Insurance for Law Firms
Business Insurance Specialists Pty Ltd provides insurance and risk management solutions that complement the mandatory Professional Indemnity Insurance schemes in Australian states and territories for law firms. By providing a comprehensive suite of insurance and risk solutions, we ensure that your practice, people and reputation are protected.
Our suite of products and services that are specifically aimed for law firms include:
Excess of Loss Professional Indemnity
Professional Indemnity insurance provides protection if a client alleges negligence or error resulting in financial loss.
For larger practices or firms with higher risk profiles, Excess of Loss Professional Indemnity offers an additional layer of coverage above the standard limit. This ensures you have ample protection for high-value claims or in the event of multiple claims in a single policy period, safeguarding your firm's financial stability and reputation.
Cyber Coverage
Protect your data and the ramifications of a cyber event are paramount for a law firm. Law firms are prime candidates for losses arising from cyber-attacks, data breaches, and ransomware incidents. This policy can cover the costs of notifying affected clients, managing public relations, restoring data, ransom payments, and legal expenses arising from privacy breaches.
Employment Practices Liability
This coverage can protect your board and management from actions made against you by Staff and Third Parties relating to harassment, discrimination and dismissal.
People Risks
Whether you are in a small to medium-sized firm with partners who want to protect themselves and their families due to ill health or an accident, having Buy/Sell, also known as Business Succession insurance, in place makes sense. This cover can include the additional costs relating to finding a replacement staff member. We recommend that this insurance be strongly considered to protect you, your family, and your practice’s interests.
Staff Benefits
We can facilitate Employee Assistance Programmes (EAP), which enable your management to provide staff with access to a reputable global provider offering quality benefits and reporting mechanisms. Another consideration is Staff Group Income Protection, Life and Trauma plan.
Management Liability
Protects your management, directors, and officers for decisions they make on behalf of the business and exposures arising from them.
Liability
Cover your business for injury or damage to Third Parties you are liable for.
Office / Industrial Special Risks
Protecting your assets from loss or damage, and the resultant additional costs of working arising from the damage.
Contact us for a review of your legal firm's insurance arrangements. Our executives have experience in dealing with insurance for legal practitioners.