Paralegal Insurance Requirements
In the legal field, you have to bring your A-game to every case that crosses your desk. And no one understands that more than you in your role as a paralegal. That’s why when you’re not managing important files or seeing clients, you could be making court appearances or handling court filings.
Because legal mistakes can have such a devastating impact on a client, professional paralegals are legally required to carry professional liability insurance. Here’s what you need to know.
Here’s a short list of what makes a legally-compliant paralegal insurance policy, according to the Law Society of Ontario:
- You need to be able to prove in writing that you have legally-compliant insurance before you start performing legal services
- Individual paralegals have to be named either through endorsement or directly on the policy
- There’s a policy limit of $1 million per claim and $2 million in total
- You have to have written proof of insurance on a yearly basis
- If you cancel, there’s a required notice period of 60 days
- The Law Society of Ontario should be included as “Additional Insured” for cancellation and reporting purposes
- Legal services provided by paralegals should be specifically included in the policy coverage
Here’s Why Paralegals Should Consider Working With a Broker for Their Professional Insurance Needs
1. An Experienced Broker Can Help You Find Better Rates
As a current and/or soon-to-be practicing paralegal, your insurance coverage options have to meet certain standards by law. In practice, what this means is that differences in your insurance policy may realistically come down to how much you’re willing to pay and/or how much additional coverage you want to carry.
Because they have access to a variety of insurance issuers, a broker is often uniquely able to find great plans that offer the coverage you need at a reasonable price.
2. A Broker Can Help You Find Your Plan Faster
Along with the relations that they have with credit issuers, brokers also have in-depth knowledge of the insurance industry. In the same way that you would expect an experienced paralegal at a real estate firm to be much faster at putting together conveyancing documents than a paralegal who’s primarily experienced with criminal litigation, insurance brokers will often be able to find and identify great insurance plans in a fraction of the time that it would take a non-insurance professional to do the same thing.
Take Paralegal Insurance off of Your to-Do List by Working With a Professional Broker
Although paralegal insurance is legally required, finding the right plan can be tricky. An experienced insurance broker will be able to make the whole process of crafting a solid insurance policy simpler and more efficient.
Contact ALIGNED for your paralegal insurance needs today!