Does your law firm have adequate insurance? Insurance coverage helps the business stay afloat in case an insured risk occurs. So, what should you consider when applying for law firm insurance? Below is a guide for lawyers in Los Angeles, CA.
Establish the Required Coverage
Some insurance covers are statutory, while others are voluntary. For example, some legal associations compel members to take professional liability insurance. The coverage compensates clients who suffer losses due to a lawyer’s negligence, errors, or omissions. Workers compensation insurance compensates employees who suffer injuries as they work. For instance, an employee could slip on a slippery surface in the office. Are your offices insured? Your offices have valuables such as furniture and electronics. Therefore, you must get commercial property insurance to safeguard the office against theft, fire, and flooding. A business income cover compensates you for loss of business as you recover from an insured event.
Check the Terms of the Coverage
You must assess the terms of the coverage when applying for law firm insurance in Los Angeles, CA. For instance, check whether the insurer bundles several covers to ensure an easy time repaying your premiums. You can also ask for riders to extend the coverage. For instance, you might want a vandalism add-on to your motor vehicle insurance. Finally, assess the premiums. Most insurers will lower the premiums if you take measures to reduce the impact of an insured risk. For instance, CCTV, fire response devices and flood retrofitting can reduce the premiums on commercial property insurance.
When seeking law firm insurance in Los Angeles, CA, check the required coverage and insurance terms. Visit https://www.aherninsurance.com/ to apply for affordable law firm insurance from Acrisure San Diego, CA (Ahern Insurance Brokerage).
