General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Cyber Liability Insurance protects you from the theft of sensitive data. If you suffer a data breach or software attack, Cyber Liability Insurance will cover the costs of notifying and restoring affected customers, recovering data and repairing security systems.
A Fidelity Bond is an insurance product that protects your small business from any financial losses resulting from fraudulent or dishonest acts by employees. Where it's embezzlement, indentity theft or forgery, a Fidelity Bond will protect you from losses.
Professional Liability Insurance (or E&O Insurance), protects your small business from claims of mistakes, negligence or malpractice made when providing your services that caused somebody financial loss. PLI covers your legal defense costs, damages and settlements.
Why do Legal Services need insurance?
Companies within this industry provide legal services such as transferring land, notary public, patent agent services, process serving, settlements, financing, and legal document filing.
You of all businesses should already know how costly it is when faced with a liability lawsuit. Your insurance will cover the defense and court costs so you don't have to. And depending on the insurance bought, it can also cover for medical expenses, property damage, and other expenses that could otherwise force your business to go bankrupt. And all it takes is a small monthly fee to get your business protected.
What risks do Legal Services face?
There are many risks legal services can face. Below are some examples:
Your client claims that the legal services you provided weren't exactly as they expected. They also claim that because of this, they have lost a lot of money, so they file a claim against your business.
Your laptop gets stolen at a coffee shop. All your customers' information is there and you later learn that your customers' information has been leaked and your customers have suffered identity theft as a result.
You realize that one of your lawyers has made a deal with the other party which causes your defense case to lose.
How much does insurance for Legal Services cost?
There is no fixed cost of insurance for legal services as there are various criteria that are taken into account when assessing the cost of your insurance. If you want to find out the cost of your insurance fast, simply apply online to get a free quote or contact our insurance experts.