At Bowen, Miclette & Britt, we provide brokerage services to develop insurance frameworks for various businesses. Our team can support law firms and the many risks they face with various coverages.
Why Do Law Firms Need Insurance?
Law firms face a myriad of potential risks among the services they provide. Generally, law firms face the same risks as other business types, like property damage and employee injury. However, the nature of the profession also involves more distinctive types of risk.
For example, lawyers may face malpractice claims for negligence with a client. Law firms also confront cybersecurity threats that may release sensitive information. Even the most thorough and law-abiding lawyers are at risk for these claims.
Without the appropriate coverages, law offices may be responsible for extensive out-of-pocket costs. Bearing this financial responsibility can be challenging to recover from. Law malpractice insurance and other coverages are the key to loss control and risk mitigation within law firms.
Professional Liability Coverage
Insurance for Law Offices
At Bowen, Miclette & Britt, our brokers can establish a range of commercial coverages for your firm based on a comprehensive risk profile. Common policies for law firms include:
- General liability: Many commercial leases will require general liability as it compensates for any third-party claims, such as client injury, slander, and libel.
- Commercial property: This coverage protects physical properties and the items inside, like equipment and furniture.
- Business Owner’s Policy (BOP): A BOP combines general liability and commercial property insurance for a more cost-effective option.
- Professional liability: Professional liability or errors and omissions (E&O) coverage protects law firms in case of legal malpractice.
- Cyber liability: Law firms are responsible for sensitive client data, so security breaches may lead to lawsuits. Cyber liability compensates for associated costs during these events.
- Workers’ compensation: Most states require businesses to carry workers’ compensation. This coverage will pay for medical expenses when an employee sustains an injury or illness from conducting their work.
- Employment practices liability: Law firms that manage many employees may want to consider this type of liability to protect them from employee rights violations such as discrimination and wrongful termination.
- Commercial auto: If your firm has a company car to use for client meetings, a commercial auto policy will compensate damages to the car in accidents, vandalism, and theft.
The Benefits of Consulting BMB
BMB is among the top 100 brokers in the United States. Our team offers a consultative approach to helping clients find the appropriate coverages based on their risks. We strive to develop relationships with every client through needs assessments and ongoing support to provide risk mitigation and loss control for businesses and individuals.
Law firms face many potential risks, and BMB wants to develop a strong insurance framework to drive success. Clients can conveniently access essential insurance information through our service portal, submit questions to our team, and request coverage changes.
Choose BMB for Lawyer Professional Liability Insurance
BMB applies knowledge, vision, accountability, and service to every process we facilitate. From identifying coverages with competitive rates to developing risk mitigation approaches, our team is prepared to address client needs. Contact us today for more information on our law malpractice insurance.
