Types of Insurance Policies That Every Lawyer Needs

The fact is when you choose to join the legal world and become a prestigious lawyer, you are automatically committing yourself to become a crucial and much-needed savior to your clients. At the end of the day, each and every client that you represent will look to you for valuable guidance and will count solely upon your wisdom to provide them with professional legal services and the trustworthy advice they are in need of. That is why it is imperative that every lawyer adopts the various insurance policies that will not only protect their client’s best interests but will also safeguard their own too.

Now, whether you are running a large legal empire or are more of a solo defender, the truth is every lawyer needs a number of insurance policies put firmly into place. As the reality is, every attorney is exposed to the various liability risks that exist within the world of law and can ultimately choose to rear their ugly heads at any given time! Choosing to have these valuable policies set in stone can eliminate the risk of having to live every lawyer’s worst nightmare and can be the salvation of every legal mind around the globe! Here are the different types of insurance policies that are vital to every lawyer.

Professional Liability Insurance

Professional liability insurance, otherwise known as malpractice insurance, is without a doubt one of the most important sources of insurance that every lawyer must adopt! Being covered by professional liability insurance for attorneys can be a godsend within the legal vocation, as it can be the ultimate protection for lawyers if ever having to face many unfortunate situations. The insurance covers a variety of scenarios that include misinterpretation of the law, missed deadlines, disgruntled clients that are looking to place blame or even sue, amongst many more. This type of insurance can provide cover for onboarding any lawyers needed to defend a lawsuit, as well as any judgment or settlements awarded against you, or your firm. 

General Liability Insurance 

General liability insurance is paramount when it comes to protecting your law firm from circumstances that may arise involving any property damage or physical injuries upon the premises. This sort of insurance will come in handy if your business premises were to suffer a burst pipe, for instance, that may have caused significant damage to a neighboring property, and will cover you for any clients or visitors to the site that may endure any bodily harm by tripping or falling within the premises, resulting in physical injury.

Commercial Property/Business Income Insurance

Commercial property insurance provides protection for the property of the firm. This type of insurance can cover the premises for any damage that may be inflicted due to unfortunate events such as fire damage, flooding, and even vandalism. It also includes cover for items within the office, such as furniture and computer hardware. 

In the event that the firm did suffer any serious damage and work had to cease for a period of time, then securing business income insurance could be an essential lifeline. Business income insurance will cover any lost income due to the firm having to cease work.   

Data Breach Insurance

Lawyers have to deal with a lot of confidential and rather sensitive information, making them perfect targets for the immoral members of the population (hackers). Therefore, to safeguard this sensitive information, it is important for all lawyers and firms to adopt data breach insurance. This insurance can aid the firm with any expenses caused by the hands of cybercrime, such as data theft or loss. The cover can also include services such as notifying clients and could even include the expense of hiring legal counsel and technical consultants, amongst many others.

So, there you have it! For every legal mind to protect their own best interests and that of their clients, it is essential for every lawyer to ensure they are covered with the vital policies listed above. Safeguard your firm and every one of your valuable clients!