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Insurance Glossary

The world of insurance for law firms can be confusing, and difficult to navigate. We've created this glossary because these common insurance terms should be easy to understand.

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Insurance Coverage Every Small Law Firm Should Consider

2 min read

Insurance Coverage Every Small Law Firm Should Consider

When you think of protection from malpractice as an attorney, we hope you think of ALPS. For over 35 years ALPS has focused exclusively on the professional liability needs of solo and small law firms throughout the country. At ALPS we not only provide the malpractice coverage you need but we also defend our insureds with the same dedication and advocacy you have for your clients. 

Malpractice insurance is your most important coverage, but a potential malpractice claim is not the only risk a lawyer faces. Every law firm has additional risks as a legal business transacting with the public. With ALPS, law firms can consolidate all their insurance lines through one source, ensuring accurate and consistent coverage. This eliminates the risk of coverage issues due to outdated information or lack of understanding from an agent or broker. ALPS is a trusted carrier endorsed by more bar associations than any other. These endorsements demonstrate the trust and confidence that the legal community has in ALPS as a reliable insurance provider for law firms. 

We know that our insureds enjoy working with and trust ALPS with their most important insurance. In a recent survey of policyholders, 70% said they would like to place their other attorney firm insurance coverages through ALPS.  

ALPS Guide to Purchasing Attorney Insurance

We listened and last summer ALPS launched our Business Insurance program by partnering with 3 of the 5 largest business insurance carriers in the U.S. to write comprehensive and competitive policies. These coverage options are customized to small law firms by complementing the professional liability we already provide. As ALPS is the leading expert in the insurance needs of lawyers, adding business insurance with ALPS is a smart and convenient move for any law firm. 

The most common business insurance coverages that complement your malpractice insurance are: 

  • Business Owner’s Policies (BOPs) combines general liability, business interruption insurance and business property coverage to provide cost-effective and comprehensive protection for your business. Highly customizable and an excellent option for all small businesses. 
  • Commercial General Liability (CGL) offers general liability coverage for third-party claims of bodily injury, property damage, and personal injury caused by your business operations. Often required coverage by landlords, certain clients and government agencies 
  • Workers Compensation provides medical expenses, lost wages, and rehabilitation costs to employees who are injured or become ill “in the course and scope” of their job. It also covers employer liability to protect the law firm from claims of liability. 
  • Employment Practices Liability provides protection against claims of discrimination, wrongful termination, and other employment related issues.  
  • Cyber Insurance provides financial protection and mitigation services in the event of a cyber-related incident or data breach.  
  • Crime policies protect businesses against financial losses resulting from various types of crimes, such as theft, embezzlement, forgery, fraud, and employee dishonesty. 
  • Surety Bonds today’s law firms need an easy, reliable and fast resource to secure commonly purchased bonds required by courts, contracts or client needs. Notary, ERISA, court or title agency bonds are commonly required for many firms. Our new bonds portal provides the most convenient and fastest way any law firm can secure the bond they need. 

At ALPS we understand that no two law firms are alike. That’s why we work with you to develop a customized insurance package that meets your specific needs. Don’t leave your practice exposed to unnecessary risks. Contact us today to discuss all your insurance needs.  

Coming to ALPS with an extensive business background, Kurt brings a unique perspective on liability insurance to his role in business development. Having owned his own business Kurt understands what decision makers value. While liability insurance isn’t top of mind for every law firm on a daily basis, choosing the right carrier is certainly an important decision to make when the time is right. As a business owner, Kurt was working with partners that he knew would take care of his business when he needed them most. He understands that the firms he works with want the best value for their hard earned dollar and the peace of mind knowing that the firm can always rely on their partners. This relationship is often sold to firms but it is not always delivered. Kurt’s role at ALPS is to be a conduit between law firms and ALPS’ staff of underwriters, claims attorneys and others to deliver on ALPS unique and time-tested value proposition.

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