Lawyer Insurance

It may seem counter-intuitive for lawyers to need insurance from lawsuits and other issues that may arise while practicing the law. Just like how medical doctors need malpractice insurance, lawyers need professional liability insurance and other specialized coverages.

 

Having lawyer insurance protects attorneys and other similar professionals from potential work-related issues such as lawsuits, bankruptcy, and legal ramifications. 

 

Jump To:

• What is Lawyer Insurance?

• Who Needs Lawyer Insurance? 

• What Types of Insurance Do Lawyers Need?

• How Much Does Lawyers Insurance Cost? 

• FAQs

• Explore Your Coverage Options Today!

What is Lawyer Insurance?

Lawyer insurance is a specific type of business insurance designed to protect attorneys from financial losses brought on by claims, lawsuits, and unanticipated circumstances. This coverage helps protect attorneys and legal firms from risks such as client disputes, malpractice claims, data breaches, and business interruptions. Given the high financial cost associated with lawsuits and claims, it is crucial for lawyers to have adequate protection to protect their practice and even more importantly, their reputation. 

Who Needs Lawyer Insurance?

Whether you are a sole practitioner, work in a small firm, or work for a large legal firm with multiple offices across the country, having lawyer insurance is necessary to ensure your ability to continue practicing the law and keep your law license. Even the most seasoned lawyers make unintentional mistakes, face unexpected lawsuits and other interruptions that can create long-lasting negative impacts.

 

To explore your coverage options, get free quotes, and compare plans, simply click the button below. 

 

What Types of Insurance Do Lawyers Need?

Every lawyer needs a variety of insurance policies to cover different facets of their work, such as:

 

• Professional Liability Insurance (Malpractice Insurance): This type of insurance is the most important insurance for a lawyer to have. Even as an expert in the legal field, you may unintentionally cause a client financial hardships due to professional negligence or mistakes. Examples of negligence include: alleged conflicts of interest, misfiled paperwork, and breach of confidentiality. Malpractice insurance helps protect you and your law firm from being personally liable. 
• General Liability Insurance: This insurance covers advertising-related claims, third-party bodily injury, and property damage. It is the second most important type of insurance for a legal professional to own. Advertising errors and reputational harm are the most common claims that general liability insurance will cover. 
• Cyber Liability Insurance: Given the amount of sensitive and confidential information that lawyers possess and acquire, having cyber liability insurance is highly recommended. This type of insurance provides protection in cases of hacking, data breaches, and loss of sensitive client information. 
• Business Owner’s Policy (BOP): For those that operate the law firm, this type of insurance bundles property insurance and general liability. 
• Workers’ Compensation Insurance: If you are an owner or partner of a law firm that has employees, worker’s compensation insurance is required by law in all states except Texas.  
• Health Insurance: Provides comprehensive coverage from hospital stays, wellness visits, prescription coverage and more. This usually includes dental and vision benefits as well. For attorneys operating independently, individual health insurance is a great option, while a group plan is better for lawyers with employees. 

How Much Does Lawyer Insurance Cost?

There are various factors contributing towards the cost of lawyer insurance. The most notable are size, level of risk, type of practice, and location. The following are annual, national averages:

 

• Professional Liability Insurance: $500 – $10,000 a year.
• General Liability Insurance: $400 – $1,500 a year.
• Cyber Liability Insurance: $1,000 – $7,500 a year.
• Business Owner’s Policy: $750 – $3,000 a year.
• Worker’s Compensation Insurance: $600- 5,000 a year. 

FAQs

Do attorneys need malpractice insurance? 

In nearly all states, attorneys must disclose their malpractice insurance. It is best to consult your state bar for detailed requirements and consult with an insurance professional. 

 

Do independent contractors require insurance? 

Yes, it is highly recommended and in most states required since even single practitioners run the risk of customer litigation, cyberattacks, and property damage.

 

What factors affect the price of attorney insurance?

Major factors that influence insurance rates are practice area, firm size, geography, and claims history.

 

Is it possible to combine various forms of attorney insurance?

Absolutely! Bundled policies, such as BOPs, which combine property and general liability coverage at a discounted rate, are frequently offered by insurers.

Get Protected Today with EZ.Insure!

At EZ.Insure, we make obtaining lawyer insurance quick and hassle-free. You have enough things to do and worry about. Let our experts help you compare top-rated policies and customize a plan tailored to your firm’s needs. Protect your legal practice today by getting a free quote instantly! 

 

To get started, click the button below or give us a call at 844-770-0876.