I’m a Lawyer – I don’t need insurance!

As a legal professional, you can understand protecting your business from risk of loss and litigation better than any area in the small business community. Protection for your own Practice should not be overlooked.

Here are seven areas where your losses can be reduced or maybe even eliminated with the right coverage:

  1. Powerful computers and specialized software programs are a business necessity. From
    filing court documents to accessing court records to software that tracks your phone
    time with clients, technology plays a big role in your practice. The Right policy
    coverage includes Computers and Media as covered business personal property and
    protects your investment in computer technology by reimbursing you for physical
    loss or damage to computer hardware. Coverage is extended to loss of, or damage
    to, data or computer software on a more limited basis. You can also purchase our
    optional Computers and Media coverage form which provides built-in coverage for
    virus damage to computer equipment software and data. Limits are available up to
    $2 million.
  2. You store valuable documents for extended periods of time. Files, depositions, contracts,
    etc. all need to be stored for extended periods, not only to be used for conducting
    day-to-day business but also for use to rebut a professional liability claim should
    a suit be brought against you by a client. Basic Valuable Papers coverage can go
    up to a $25,000 limit both on and off your premises. This limit may be increased
    up to $2 million. Coverage can provide coverage for the cost to research and recreate
    copies of client files. If you may sometimes work from a client’s original documents.
    At times, you may use original documents which are removed from a client’s premises’
    Personal Property of Others in the insured’s care. Custody or control is provided
    as business Personal Property.
  3. Receivables may make up a large percentage of your total assets. If you handle cases
    on a contingency basis, you may have long periods when expenses are incurred with
    no revenues being collected. Accounts receivable coverage is a standards coverage
    built into the form for both on and off premises exposures. This limit may be increased
    up to $2 million. Accounts receivable coverage responds to losses caused by your
    inability to collect outstanding balances as a result of lost or damaged records’
  4. You may maintain a valuable law library. Industry specific coverage for Law Offices
    provides $25,000 for direct physical losses of, or damage to, a firm’s Law Library.
  5. Your office may project success in its décor. Optional Fine Arts endorsements provide
    the ability to schedule and establish a value for fine arts items. These items can
    be owned by the firm or owned by others that are in the insured’s care, custody
    or control.
  6. You may host social events for your clients. You may entertain clients at holiday
    parties, sporting events and golf outings. Host Liquor coverage is can be automatically
    included when business liability is in place and extends to the policy limit, or
    if you have umbrella in place, to the umbrella limit.
  7. Dealing with a legal malpractice claim can be expensive. Even if a lawyer is ultimately
    cleared, the money spent on defense, not to mention the hours of time devoted to
    addressing the claim and the anxiety the situation can bring, can be a very costly
    proposition. Professional liability insurance helps to ease that burden both by
    sharing some of the monetary risk (through indemnity coverage and defense expense
    coverage) and by shouldering much of the responsibility for responding to and defending
    against whatever claims are made (through claims handling services). Professional
    liability insurance can also help protect your clients against significant losses.
    Everyone can make a mistake, even lawyers. Professional liability insurance can
    help lawyers meet their obligations to protect their clients’ interests even in
    the worst of circumstances.

In the legal industry, stressful situations are part of your everyday life. BOLT Insurance can take care of your insurance needs while you are busy taking care of your client’s needs. From important papers and records to your office building and its content, you have many areas of your business that need protection. We understand that you have professional concerns as well as more general office concerns. BOLT Insurance Agency has the experience and the products to put your mind at ease. Call us today.

The information provided in this material is intended to be general and advisory in nature and should not be considered legal advice. Certain coverage and features and vary by state and may not be available to all insureds. All coverages are individually underwritten.