Unraveling Insurance: Protecting Your Law Firm's Success with Brad Barkin (Ep. 29)
Welcome to another episode of The Lawyer Millionaire Podcast! In today's episode, we have a special guest, Brad Barkin, a seasoned professional in insurance coverage for law firms. We'll be discussing the importance of insurance coverage for law firms, the different types of coverage available, and how they can protect your firm from financial risks. Whether you're a solo practitioner or a law firm owner, this episode is packed with valuable insights to help you make informed decisions about insurance coverage.
Why Insurance Coverage is Crucial for Law Firms:
As legal professionals, we often focus on providing excellent legal services without considering the potential risks and liabilities that can arise in our practice. This is where insurance coverage comes into play. Brad Barkin emphasizes that professional liability or malpractice insurance is just the tip of the iceberg. Law firms should also consider additional coverage such as general liability, workers compensation, cyber liability, and employment practices liability to protect themselves from unforeseen circumstances.
Types of Insurance Coverage to Consider:
Professional Liability Insurance (Malpractice Insurance): Don't fall into the misconception that malpractice claims only happen to a few unlucky attorneys. In fact, statistics show that 80% of lawyers will face a malpractice lawsuit during their career. Malpractice insurance provides crucial financial support in the event of a lawsuit, covering legal fees and expert witnesses. It also offers guidance and support in finding defense counsel to minimize damages and defense costs.
General Liability Insurance: Protect your firm from claims of bodily injury, property damage, or personal injury caused by your business operations. This coverage is often required by landlords and provides essential protection in case of accidents or third-party claims.
Workers Compensation Insurance: If you have employees, workers compensation insurance is not optional, but legally required in most states. Failure to have it can result in fines and penalties. This coverage ensures that your employees receive medical care and compensation if they're injured or become ill due to work-related activities.
Cyber Liability Insurance: With the increasing number of cyberattacks targeting law firms, it's crucial to protect your firm's sensitive data and confidential client information. Cyber liability insurance covers the costs associated with data breaches, ransomware attacks, and other cyber incidents.
Employment Practices Liability Insurance: California law firms should be particularly vigilant about this coverage. Protect your firm from claims related to wrongful termination, discrimination, harassment, or other employment-related issues. It's essential to protect your firm's reputation and financial stability by mitigating the risks associated with employment practices.
Finding the Right Coverage and Expert Advice:
When it comes to insurance coverage, it's important to do your research and find an insurance professional who can explain policies clearly and offer the right coverage at a competitive price. Brad Barkin advises seeking out a single vendor who can manage all insurance policies and their administration, streamlining the process and ensuring comprehensive coverage.
Conclusion:
In today's episode, we've learned from Brad Barkin, an expert in insurance coverage for law firms, about the importance of securing the right insurance policies for your firm's protection. Whether it's malpractice insurance, general liability coverage, workers compensation, cyber liability insurance, or employment practices liability insurance, having the right coverage is crucial to protect your firm from unforeseen risks and liabilities.
As law firm owners, it's easy to overlook the significance of insurance coverage, but understanding and assessing the specific risks and needs of your firm can help you make informed decisions. Don't forget to review your existing policies and consult with an insurance professional to ensure you have the necessary coverage in place.
Thank you for joining us today on The Lawyer Millionaire Podcast! To access free resources, webinars, and to grab a copy of Darren's book, visit our website, thelawyermillionaire.com. Schedule a time to chat with Darren about your financial goals and create a plan to make your dreams a reality. Remember to subscribe to the podcast, leave a review, and share it with your friends and colleagues. Let's empower more law firm owners to achieve greater success and freedom!
Stay tuned for our next episode, where we'll bring you more valuable advice and expertise for law firm owners. Until then, this is Darren Wurz signing off, and we'll see you next time.
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About our guest:
Brad Barkin is the current VP of the Law & Accounting Practice at Embroker. Brad has over 15 years of experience in the insurance industry, specializing in professional liability and other professional insurance lines.
Previously, Brad was with Integro Insurance Brokers, where they served as Sr. Vice President from July 2015 to October 2016. In this role, Brad worked closely with mid and large sized law and CPA firms across the country on their insurance needs.
Prior to Integro, Brad was with Lemme, a Division of Integro USA, Inc., where they served as Vice President from October 2005 to October 2016.
Before their career in insurance, Brad worked as a Sr. Business Analyst at ConAgra Foods from August 2004 to October 2005 and as a Sr. Consultant at Manugistics from May 2001 to August 2004.
Brad Barkin has a Bachelor’s degree in Business from Indiana University Bloomington and a Bachelor’s degree in Business from the Kelley School of Business at Indiana University. Brad is also certified as a Registered Professional Liability Underwriter (RPLU) from the Professional Liability Underwriting Society (PLUS).
