Introduction
Legal Industry Professional and Financial Insurance
CCW Global can provide an extensive range of bespoke Professional and Financial insurance options for companies in the legal industry.
Professional and Financial Insurance products for the legal industry have been specially designed to meet the unique needs of law firms and practices, and will provide tailored coverage to meet the risk management requirements of these organizations. While some types of insurance will be a mandatory purchase, required by local regulations, others are not required but can be extremely beneficial in the event of a major calamity.
CCW can help companies within the legal industry to properly evaluate their risk profile, and will work with key internal stakeholders and partners to create a needs analysis on the most suitable type of insurance solutions for the organization.
Overview
Professional and Financial Coverage
Employee Compensation Insurance
Required by local governments around the world, including in Hong Kong, Employees Compensation insurance is designed to provide financial assistance to a worker in the event that they suffer an injury during the normal course of their employment.
By providing compensation in the form of a Workers Compensation, or Employees Compensation insurance plan, an employer can avoid costly negligence lawsuits in the event of an accident and will ensure that staff are financially supported during their recovery period.
For more information please click Employee Compensation Insurance.
Law Firm Directors and Officers Insurance
Directors and Officers Liability Insurance, also known as D&O Insurance, can be vital coverage for law firms and legal companies, as it will protect the firm from mistakes made by senior executives (including directors, senior officers, and partners) in the official capacity of their employment at the company.
Essentially, a D&O insurance policy is a form of management insurance for law firms, and will ensure that the business is covered in the event of serious management errors and mistakes.
For more information please click Directors and Officers Liability Cover.
Professional Indemnity for Lawyers
A major risk for companies operating in the legal industry is the possibility of providing a client with wrong, or faulty information. A Professional Indemnity Insurance plan, also known as Errors and Omissions Insurance, covers law firms against the possibility of providing wrong advice to clients.
In the event that an error is found to have been made by the employees of a law firm covered by a professional indemnity insurance policy, the firm will be covered for the costs of mounting a legal defence against a claimant, as well receive protection in the event that an unfavourable settlement goes against the company.
The purchase of a professional indemnity insurance policy should be considered by any legal company operating in Hong Kong, China, or the greater APAC region.
For more information please click Professional Indemnity Insurance.
Law Firm Partnership Protection
Law firms and legal companies are extremely dependent on the contributions of the business’ partners – the loss of a partner can severely impact the ability of the firm to do continue operations.
In the event of a serious accident, injury, or illness which results in the death or long-term disablement of a partner in the firm, a Partnership Protection insurance policy will provide the company with a lump sum payment which can be used to assist in the day-to-day operations of the company or buy the partner out of the business; leaving the remaining owners free to focus on running the firm.
This type of insurance can also be known as Key Man Life Insurance, but is normally specially designed specifically to cover law firms.
For more information please click Key Man Life Insurance and Partnership Protection.
Quotation
Free Law Firm ProFin Insurance Consultations
Law firms, or companies involved in the legal industry, who would like to enquire about obtaining any of the specialist Legal Professional and Financial insurance products offered by CCW should Contact Us to arrange a free no-risk, no-obligation consultation with an expert corporate insurance broker. CCW’s expert advisors would be happy to assist in helping to arrange comprehensive benchmarking analysis of the best possible risk management solutions.
For additional information about the extended services which CCW Global is able to provide corporate and enterprise clients, please click About CCW.
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