What Are the Best Options for Legal Insurance In 2022?
At some point, most lawyers need reliable, discreet, and affordable legal insurance services. Even more so if they’re start-ups, hiring a trustworthy business lawyer to manage your legal necessities can be pretty challenging, not to mention that it requires breaking a budget most of the time.
Hiring a business attorney is quite an expensive venture for law start-ups. Thankfully, there is an all-encompassing solution to this problem. Since a trusted online legal service provider is all you need to handle an array of business-related legal matters, including the formation of your law firm, we’ll mention a few providers to keep in mind.
The most trustworthy online legal services for law firms provide cost-efficient and timely solutions to help you set up your business while ensuring compliance with filing regulations and other essential rules.
An online legal service provider can help you with various legal tasks such as protecting your intellectual property through copyrights and trademarks, drafting business contracts, creating legal partnerships, filing your employer identification number (EIN), and more. Let’s discuss the best options for legal insurance options for lawyers in 2022.
The best insurance policies for lawyers
Your law firm’s insurance provider and policy depend on your specific requirements and jurisdiction. Here are some insurance policies for your consideration.
Business owner’s policy (BOP)
BOP falls into a bundled insurance policy that provides coverage for an array of law-associated business risks. This combined policy includes legal protection for:
- General liability insurance
- Commercial property insurance for your law firm
- Business interruption insurance or business income coverage protects your business against events like natural disasters.
BOP bundles key insurance policies together, allowing lawyers to get essential and basic insurance coverage at an affordable price.
General liability insurance
This type of insurance policy is vital for any kind of business as it provides legal protection against lawsuits such as injury and property damage caused by your law firm.
General liability insurance protects law firms against potential claims for libel or slang and any injuries that might occur to your clients in your office.
Professional liability insurance
All practicing lawyers should consider having adequate legal malpractice insurance coverage. This liability insurance protects law firms against client claims from errors made by lawyers during professional legal services.
Legal malpractice insurance protects you against professional negligence and potential malpractice by mitigating damages or settlements against you, including possible legal defense costs.
Cyber liability insurance
Law firms that provide online legal services must deal with clients’ personal information and sensitive data. Because of that, they are perfect targets for cybercriminals and hackers. According to a 2020 survey, more than 29% of law firms fell victim to some form of cybersecurity threat.
Since mitigating such risks and keeping your practice secure are among your highest priorities, cyber liability insurance coverage is the best way to acquire a suitable insurance policy to protect your practice.
Employment practices liability insurance (EPLI)
We recommend looking into insurance coverage for employer liability if you have employees. Such insurance policies protect law practices against any potential lawsuits related to their practice and claims that employees may make against employers regarding a possible violation of their rights, including wrongful termination, harassment, and discrimination.
Top online legal insurance options
Many people decide to go online when looking for legal insurance, especially in the past couple of years, so here is our short list of the best online legal services for lawyers.
LevelEsq
Based on pricing plans and the scope of services, LevelEsq is the best online legal service and litigation insurance provider. The company specializes in two different areas, Lawsuit Cost Financing and Litigation Cost Protection, both of which are an essential part of the legal insurance puzzle.
Before, they were known as Level Insurance, but they evolved into LevelEsq, raising the bar with innovative solutions to issues that are common in the industry. You can get an insurance quote from licensed professionals, and since their success rate and customer satisfaction speak for themselves, you can rest assured that you will be in good hands.
Nationwide LegalGuard
Nationwide offers two great and affordable, no-deductible insurance policies for lawyers:
- LegalGUARD Advantage
- LegalGUARD Optimum
Although the former is more affordable than the latter, the Optimum policy provides insurance coverage that you won’t find with many other insurance providers – uncontested divorce benefits. Depending on your exact needs, Nationwide might be a great option if you’re looking for a mix of fixed-rate insurance and full coverage.
Conclusion
Legal insurance for law firms may be an additional expense, but it is a necessity that you simply can’t do without. It protects your practice against various risks and threats and ensures that you comply with the latest regulations regarding running a law firm and practicing law in your country.
Regarding insurance for lawyers, the more aspects your policy covers, the better. Modern-day firms face various risks, including malpractice claims, cybersecurity threats, and problems associated with running a business. Investing in an all-encompassing insurance solution is the best way to ensure maximum uptime and complete protection.
