Authored by Sara Weathers
Every business owner needs to have insurance to protect themselves from risk. Finding the right insurance policies for your law firm is essential but can be hard to do. Below are some tips for buying policies for your firm.
- Know the Types of Insurance Available to You
Knowing the types of insurance available to your firm is important. Below are some insurance policies that could benefit your firm.
- Commercial Insurance – There are a variety of commercial insurances that are important for your firm. Here at AdvoCap Insurance®, we offer general liability insurance, worker’s compensation insurance, business auto liability insurance, and property insurance.
- Professional & Executive Liability – These insurance policies are tailored to you and your firm. We offer lawyers professional liability, accountants professional liability, directors and officer’s liability, employment practices liability, cyber liability, and fiduciary liability.
- Life Insurance – Life insurance helps ensure your loved ones and firm are taken care of if something happens. We offer term life insurance, permanent life insurance, and key executive life insurance.
- Know What Insurance You’re Required to Have
Buying insurance for your law firm is not only a good idea but can also be required. Depending on your location and the clients you represent, you may be legally required to have certain coverages. For example, most business owners are required to have liability insurance when renting property. Workers’ compensation insurance is also required in most states.
- Understanding the Risks of Your Industry
Working in the legal industry, most lawyers are prone to more risk than people in other fields. Insurance is an excellent way to protect you and your firm should something go wrong while working a case or representing a client in court.
- Prioritize Coverage Over Cost
While you may think your firm can get by with a lower amount of coverage to save on costs, it is essential to consider how much that could cost your firm in the long run if your policies do not cover the amount you need.
- Learn What Can Affect Your Rates
Things like your firm growing or moving locations are just a few things that can affect your rates. Checking with your insurance provider before making any significant changes is important to ensure you do not have any lapse in coverage.
- Read Through Your Policies Thoroughly
Buying insurance can be overwhelming, but you’ll want to read through your policies and understand what they cover. If you’re confused, don’t hesitate to ask for help. Our team of professionals here at AdvoCap Insurance are happy to answer any questions you may have as you go through your policies.
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