Why Do You Need
A Business Owner's Insurance Policy

What happens to your law firm in the event of a disaster, such as a fire, earthquake, flood, or interruption and you have loss or damages to your property, equipment, or inventory? What about loss of billing/revenue for the time your law firm is closed?  That’s where Business Owners Insurance (BOP) plays a critical role.  It can help your law firm survive a serious disaster by protecting personal property losses and revenues.

 

Do you know when it comes to contracts and insurance, there are several variables:

• If you rent or lease your law firm office space, you will likely need to carry insurance because the building owner often does not cover your losses
• If you finance your equipment and personal property, your loan agreement will contain an insurance requirement and the lenders are often required to be named as additional insureds
• Vendor contracts may specify that you carry insurance
• Leases also may require general liability coverage in case someone gets hurt in your office(s)

Did you know that a BOP typically includes:

• Property Insurance which provides coverage for damages caused by perils specifically listed in the policy – fire, explosion, wind damage, vandalism, smoke damage, electricity failure, etc.,
• Business Personal Property which covers business- or third-party owned items that are kept temporarily in the care, custody, or control of the law firm business owner
• Commercial Liability Protection (CGL) not covered under your lawyer’s professional policy and includes legal responsibility for damages that may impact others (i.e. bodily injury if someone slips or falls at your office)
• Business Income and Extra Expenses that cover actual loss of billable hours
• Completed Operations which covers a contractor’s liability for property damage or injuries to a third party
• Equipment Breakdown which pays for direct loss or damage to covered property caused by a mechanical breakdown or electrical failure
• Medical Expenses which will pay for bodily injury sustained by any one person
• Valuable Papers that your firm owns or are in your care, custody or control that may have been damaged or lost
• Computers and Electronic Data that are on and off your premise. BOP policies typically cover electronic vandalism, head crash, flood, earthquake, utility services, mechanical breakdown and artificial electricity
• Employee Dishonesty if your law firm or client money and securities are stolen by an employee of your law firm
• Newly Acquired Property (Building) or newly acquired business personal property
• Water Backup and Sump Pump Overflow that backs up through, overflows or is otherwise discharged from a sewer or drain that creates a mechanical breakdown
• Hired Auto and Non-Owned Auto Liability that covers bodily injury or property damage arising out of use of a hired auto / non-owned auto by you or employees in the course of your law firm business
• Terrorism for terrorism acts certified under the Terrorism Risk Insurance Act.

• Accounts Receivable
• Electronic Data (Other than Computer Viruses)
• Fine Arts
• Fire Department Service Charges
• Fire Extinguisher Systems Recharge Expenses
• Leasehold Interest
• Commercial Auto (Business Owned Autos can be added)

• Commercial Umbrella Excess– Drops down over eroded or exhausted primary limits of commercial insurance to help protect against catastrophic liability losses
• Business Travel Accident– Provides accidental death and dismemberment benefits for employees, while traveling on firm business, at the work site, or on a 24-hour basis for those key employees who must always be available to represent their firm
• Group Personal Excess Liability– Broad protection and liability limits as an added layer of insurance above your primary auto, homeowners, renters, recreational vehicle, motorcycle and watercraft insurance policies. (Minimum 25 participants)
• Crime/Financial Fidelity– Protection for theft, vandalism, social engineering and employee fraud

A business owners policy is an affordable way to secure many types of insurance coverage you may need for your law firm.  Most BOP’s are customizable, allowing you to add and remove coverage as you need to best fit your exposure.

 

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