Law Firm Insurance

Albany, Schenectady, Troy, Saratoga, NY

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Law Firm Insurance Information

Why does a law firm need a risk management program?

Law firms constantly handle important personal information for their clients and are responsible in taking the appropriate action and making recommendations for their clients.  Because of the many constantly moving parts, a proper risk management program is important to ensure the success of the firm.

Exposures facing law firms differ greatly based on a number of different factors, and no two practices are the same.  Because of this, it is vital that they have an agent who understands the firm’s business as well as the insurance marketplace in order to be able to offer them best product to suit their particular area of practice (AOP).

Important Aspects of a Law Firms Risk Management Program

  • Area of Practice (AOP): Different insurers insure specific kinds of law firms based on their AOP.  It is essential for the agent to understand the insurers’ appetites and understand specifically what the law firm does. 
  • Record Keeping/Docketing:  Does your law firm have proper procedures in place storing and backing up the attorneys’ calendars, both on paper and electronically? 
  • Prior Acts Date:  Identifying the retro-active date on both the firm and the individual lawyers’ professional liability insurance is very important.  A retro date signifies the date that continuous coverage for the firm and its attorneys began. A lapse of even a day results in losing the prior date and reverting to the date that the next policy is issued.
  • Defense Costs: Professional liability insurance policies are written with the defense costs inside or outside the limits of liability.  Also, some carriers will allow the firm to have a say in selecting the defense counsel or participate in their own defense if so desired.
  • Business Personal Property:  Extensive computer equipment and up-to-date technology are important for a law firm in keeping its efficiencies.  There are often sub- limits for electronic equipment on business contents policies as well as coverage differences.
  • Drive Other Car Auto:  If a partner or employee is provided a company vehicle but has no personal auto policy, they may be subject to coverage gaps.  There are endorsements that can be added to the Business Auto Policy to close these gaps.

Get started today!

Developing the proper risk management program for a law firm is a detailed process dealing with internal procedures and protocols as well as the proper risk transfer.  Ten Eyck Group has a staff of professionals that will work with you and assist in the positive growth of your company.  Give us a call so we can start the process with you!

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