As an attorney, you’re a pro at protecting others. However, what about protecting your own firm? After you’ve established your practice area and begin to work on litigation, it’s important to know how to set the foundation for a successful business. Many attorneys immediately think of legal protections. While partnering with the right insurance company is a good idea, you also need to consider other ways to protect your business, both physically and fiscally.
From tail coverage that can provide additional benefits to your business to something as simple as storm windows if you live in an area with temperamental weather, you need to think of your business holistically. If you’re looking for additional protection as an attorney, here’s what you need to know.
1. Start with your real estate.
Even if you have insurance coverage, video management software, and have set up specialized practice areas for lawyers at your firm, you still need to think of your physical space as well. After all, while it’s possible to collect records and virtually meet with clients, it’s probably not your specialty. That’s why your physical office is so important to your brand’s success. As a result, you need to do everything in your power to ensure your space is built to withstand the elements and natural wear and tear. Often, this means working with a qualified contractor.
Say, for instance, you live in a city like Dallas, Plano, or McKinney, TX. While non-residents may think Texas is only good for the heat, you know what a bad storm can do. If a storm breaks your windows, you’ll be out of commission for as long as the repairs take. Instead of waiting for something bad to happen, be a bit more proactive. Look for storm window replacement in Dallas, TX, or a company that offers a free estimate on replacement windows for homeowners and business owners alike. Otherwise, you’ll end up footing the bill for a window replacement when you could’ve installed better storm windows in the first place.
If you’re getting a free estimate for something like replacement windows, make sure to read the fine print. After all, you want the contractors to do a great job during the installation. Ask about benefits like energy savings, review the company’s BBB profile, and make sure your chosen contractor is known for being reliable. You don’t want to end up paying for multiple sets of replacement windows in the same year, after all.
2. Find the right insurance policies.
Insurance coverage is paramount for almost every brand. Many attorneys carry tail coverage or tail insurance because of its legal implications and the fact that insurance litigation can be so incredibly costly. With the wrong omission, you could do irreparable fiscal damage to your law firm. You could also face liability for lawsuits. Tail coverage is common across numerous industries across the United States, from retail stores to hospitals. Tail coverage protects against potential claims that have not yet been made against you and use an extended reporting endorsement. Tail coverage also works on a retroactive date, so it provides extensive coverage. It’s a more reliable form of coverage that can prevent costly litigation and other unnecessary expenses that harm brand visibility.
If you’re interested in tail coverage, you’ll want to talk to a broker or another insurance professional. A great way to get started is by comparing tail coverage plans for your brand before switching insurance. Even if you’re a solo practitioner in your area of law, you want to prevent any professional liability and cover claims as you can. Discuss tail coverage with your insurance carrier and see if they can offer a plan that has a degree of scalability. This is also a great way to get any additional coverage you might need.
Beyond a tail policy or prior acts coverage, you need to consider other policies that can benefit a legal expert. No matter your law area, you want to switch to a policy that has certain guarantees for a practitioner. It’s also good to understand the period of time covered by your policy and when the policy ends. This offers additional peace of mind and is typically sound legal advice.
3. Consider physical security needs.
Whether you represent a hospital, study business law, or work with malpractice policy, you need to ensure that you invest in physical security. Especially for a law firm that deals with classified information like intellectual property, installing security cameras throughout the firm is a good idea. There are numerous benefits of using on-camera storage for video surveillance solutions, as well. The video storage boosts energy efficiency since you don’t need on-site servers. A network video recorder (NVR) gives you a closer look at the analytics behind your security performance. Plus, if you ever need footage for legal matters, you’ll have easier access through your NVR or video surveillance.
It’s good to pick surveillance solutions that stick to the edge of the available technology. That edge entails cloud storage, plug-and-play surveillance cameras, analytics, and security gap prevention. Make an appointment with a security company to discuss these more in-depth. If you can, get a referral from a colleague. This will facilitate smoother implementation, provide coverage for your entrances, and ensure security is your top priority. Video surveillance is one omission you can’t afford for your ongoing success and growth. Look into the acquisition of an IP camera and see what it can do for your brand.
4. Invest in multiple solutions.
The last year has probably shown you that it’s time to protect your law firm more effectively. That’s why it’s a good idea to invest in multiple solutions to ensure great coverage levels. Whether you work with product liability and intellectual property law or you help health care brands navigate malpractice insurance, you need to be able to guarantee that you have the right protections in place. Sometimes, this means installing new windows and improving insulation. Other times, it means working with an insurance company for brand coverage. Multiple solutions provide multiple points of coverage and help safeguard your practice.
