Lawyers today face a wide range of insurance needs. Whether you’re a solo practice, have a partnership with one or more other lawyers, or have decided to start a firm, making sure your insurance needs are covered must be one of your first priorities. Phoenix Insurance Group can help you explore the whole of your insurance needs.

General Business Insurance for Lawyers 

Every law practice, no matter how big or small, is a business. You have certain business insurance needs that must be met before you explore anything else. General lawyer needs can be met with a standard Business Owner’s Policy, or BOP.

The BOP includes several different types of insurance products with varying degrees of coverage, including:

• Business Property Insurance
• General Liability Insurance
• Business Interruption Insurance

This is the most basic of policies you can purchase for your business and should be viewed as the foundation of your business insurance policy rather than the full force of it.

Other business coverages you should consider include:

• Equipment Breakdown Coverage
• Workers’ Compensation Insurance
• Commercial Auto Insurance
• Umbrella Insurance

Lawyer Insurance Options

There are three types of insurance products that are of particular importance to lawyers. Each one may apply to other fields, but lawyers simply cannot overlook the importance of the policies below.

Errors and Omissions Coverage for Legal Professionals

Errors and Omissions coverage provides you with professional liability coverage. It covers lawyers in the way medical malpractice insurance covers doctors against accusations of:

• Negligence
• Errors
• Mistakes
• Misrepresentation
• Failure to deliver promised service
• Incomplete or unsatisfactory work

Legal malpractice suits are becoming more and more common; making this type of insurance coverage for lawyers more critical than it’s ever been before. The amount of coverage needed and degree of risk you face varies widely depending upon your practice, therefore, it is very important to discuss the details of your legal practice with one of Phoenix Insurance Group’s qualified agents to determine your unique needs are and how best to meet them.

Cyber Liability Insurance

Lawyers have access to protected information relating to cases, clients, trial research, and even discovery. Much of this information is stored on law firm computers and servers making private, protected information vulnerable to cyber-attacks.

If any private information about clients, employees, or anyone else is released during a cyber-attack, your firm is vulnerable to liability lawsuits as a result. This insurance will help cover the costs of defense, settlements, and judgments awarded in these situations.

Valuable Papers Coverage

While many industries are moving to cyberspace, there is still a great deal of paper involved in the practice of law. These papers have varying degree of significance, but can, in many instances, be quite costly to recover or replace (if at all possible to do so). They include:

• Loan documents
• Manuscripts
• Record
• Contracts
• Invoices
• Employee records
• Maps
• Surveys
• Deeds
• Inspection records

While there is no insurance on the planet that can undo damage from wind, rain, fire, and theft, there is insurance coverage that will help mitigate the costs of recovering those that can be replaced, such as surveys, inspections records, etc.

Phoenix Insurance Group understands the unique needs lawyers practicing in the state of New Jersey face. We will walk you through the process of identifying the needs your practice has when it comes to insurance coverage and help you find the right policies to meet them.

Call us today at 908-879-6500 to learn more about our insurance products for lawyers.