The Importance of Having Insurance

If you work in the legal sector then you’ve probably come across hundreds of different types of insurance. However you may not have thought about having your own insurance. Because you work in the legal world and have many years’ experience of the law you probably think that you can get away with not having it. But it’s especially important for lawyers and those in the legal world to make sure they are covered.

Lawyers handle so much sensitive information every day of their working lives. Their legal clients rely on them for sensitivity, confidentiality and security. This means that lawyers and legal teams could be liable for specific risks that are only seen in the legal world. Not only do these risks affect the individual lawyers, but the whole legal firms can be at risk too, should any of this data be breached. 

At least, most law firms should be covered by business owners insurance. This protects businesses in a similar way to a home insurance policy, but for business. The main things that business owner insurance covers is general liability, commercial property and business income. 

General liability cover works to ensure that your business is protected from certain lawsuits such as injury or property damage. For example, if a client were to injure themselves on your property or an employee causes damage to a client’s property. This is especially important to lawyers because they often have professional relationships with clients which can span years. 

Commercial property cover makes sure that the building where you practice is protected. It also generally includes contents of the building, so if anything is damaged or stolen it can be replaced. Although this won’t cover sensitive information, it will protect a law firm from having to restock an entire law library out of their own pocket – saving massive amounts should any of this become unusable. 

Business income cover ensures that any loss of income is covered if you cannot conduct work due to property damage. Important for small law firms as they generally have smaller business premises and less employees to help with the day to day running. 

Palladium Insurance is a specialist insurance company designed specifically for lawyers. They understand the ins and outs of law and the legal world and are fully equipped to help you with any cover that you may need to protect your assets. They offer fully bespoke insurance policies which are designed to help a law firm with their needs and work with their clients to ensure that they are getting exactly what they’ve asked for. 

Many of the staff at Palladium Insurance were once lawyers, which means that they have the knowledge and skills needed to help lawyers make sure they’re covered. They have advised some of the biggest firms in the legal world and pride themselves on making sure that their clients experience the best customer care. Because they have the experience in the legal world themselves, they can understand what it means to be a lawyer or part of a firm and so can help out in ways that other insurance companies couldn’t. 

In the legal world, having insurance is extremely important because you are liable to much more specific risks. You will also face different risks that don’t affect other businesses or industries. This is why it’s important to make sure that you not only get covered, but that they cover you get knows and understands the risks involved. That is why Palladium Insurance can help, with their combined years of expertise and knowledge.  

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