Law firm insurance can help to protect your business against a range of risks, so you have the peace of mind that even if the worst should happen, your business premises, staff and equipment will be covered. Read on to find out how HISL Brokers Limited can help you to protect your business with a law firm insurance policy today.
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What is law firm insurance?
Law firm insurance is important. You want to uphold the highest standards of professionalism and service to your clients, however inevitably some will be disappointed in your work. Law firm insurance can help to pay for the cost of defending you and your firm and well as any settlements that arise.
Types of law firm insurance policies
Law firm insurance can include the following types of insurance policies:
- Business interruption insurance: Business interruption insurance will cover you against loss of income if you’re unable to trade because of unexpected business interruptions, such as fire, floor or major theft. Of course, you need to keep your business running, pay bills and maintain relationships with clients and suppliers so business interruption cover is there to help.
- Cyber and data insurance: Working with clients on legal cases will inevitably mean handling, sharing and storing a range of sensitive information. When dealing with this information, it will be your key responsibility to keep private and confidential information safe, so if data is leaked, whether accidentally or because your computer systems are compromised by cybercriminals – you may have clients claiming against you to recover their losses. Having cyber and data risk insurance will cover the costs of defending these claims and putting everything right quickly.
- Office insurance: Having office insurance will ensure that your firm is covered in the event of your place of work being damaged, or its contents lost, broken or stolen. Whilst working in a law firm, procedures and deadlines are enough of a stress, let alone having to worry about your premises. Not having a suitable premises to work in can force you to rearrange appointments, miss deadlines and even damage your reputation. Insurance will help pay for any repairs and replacements needed and help get your business back up and running quickly.
- Employers’ liability insurance: This insurance is compulsory for employers, regardless as to whether your staff are permanent, temporary, volunteering, a contractor or a freelancer. The minimum level of protection is £5m, which will cover the cost of any compensation claims if any employees get injured or ill at work.
- Commercial buildings insurance: If you own your own office premises, then it is vitally important that you arrange cover in the event of flooding, fire, bad weather or theft. Commercial buildings insurance will cover all permanent fixtures, including toilets, kitchens, display units and built-in cupboards, and you’ll be able to claim for a total rebuild as well as repairs.
- Commercial contents insurance: Commercial contents insurance will provide cover for the contents of your office, such as chairs, desks, computers and any other office equipment. This policy will also cover for any damage or theft, all based on the calculated total cost of your office space.
- Business assets insurance: Business assets insurance will provide cover for the things that your business needs to operate from your premises, such as computers, mechanical equipment, tools, machines and stock.
- Public liability insurance: This will provide protection in the event of your business activities either killing or injuring a member of the public who is visiting your premises. As the owner of the business, you are required to make sure your office is as risk-free as possible, but if the worst was to unfortunately happen, then public liability insurance will ensure you’re completely covered.
These are just examples of some of the types of law firm insurance policies that we look after at HISL Brokers Limited. As we know that no two businesses are the same, speak to us today to find out which policies will best meet your needs.
What law firm insurance do I need?
As a law firm, the nature of what you do means that disagreements are a given and things won’t always go to plan. Making sure you have the correct law firm insurance can help you take care of unplanned claims, so you can focus on looking after your clients and their cases.
The cost of law firm insurance
The premium you will pay for law firm insurance will depend on the size of your business, the level of cover that you need and the amount of cover you need to take out.
Although law firm insurance may be another cost for your business, just think about how much you could be forced to pay in the event of a successful compensation claim or a costly theft. Would you be able to continue trading as a result?
It is crucial to ensure that you are properly protected in the event of an incident occurring. With that in mind, at HISL Brokers Limited we will take the time to understand the specific needs of your business and recommend the amount of cover that is best suited to you.
What else do I need to know
If you are looking to manage the commercial risk and professional reputations of your legal firm, no matter whether your business is large or small, you should consider taking out law firm insurance.
Having the right cover will make sure that your reputation, your employees and your property are protected.
How can I get law firm insurance?
Established in , HISL Brokers Limited are the law firm insurance experts you need. We understand that law firms face unique risks and challenges on a day to day basis, and that you need bespoke insurance that works for you and gives your business the level of cover that you require.
Give your business the protection that it deserves today – if you want to find out how much peace of mind costs, contact Paul Kerner by calling: (0)20 7220 9020.