Law Firm Insurance from Massachusetts Specialists

What is Law Firm Insurance?

Lawyers are well aware of the liability risks that professionals face, and these are in addition to any common risks that virtually all businesses face. Law firm insurance can play an important role in helping Massachusetts firms financially protect themselves against many of the risks they face.

Law firm insurance is specialized commercial insurance for legal practices. Policies usually combine robust legal malpractice coverage with other important coverages

What Massachusetts firms need lawyer liability insurance?

Most legal practices and clinics in Massachusetts should consider a law firm policy that includes lawyer liability insurance. This includes attorneys, law firms, legal clinics and in-house counsels.

Policies are available for attorneys, barristers, counselors at law, private lawyers, corporate lawyers, pro bono attorneys, and others. Law offices, legal aid services, patent solicitors’ offices, criminal law offices, estate law offices, family law offices, real estate law offices, tax law offices, and almost all other law offices might purchase a policy.

An insurance agent who specializes in law firm policies can help firms, nonprofits, businesses and governments find a policy that’s right for them.

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What coverages are included within law firm policies?

Law firm policies typically include multiple protections that complement one another. These include both lawyer liability insurance coverages, and other coverages that many businesses need.

Some of the coverages that cover more particular risks common to legal firms include lawyer liability insurance and others:

• Legal Malpractice Coverage, which might cover errant advice and other errors lawyers, paralegals or legal secretaries make
• Accounts Receivable Coverage, which might cover data loss of accounts receivable that results in an inability to charge clients
• Valuable Papers and Records Coverage, which might cover critical records and legal documents if they’re lost or destroyed
• Cyber Liability Coverage, which may cover hacking attempts, ransomware and accidental data breaches
• Directors and Officers Coverage which may cover managing and/or senior partners if their decisions harm a firm

Some of the more general coverages that many businesses, including law firms, should consider are:

• General Liability Coverage, which might cover common accidents occurring in a firm’s offices or elsewhere
• Commercial Property Coverage, which might cover firm-owned buildings, furnishings and equipment
• Tenants Betterment Coverage, which might cover firm-made improvements to leased office space
• Business Income Coverage, which might cover prolonged periods of down revenue that follow certain disasters
• Non-Owned Auto Coverage, which might cover accidents attorneys are in while driving their own cars to/from client locations and court
• Employment Practices Liability Coverage, which might cover discrimination and some other claims made by employees

A knowledgeable insurance agent can explain these coverages in more detail, and review other coverages that are available.

How much does insuring a law firm cost?

The insurance rates that law firms pay vary dramatically. Firm location, size and services offered are just a few of the factors that can impact the cost. So too can past claims, office size, number of employees and numerous other details.

For an accurate understanding of how much insurance will cost them, firms should speak with an independent insurance agent. Independent agents aren’t connected to any single insurance company, and therefore can help firms compare policy options from different companies.