Cyber Liability Insurance – Specialized Coverage For Law Firms
When you consider the amount of sensitive and/or confidential information that your law firms stores electronically…cyber liability insurance for law firms is a must.
Benefits of Cyber Liability Insurance for Law Firms
This specialized form of cyber liability insurance is specifically designed to address the risks that come with using modern technology as part of the normal operations of your law firm.
The level of coverage your law firm needs is based on your individual operations and can vary depending on your range of exposure, type of and size of clients, types of law you practice etc. It is important to identify your areas of risk and tailor your policy to your firm.
Cyber Liability Insurance for Law Firms Considerations
When working with your broker on your cyber liability coverage, consider the following coverage options, where applicable to your firm:
- First party coverage: Covers your own data or lost income after a data breach.
- Third party coverage: Covers your liability to clients or government/regulatory entities.
- Confidential information: Covers data when it is under the care, protection or control of third parties
- Unencrypted devices: Protects laptops and other devices from easy access if they are stolen.
- Data restoration: Covers the work hours and money needed to regain your lost data.
- Coverage for corporate clients: Covers liabilities for your clients that are companies, corporations or partnerships, as well as the people who work for these entities.
Remember that even the best computer security can be breached. But conducting risk assessments will help you identify anticipated threats and be prepared to respond and recover. Taking steps to establish a cyber-security program, including purchasing cyber liability insurance, is a smart way to protect your firm, your clients and your firms brand.
An ALIGNED Advocate can provide expert guidance about cyber liability insurance for law firms as well as risk management best practices for your organization. Talk to one of our advocates today about how we can help you secure the best products, services and insurance solutions for your business.
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