Insurance – what is needed, how when and why

For anyone in the early stages of setting up a new law firm, there is a lot to think about – achieving regulatory authorisation, accountancy support, banking, IT systems and cyber security, office premises, equipment and staff. All of these things are essential to the success of your new venture.

One of the most important things to consider in the very early stages is what insurance protection will be needed for the new firm. There are mandatory insurances – namely solicitors professional indemnity insurance, employers liability insurance and, if there are company owned vehicles, motor insurance.

Outside of the insurance covers that are mandatory or legal requirements, there are also other key insurances that provide very important protection for your firm – including office insurance, premises insurance, management liabilities, cyber cover, and business legal expenses.

Whether you have experience of arranging an insurance program for a law firm, or not, this can be a daunting task.

This session aims to provide a comprehensive overview of what solicitors insurance protection is required for a new law firm, why and when.

Learning Objectives:

• Understand the risks that exist within a new law firm
• Develop an understanding of the consequences of not insuring your new firm adequately, and the positive benefits of a comprehensive risk management program
• Explain the different insurance covers that are needed for a new firm.