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.