Law Office and Attorney Insurance

Law offices and attorneys in Florida need to take out a range of insurance policies to protect themselves from potential legal risks. There are several types of insurance available, each designed to cover different areas of law practice. By understanding the different coverage options, law firms can make informed decisions about which policies best suit their needs.

Read on for more information about the types of insurance attorneys and law offices in Florida need to remain protected.

Professional Liability Insurance

Professional liability insurance, also known as Errors & Omissions (E&O) insurance, is a type of policy that helps attorneys financially protect themselves from claims of negligence, mistakes, or breach of duty. This type of insurance is essential for any attorney practicing law in Florida to provide them with financial protection should a malpractice claim be filed against them.

Professional liability insurance covers:

a) Negligent acts: Negligent acts are careless or reckless actions that cause harm to another person. Negligence can take many forms, including professional negligence, medical malpractice, and product liability claims. Professional liability insurance protects lawyers from any negligence-related lawsuits they may face during their practice.

b) Misrepresentation: Misrepresentation is when an individual or business makes a false statement, either through action or words, to induce another party into entering into a contract. Misrepresentation can lead to financial losses that can be devastating for business owners.

c) Breach of Duty: Breach of duty is when an attorney fails to fulfill their contractual obligations or professional duties. This can include failure to provide competent representation, meet deadlines, or keep clients properly informed. Breach of duty claims can be difficult to defend against, and they often carry the potential for high financial settlements or awards.

d) Inaccurate Advice: Inaccurate advice can lead to financial losses for clients and is a major risk factor for lawyers. Professional liability insurance helps protect attorneys from any claims of giving inaccurate legal advice, as well as covering the cost of defending such a claim in court.

Cyber Liability Insurance

Cyber liability insurance is a type of policy that provides coverage for financial losses related to data breaches or cyberattacks. In the digital age, law firms are increasingly vulnerable to cyber threats and need adequate protection to remain financially secure should they be targeted.

Cyber liability insurance provides the following coverage:

a) Data Breach Costs: Data breach costs include any expenses related to notifying affected clients, providing credit monitoring services, and restoring systems. Cyber liability insurance covers the cost of these activities, so law firms do not have to worry about incurring huge losses in the event of a data breach.

b) Security Breach Liability: Security breach liability covers damages caused by a security breach, such as lost profits or financial losses incurred by clients. This type of coverage helps attorneys protect their businesses from financial losses that could arise from a security breach.

c) Identity Theft: Identity theft is becoming an increasingly common issue, with criminals stealing the identities of unsuspecting individuals for financial gain.

d) Computer Systems Damage: Computer systems damage includes any damage to an attorney’s computer network due to a cyber-attack, like malware or ransomware. This can result in serious financial losses, as well as a disruption to business operations. Cyber liability insurance covers the cost of restoring systems and any other costs associated with computer system damage.

e) Business interruption expenses: Business interruption expenses include any costs associated with downtime due to a cyber-attack or data breach, such as lost profits or wages.

f) Legal defense costs: Legal defense costs include defending against any lawsuits related to a data breach or cyber-attack. Additionally, legal defense costs cover any settlements that may be awarded.

Commercial General Liability Insurance

Commercial general liability insurance is a type of policy that helps protect businesses from claims related to injury or property damage. Commercial general liability insurance policies are important for law offices in Florida because they provide coverage for legal costs associated with defending against lawsuits and potential settlements or judgments.

Florida Commercial general liability insurance covers:

a) Bodily Injury: Bodily injury can occur when a client or visitor is hurt while on the premises of a law firm. This type of insurance helps protect businesses from claims related to bodily injury and provides coverage for medical expenses and lost wages associated with the incident.

b) Property Damage: Property damage occurs when a lawyer or law firm causes physical damage to someone else’s property. For example, if a partner in the law firm were to accidentally knock over and break a client’s expensive vase, commercial general liability insurance would cover the cost of repairs or replacement.

c) Personal Injury: Personal injury claims relating to libel, slander, or false imprisonment. These types of claims can be expensive to defend, so it’s important for law firms in Florida to have commercial general liability insurance to protect themselves from this type of lawsuit.

d) Advertising Injury: Advertising injury claims can arise when a law firm’s advertising material is deemed misleading or false. This type of insurance provides coverage for any legal costs associated with defending against such a claim and any potential settlements or judgments.

e) Legal Defense and judgments: Commercial general liability insurance also provides coverage for legal fees associated with defending against a claim. It can also cover the cost of any judgments or settlements awarded in a case.

Workers’ Compensation Insurance

Workers’ compensation insurance is a type of policy that helps protect businesses from claims related to employee injuries. In Florida, law offices and attorneys must carry workers’ compensation insurance to cover the cost of medical bills and lost wages for injured employees on the job.

Workers’ compensation policies typically cover the following:

a) Medical expenses: Workers’ compensation insurance helps cover the cost of medical bills for employees who are injured on the job. This includes hospital stays, rehabilitative treatments, and medicines prescribed for the injury.

b) Lost Wages: Employees who are injured on the job may be unable to return to work until their injury has healed or they have completed a period of rehabilitation. Workers’ compensation insurance helps provide lost wages for employees who cannot work due to an injury sustained on the job.

c) Disability Benefits: If an employee is permanently disabled due to a workplace injury, workers’ compensation insurance can help cover the cost of long-term disability benefits.

d) Death Benefits: In case of an employee’s death due to a workplace injury, workers’ compensation insurance can provide death benefits to help cover funeral costs and other end-of-life expenses.

Business Owner’s Policy (BOP)

A business owner’s policy (BOP) is an all-in-one insurance policy that helps protect businesses from many risks. A BOP typically includes coverage for property damage, liability, and other losses associated with running a business.

BOP policies typically cover the following:

a) Property Damage: A BOP helps protect law firm offices from claims related to damages caused by fires, storms, floods, or vandalism. These policies usually cover the cost of repairs or replacement for damaged property.

b) Liability: A BOP can help protect law firms from claims related to negligence or other liability issues. This type of policy helps cover the cost of defending against such claims and any settlements or judgments that may be awarded in a case.

c) Business Interruption: A BOP also covers business interruption losses due to natural disasters, fires, theft, or other unforeseen events that may cause the temporary closure of a firm. This type of coverage helps provide income protection and replacement funds for businesses affected by these incidents.

d) Crime Coverage: A BOP can also help protect law firms from losses associated with employee theft, vandalism, or fraud. These policies usually provide coverage for lost property and money stolen from the business.

Business Automobile Insurance

Law offices and attorneys in Florida must also consider obtaining business automobile insurance. Business auto policies cover a variety of risks, such as physical damage to vehicle caused by an accident, liability for injuries or property damage sustained in an accident, and medical expenses related to an accident.

Business automobile insurance typically covers the following:

a) Liability: This coverage helps protect law offices and attorneys from claims related to damages or injuries caused by their vehicles. This includes property damage, medical expenses, and legal fees associated with defending against a lawsuit.

b) Collision: Collision coverage helps pay for repairs to a company vehicle if it is damaged in an accident.

c) Comprehensive: Comprehensive coverage helps pay for repairs or replacement of a law office vehicle if it is damaged due to theft, vandalism, hail, flooding, or other disasters.

d) Uninsured/Underinsured Motorist: Business automobile insurance also provides coverage for damages or injuries caused by uninsured or underinsured motorists. This policy helps cover the cost of medical bills and property damage if an attorney is involved in an accident with an uninsured motorist. It also pays out to replace lost wages if an employee is injured in an accident.

Call Dorsal Insurance today for a quote at 786.601.2485