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Comprehensive lawyers insurance to protect you from lawsuits, and much more.
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As a lawyer, your clients trust you to deliver great advice to achieve their legal goals. However, if your advice fails to achieve the results you clients want, or results in them suffering losses, lawyers can in turn face serious litigation issues. With Provide, you can purchase a policy that protects you, your employees, and the premises/equipment you use.
What does Lawyers Insurance cover?
Importance for lawyers
Protects you from lawsuits related to legal advice
Protects you if you suffer a cyber attack. Covers IT restoration costs, data breach liability, PDPA liability, and more.
Protects your business premises against property damage, e.g. fire, explosions, certain types of water damage, etc.
Critical if you have an office
Protects you against liability to third-parties for property damage or injuries.
E.g. clients slipping & falling in your office due to you negligently leaving the floor wet.
Good to have
Protects your employees if they suffer work-related injuries/sickness.
Legally required for all manual workers (e.g. fitness trainers), or workers who earn <$2,600/month
Provides cash benefit if you cannot operate your legal practice due to covered reasons, e.g. fire at your office.
Good to have
What are some claims examples for lawyers?
Client sues you for advice that causes them losses:
You are working on a highly complex lawsuit for a large MNC. You provide professional advice on your client’s legal case, what legal strategies to employ, and other professional advice related to the legal action. 3 months after your advice has been implemented, your client loses the case. The MNC then initiates legal action against you, claiming your professional advice was negligent. You have a Professional Indemnity Insurance policy, so the insurance company steps in to defend you. The lawsuit ends up being settled out of court for $500,000. The insurance company pays for these costs for you.
Cyber breach exposes confidential data, destroys IT systems:
A cyber breach hits your law practice. Confidential data on multiple lawsuits that you’ve worked on, including patents, trade secrets, and other highly private legal information is leaked. Your clients file a lawsuit against you, seeking damages for this leaked data. On your end, you’re also in trouble because all your work has been deleted by the breach.
Cyber Insurance would pay for your legal defense costs. Cyber Insurance would also cover the cost of hiring an IT consultant to restore your deleted documents.
Employee injured at work: One of your employees was travelling to meet a client. While crossing a road, your employee was struck by a car. He suffers a fracture and lacerations. Your employee ends up having to undergo a surgery to install screws and plates to treat his injury. Your employee was also provided with 5 weeks of medical leave. His medical bill is $8,000. Under Singapore’s WICA regulations, you must compensate your employee for his medical bills and lost wages while on medical leave. If you don’t do this, you can be jailed and/or fined. Since you purchased WICA Insurance, the insurance company will pay for your worker’s medical costs and his lost wages.
How much coverage do I need for my law practice?
Professional Indemnity Insurance: At least $1 million coverage.
Cyber Insurance: Consider at least $500,000 cover.
Commercial Property Insurance: Your coverage amount should be sufficient to cover the costs of restoring your entire office premises, if it were to be destroyed. Combine the costs of all your renovations, equipment, and belongings stored there. It’s advisable to consider a bare minimum of $100,000.
Public Liability Insurance: Consider a minimum of $250,000 coverage.
Work Injury Compensation Insurance: You should insure 100% of your workforce. MOM requires a minimum of $45,000 medical expenses cover, per worker.
How much does Lawyers Insurance cost?
Coverage amount (example)
From $19/month, for a comprehensive Lawyers Insurance Package deal
$10 million common law annual limit
$45,000 medical expenses cover per worker
Why use Provide for Lawyers Insurance?
Save up to 25% on your premiums
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