Too often law firms are so focused on the legal malpractice insurance exposures they neglect to protect the assets needed for running the law practice. The following check list is just a start to get the firm thinking about the other exposures that may or may not need insurance coverage.
1. Are you responsible for the Building you are in?
Own the Building
Rent the Building
___ Condo ownership
___ Office in residence
2. Are you responsible for the Permanent Attachments to the building, Fixtures, and
Equipment for servicing the premises:
Not responsible rent
___ Responsible for common areas and rent
___ Responsible for improvements in condo ownership or renter
I am responsible for all property
3. Business Personal Property and Property of Others:
The owner of the equipment in my office
Care, custody, control of the property of others ie do you lease equipment like a copier?
___ Have mobile equipment provided to employees such as computers and cell phones
4. Income Protection if there was a disaster:
Lose money if I could not operate my practice.
Would not be able to pay my employees If could not operate
Could not pay my expenses if I could not operate
Would have extra cost to continue my business after a disaster at this location or
at another location
___ Do you have another space to relocate to if need be for a period of time
5. Practice has employees or contract employees?
___ Workers Compensation Insurance
___ Employment Practices Liability Coverage
6. Have Trust/IOTA Accounts
___ Crime Insurance
___ Clients required to be names on crime coverage
Money and Securities
7. Have Data Breach/Cyber Liability Exposures, store sensitive information about clients on computers, servers or paper files
___ Data Breach/Cyber Insurance
___ Clients that require Data Breach/Cyber Insurance
8. Does firm use autos for business?
___ Employees Occasionally use Personal autos
___ Employees Frequently use Personal autos
___ Firm Leases autos for employees
___ Firm owns autos used by employees
9. Other Insurance needs?
___ Directors & Officers/Management Liability Insurance
___ ERISA Bonds
___ Employee Benefits Errors & Omissions coverage
___ Excess Insurance – Professional Liability Insurance
___ Earthquake Coverage
___ Surety Bonds
___ Umbrella Insurance
10. Do you need coverage for any of the following: Check all that apply
_ Valuable Papers & Records
___ Law Library
___ Art Work
Newly Acquired or Constructed Property
Exterior Signs, Lights and Clocks
Fire Department Service Charge
Fire Extinguisher Recharge
Electronic Data Processing Equipment Coverage-Property
Other, Describe unusual property you my own:
11. Specific Insurance Coverage questions:
___ Number of years Owned Business (____)
___ Have current insurance coverage
___ If no have had coverage in past let lapse
___ Will provide copy of expiring coverage(s)
__ The legal status of entity is:
___ LLC/PA/PLLC etc.
___ More than one location
___ Had nonprofessional liability insurance claims?
The above checklist is not an all-inclusive list. It is only intended to provide a general guide to possible exposures for Small Law Firm. Actual insurance policies contain specific details of the coverages, conditions and exclusions.