Authored by Sara Weathers

While insurance paperwork may not be the most engaging aspect of managing a law firm, maintaining up-to-date documents is essential when securing coverage, renewing policies, or handling claims.

Here are five insurance documents every law firm should regularly review.

 

1. Insurance Policies

Keep current copies of all policies, such as professional liability, cyber, property, general liability, and employment practices liability. Regularly review limits, deductibles, exclusions, and policy dates to ensure they still meet your firm's needs.

2. Certificates of Insurance

Landlords, vendors, and business partners often require certificates of insurance. Ensure these documents reflect your firm's current coverage and that all required additional insureds are accurately listed.

3. Property & Equipment Inventory

Keep an updated inventory of office equipment, technology, furniture, and other valuable property. Include purchase dates, values, and supporting documentation when possible. This information can be especially helpful when filing a property claim.

4. Business Interruption Information

Keep current financial records, including revenue and operating expenses, to accurately calculate potential business interruption losses. Update these figures as your firm grows.

5. Emergency & Claims Contacts

Maintain an up-to-date list of key contacts, such as your insurance agent, carriers, claims representatives, IT provider, and other essential vendors. Quick access to this information can save valuable time during an emergency.

Keeping insurance documents current is a straightforward yet vital aspect of risk management. Reviewing them annually and after major changes helps ensure your firm is prepared when coverage is needed most.