are accounts receivable if the firm offers credit, computers, and valuable papers and records for clients' information and law libraries. The law library should be inventoried, with that information stored off site. Wills, deeds, and other customers' papers are typically originals and are difficult to recreate.
A morale hazard may be indicated if the insured does not keep valuable papers and disks in fireproof file cabinets to protect them from smoke, water, and fire. Power failure and power surges are potentially severe hazards. Duplicates should be kept off-site to allow for restoration in the event of a loss.
Commercial auto exposure is generally limited to hired and non-owned. If vehicles are provided to employees, there should be written procedures in place regarding personal use by employees and their family members. All drivers must have appropriate licenses and acceptable MVRs. Vehicles must be maintained, and records kept in a central location.
Find out more about attorney lawyer insurance BOP policies by speaking with a licensed agent now. A professional agent can help you select the right policy for your needs and custom tailor any add-on riders that you may need to protect your business from loss at all angles.
Perhaps you have the next great idea for a product or service that you know will appeal to your local area. Maybe you want to contribute to the economic growth of your community. Whatever the reason is, if you're thinking about starting a small business, it's important to understand pertinent information relating to small businesses in the United States; namely economic information and insurance regulations. After all, if you want your small business to succeed, you have to understand the economic trends organizations of a similar size in your area.
Likewise, you want to ensure that your small business is well protected with the right business insurance and that you are in compliance with the rules and regulations that pertain to commercial insurance in your region.
Read up on economic statistics and insurance information that relates to small business owners in the United States.
Here's a look at some information that was compiled by the Small Business Association (SBA) regarding the economic data that pertains to small businesses in the United States:
In the business world, there are many risks faced by company's every day. The best way that business owners can protect themselves from these perils is by carrying the right insurance coverage.
The The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight.
Commercial insurance is particularly important for small business owners, as they stand to lose a lot more. Should a situation arise - a lawsuit, property damage, theft, etc. - small business owners could end up facing serious financial turmoil.
According to the SBA, having the right insurance plan in place can help you avoid major pitfalls. Your business insurance should offer coverage for all of your assets. It should also include liability and casual coverage. The SBA recommends the following insurance plans for small business owners:
Get informed about small business professional services insurance, including Professional liability, aka errors and omissions (E&O insurance), that protects your business against claims that a professional service you provided caused your client financial loss.
Let's face reality. People today are claims conscious, resulting in a significant share of malpractice lawsuits against professionals.
Liability resulting from the rendering of or the failure to render professional services is excluded in most liability coverage forms. This means that a policy covering a account's or lawyers' office will cover liability arising out of the maintenance or use of the premises, but specifically exclude liability arising out of the rendering of a professional service or the omission of such a service.
In addition to the professions in which actual physical or mental injury may be caused to clients, certain other professions are exposed to claims for malpractice.
Claims may be brought against lawyers, accountants, architects, and similar professional persons for errors or omissions in their professional capacity. Errors & Omissions insurance pays damages that might be awarded to a plaintiff alleging professional negligence.
Professional liability policies are made available to such risks, and these policies provide essentially the same protection as is afforded under the physicians, surgeons or dentists professional liability policy.
Minimum recommended small business insurance coverage: Business Personal Property, Employee Dishonesty, Accounts Receivable, Computers, Valuable Papers and Records, General Liability, Employee Benefits Liability, Professional Liability, Umbrella Liability, Hired and Non-owned Auto Liability & Workers Compensation.
Other commercial insurance policies to consider: Building, Business Income with Extra Expense, Earthquake, Equipment Breakdown, Flood, Computer Fraud, Forgery, Money and Securities, Special Floater, Cyber Liability, Employment-related Practices Liability, Business Auto Liability and Physical Damage and Stop Gap Liability.