Lawyers and Insurance

We are frequently asked about what insurances are needed for specific types of businesses. To such questions, we respond that there are commercial insurance products for almost all businesses!

Every business, no matter what product or service it provides, needs to be protected, along with the owner, board, and officers.

All businesses, except for those in Texas, are required to carry workers compensation. And while it is not legally required in that state, it still makes sense for those businesses to avail themselves of such coverage. All businesses need to carry a general liability policy as well as property and casualty insurance.

Frequently, a Business Owner’s Policy, also known as a BOP, will cover both.

Property and casualty insurance protects a business’s office, fixtures, inventory, furniture, and equipment. Vehicle coverage may be included or a separate policy but falls under the “P & C” heading. We’ll cover more about vehicle insurance in a moment. Overall, this policy will cover these items whether damaged, stolen, or perhaps even lost.

The general liability policy covers the business owner as well as other people who are involved in the business. Typically, this policy covers legal costs associated with lawsuits including settlements and judgments. This policy will cover damages to a third party and also bodily injury.

Now, specific to the attorney, it is important to determine with your insurance professional whether a Professional Liability policy or Errors and Omissions (E&O) insurance is necessary. E&O insurance is additional coverage not covered in the general liability policy. Attorneys, accountants, and engineers would all be wise to avail themselves of this additional coverage, as it offers a far greater and more specific liability coverage.

Review the specifics of your business with your licensed insurance professional. Together, you will be able to determine the proper coverage necessary to reduce the risk exposure of your business.

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