As a lawyer, you understand the need for insurance cover to protect your business – and you’re more than capable of understanding the fine print of the policies! If you operate as an independent lawyer and you don’t rely on an employer for your insurance, you need to ensure you have comprehensive cover in place. Today, we’ll be looking at some of the forms of insurance cover you should consider to protect your business.
Professional indemnity insurance
Professional indemnity insurance protects professionals who provide advice or services from claims associated with a breach of duty or negligence which has resulted in financial loss for a third party. Indemnity insurance can cover associated with the investigation, defense and settlement of a claim, along with additional costs such as hiring a public relations professional. From providing misleading or incorrect advice to losing important documentation, lawyers are faced with a number of risk exposures which is why indemnity cover is essential. Unlike many other professions, professional indemnity insurance is compulsory for lawyers and you won’t be able to practice without having cover in place.
Public liability insurance
If you have clients attending your business premises, it’s essential that you have public liability insurance in place. This form of cover provided financial protection if you cause damage to property or injury to a person as a result of your actions at work. It also covers your legal bills if you need to hire a lawyer as part of the claims process. Costs associated with a successful liability claim can include rehabilitation costs, medical bills, repairs, replacements and any number of additional expenses.
General property insurance
General property cover provides financial protection if you’re transportable items are lost, damaged or stolen. For lawyers, this could include things like your smartphone, tablet or laptop. Given that these items are both expensive and tend to be carried around wherever you go, general property insurance means that you don’t need to pay for replacements out of your own pocket.
Personal accident and illness insurance
Operating an independent business can be highly lucrative and you have the flexibility to design your own business. However, it also means that you don’t have the protection of leave entitlements if you’re unable to work. With personal accident and illness insurance, you’ll continue to receive a portion of your income if you’re unable to work due to injury or illness. This allows you to keep up with your regular expenses and maintain your lifestyle until you’re able to return to work.
Contractor Cover are committed to making life easy for contractors across Australia. With that I mind, we’ve combined the most commonly used forms of insurance cover for contractors into one convenient package. This means you don’t need to contend with multiple policies with a number of different insurers. Our cover is also specifically targeted to the needs of contractors to protect your risks.