As an attorney, you are focused on protecting your clients. But who is protecting you?
Lawyers today are faced with more liability than ever before. Threats in the form of liability for mistakes, hackers, and even your own employees require a constant state of vigilance.
Most law firms do the best they can for their clients and take reasonable steps to protect their firm. But solid insurance coverage is needed to protect the firm when the unexpected happens.
A good insurance broker can be a resource for how to better protect your firm and how to transfer risk to insurers.
How we Guide Law Firms
At Guardian Brokers, Ltd., our focus on insurance for law firms ensures that we are keenly aware of risks faced by said firms and allows us to offer risk management and insurance to lower a firm’s risk profile. We define a plan to ensure that the firm gets the best coverage for the lowest premium.
While you may try your best, the reality is that mistakes and errors happen.
Whether your firm is large or small, we can provide the right advice, guidance, and insurance coverage you need. Guardian Brokers, Ltd. offers products specifically designed to help protect legal professionals and their assets against losses resulting from negligence, errors, and omissions.
What Types of Insurance Should Law Firms Consider?
Typically law firms should consider the following insurance coverage:
- Professional Liability (E&O or Malpractice) Insurance
- Usually the first type of insurance purchased by a law firm. Covers a variety of claims like missed deadlines, mistakes, or omissions.
- Employee Dishonesty/Employee Theft/Employee Embezzlement or Crime Insurance
- Protects your firm from losses caused by employee theft or dishonesty, intentional misuse of funds, and more.
- Employment Practices Liability Insurance
- Protects against claims made by your employees arising out of the employment process. Examples include wrongful termination, discrimination, sexual harassment, and retaliation.
- Cyber or Network Security and Privacy Insurance
- Covers your firm for liability for a data breach in which your customers’ personal, medical, or confidential information is stolen or exposed. These policies cover a variety of costs related to a data breach. They can also cover things like related business interruption, funds transfer fraud, and cyber extortion. Hackers often target law firms due to their handling of important information.
- Workers Compensation and Employers Liability
- Provides benefits to employees who are injured on the job. Usually required by state law.
- General Liability Insurance or Commercial General Liability
- Coverage for bodily injury, personal injury, and property damage caused by your operations, products, or injuries that occur on your premises.
- Property Insurance
- Coverage for your office contents and buildings.
- Fiduciary Liability Insurance
- Protects the plan fiduciaries for their personal liability created by ERISA in the event of a breach of fiduciary duty which typically includes negligent acts, errors, or omissions in the administration of employee benefits plans.