Protect Your Law Practice: A Guide to Lawyer Insurance

There are many different types of general business insurance, including commercial property casualty, professional errors & omissions (E&O), workers’ compensation, general liability, cyber risk management and more. In addition to these traditional insurances, there are also specialized programs developed specifically for law firms such as the Legal Practice Liability option. At Moran Insurance, we are proud to offer a wide range of insurance products specifically designed for law firms. Our team has over 25 years of experience providing tailored insurance solutions to businesses in the legal industry. Contact us today to learn more about our products and services, or visit our website.

What is Lawyer Insurance?

Lawyer insurance is a type of professional liability insurance that provides coverage for legal professionals in the event that they are sued for damages arising from their work. This type of policy can help protect lawyers from costly payouts resulting from malpractice or negligence lawsuits. Most lawyer insurance policies offer broad protection against a wide range of potential liabilities, including claims made by clients, third-party individuals, or businesses. Coverage may also extend to disciplinary proceedings brought against lawyers by state bar associations.

Insurance Policies That Every Law Firm Needs

There are a few insurance policies that every law firm should have in place.

Business Owner’s Law Policy (BOP):

A Business Owner’s Policy (BOP) is a type of commercial insurance policy that combines property and liability insurance into one policy. This can be helpful for business owners who are looking to insure their business property and also want coverage for any potential liabilities arising from their business operations. There are a number of different types of BOP policies available, so it’s important to work with an insurance agent who can help you find the right policy for your business. Some of the coverages that may be included in a BOP policy include: - Property damage coverage - General liability insurance - Business interruption coverage - Product liability coverage - Professional liability coverage

General Liability Insurance

This type of insurance protects businesses from any legal action that may be taken against them as a result of accidents or injuries that occur on their property. It can also provide protection in the event of libel or slander accusations. General liability insurance is a vital part of any business' risk management plan.

Professional Liability Insurance

Professional liability insurance helps professionals protect themselves from lawsuits related to their work. This type of insurance can help cover the costs associated with defending against a lawsuit, as well as any damages that may be awarded if the professional is found liable. It is often referred to as malpractice insurance, and it is important for professionals in a wide range of industries to have this coverage.

Cyber Liability Insurance

Law firms are prime targets for cyber attacks. The confidential information of clients is a valuable commodity for hackers, and law firms have become increasingly targeted in recent years. A successful cyber attack can result in significant financial losses for a law firm, not to mention the damage to its reputation. If you're a law firm looking for protection against cyber attacks, Contact Moran Insurance today!

Directors and Officers Insurance (D&O):

D&O insurance is an important part of every law firm. It provides coverage for the directors and officers in case they should be sued by investors, clients or other members of the public (or even their own employees). Some key coverages offered by a D&O policy include: defense costs, settlement costs, and damages awarded in a lawsuit against the insured party. In addition to covering law firms, many insurers offer D&O policies to other professions such as accountants and medical professionals.

Things To Consider When Choosing a Law Firm Insurance Provider

Choosing the right law firm insurance provider can be tricky. It's important to compare quotes from a variety of providers to find the best deal, and make sure that the insurance provider is reputable and has a good reputation. You should also ask the provider questions about their coverage and what it includes so you know exactly what you're getting. With these things in mind, choosing a law firm insurance provider should be much easier. When it comes to finding a law firm insurance provider, you want to make sure that you are working with a company that understands the legal industry. At Moran Insurance, we have been providing insurance solutions to law firms for over 25 years. We know what it takes to protect your business and can work with you to find the right coverage for your needs. Contact us today to learn more about our products and services!

Reference and Resources:

Insurance Provider Professional Liability