Posted by Frank Horvath on 2/20/18

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When you first leave law school, the majority of graduates
will flock to entry-level jobs and put in the hard graft
for a few years. However, a select few might head down the
freelance route. It’s becoming an increasingly attractive
offer, particularly if you can get in on the ground floor
or an exciting new startup. There are so many steps you
need to take before going freelance, including getting the
right level of insurance. This is vital in the event you
make a mistake and will allow you to act with confidence,
knowing that any mistakes will be covered by insurance.

However, it’s important to understand that insurance can
only cover genuine mistakes, not reckless behaviour. If a
client sues because you acted in a way that is proven to be
negligent, then you’ll be on your own. So, what’s the bare
minimum of coverage required?

At the very least, you will need professional indemnity
insurance to be able to practice. Most professional bodies
will require it, so it’s unlikely that you’ll be able to
get away with not taking out a PI insurance policy.

Next up, you should consider personal accident and sickness
insurance. Accidents and illness can strike at any time,
and you don’t want your earnings to suffer as a result. If
you regularly travel for work, this is essential.

If you have your own office space, then office contents
insurance will protect your office not only from theft but
from unavoidable disasters like fire and flood.

And finally, if you’re going to take on any help, you
should look into your options for employers insurance. If
someone were to get injured while working for you, this
could cost you financially without insurance.

Insurance might seem like a boring thing to think about
when you’re newly qualified, but it really is essential!
Make sure you shop around and don’t just look at the
monthly premiums, make sure it includes everything you need
to protect yourself and your career.

Professional Indemnity Insurance

Insurance for Freelance Legal Professionals , 2/20/18, by Frank Horvath.

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