As an attorney, you know better than most that a lawsuit can spell big trouble for a business.
Whether or not you work in civil litigation, you’ve likely seen the devastating effect a legal judgment can bring. While we’d all like to hope that we are never faced with a lawsuit against our business, nobody is immune to Murphy’s law. Insurance for Lawyers by Tomins is designed with this in mind. Powered by Higginbotham, our team of seasoned insurance experts and 24/7 online access portal makes sure you always have the documents and information you need, the moment you need it.
At Tomins, we take the time to understand the specifics of your law firm and its unique risk exposure, ensuring we’re offering you the right coverage at the right price.
Tomins —mindful insurance today, successful lawyer tomorrow.
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Now more than ever, the risks faced by a law firm are too big to ignore.
From legal malpractice to the liabilities of hiring and everything in between, there are countless ways things can unexpectedly go wrong. Beyond traditional liabilities, the dawn of the digital age has brought with it a whole new set of threats stemming from cyber-attacks and data breaches.
Adding the fundamental third-party liabilities that every brick and mortar business faces to the equation, the peace of mind of solid insurance protection is nothing short of priceless.
The last thing you need is one more thing keeping you up at night. Tomins insurance experts take the headaches out of insurance for lawyers by assessing the needs of your specific business for you.
With insurance from Tomins, you’ll rest easy knowing you have all the coverages you need and none that you don’t.
While our law firm insurance experts are standing by to help answer this question for you, Tomins understands that some people like to do their own research before moving forward with a purchase. It’s important to note that the needs of each law firm are different and unlike most insurance companies, we believe there is no ‘one-size-fits-all’ solution to insurance for lawyers.
With that in mind, the following guidelines are intended to provide a good foundational understanding of the insurance needs of the average law firm.
General Liability Insurance for Attorneys
Regardless of what industry you work in, almost every business needs to carry General Liability Insurance.
This insurance is designed to safeguard against the potential costs of damages or injury to a third party caused by your business operation. Whether this takes the form of a slip and fall outside of your law office or something less tangible like a slander claim, GL is a critical component of protecting your bottom line.
Law Firm Commercial Property insurance
Along the same lines, if you operate a brick and mortar law office, you probably need to carry Commercial Property protection.
This coverage focuses on protecting your physical property, including your building and the assets contained within from a fire, tornado hail, and other natural disasters. It’s important to note that certain disaster-prone areas require supplemental protection for perils like floods.
Business Income Insurance
One final coverage that’s generally considered essential for all law firms to carry is Business Interruption Insurances. Also known as business income insurance, this coverage can help cover lost income suffered as a result of a covered claim.
For example, should your law firm suffer a fire that leaves you unable to operate, your Business Income Insurance could help reimburse you for your lost earning throughout the recovery/rebuild process.
All things considered, it often makes sense for a law firm to opt for Commercial Package Policy (CPP).
This policy bundles all three of the aforementioned coverages into one package, oftentimes saving the policyholder some money in premium costs in the process.
While a CPP is a great foundation of protection for the average law firm, the unique risks involved with working as a lawyer merit consideration for a few extra coverages.
Above everything else, Malpractice Insurance is especially important for lawyers. Whether you are a new lawyer just getting your start, or a seasoned partner of a large firm, everyone makes mistakes.
Malpractice coverage is designed with that in mind, protecting a lawyer against the legal costs of substantive errors, administrative errors, client errors, and negligence. Interestingly, the American Bar Association estimates a seasoned lawyer is around 1000% more likely to face a malpractice claim than a lawyer that’s been in practice for 5 years or less.
At the end of the day, the risk of a malpractice claim is ever-present for all lawyers and should definitely be considered as a part of any law firm insurance policy design.
Depending on the unique circumstances of your practice, you may also want to consider:
Employment Practices Liability (EPLI)
EPLI is designed to cover the cost of legal judgments related to hiring, termination, sexual harassment, and discrimination against employees.
Workers’ Compensation Coverage
If you have employees, you probably need workers’ compensation insurance. This coverage can protect an electrician from legal damages an employee might seek for workplace injuries. It can also cover the cost of medical bills, wage replacement, and more for an injured employee.
Cyber Liability Coverage
Like E&O, cyber liability insurance is especially important if you work installing or servicing security systems. This coverage also protects you against data loss and covers costs related to restoration, legal liability, and extortion resulting from a data breach or a cyber-attack compromising the personal or financial information of your customers.
Directors and Officers (D&O) Insurance
D&O coverage focuses on protecting a law firm from financial damages incurred as a result of mismanagement. Specifically, D&O insurance for a law firm can help cover costs related to negligent acquisitions, tortious interferences, and poorly-made lateral hires.
This is extended coverage that protects you beyond the general aggregate limits of your standard policy.
It’s important to note that this list is far from exhaustive.
Rather, it’s here to help serve as a guideline for figuring out the coverages that make sense to you for your business. Depending on your unique circumstances, some of the coverages on this list may not make sense for you to carry, while others not listed may.
Tomins Lawyer Insurance Experts are standing by, to answer any questions you might have.
Just as the cost of each client and case you take on depends on the circumstances of the situation, there is no universal answer to this question.
While many insurance firms would like you to believe their one-size-fits-all approach to coverage is the best option for your law firm, this is simply not the case.
Not only does this approach carry a huge risk of leaving you with a coverage gap that could cost you millions, but it’s also representative of the growing trend of tech companies masquerading as insurance experts.
The last thing you want is to end up with a policy that doesn’t consider your unique risk exposure in its coverage. That’s why Tomins takes the time to understand the business of each client we work with, giving our partners the peace of mind of knowing they are covered.
You deserve an insurance partner that works as hard as you do. Get your free Tomins Law Firm Insurance quote today.
At Tomins, we’re in the business of making insurance for attorneys easy.
However, because we refuse to take the shortcut of offering generic insurance for lawyers, we ask that you gather the following information before you apply:
Taking the time to make sure all this information is up-to-date and accurate is the best way to make sure we can provide the best quote possible.
Tomins—mindful insurance today, successful lawyer tomorrow.