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Category Archives: Professional Liability

Do You Need Attorney Professional Liability Insurance?

In your business, you already have a lot of insurance. You may not want to add another policy to your portfolio when you think about the cost. Risk management is the bane of most businesses, but as a lawyer, you especially should know and realize how litigious Americans are. Don’t run the risk of not having adequate attorney professional liability insurance in case of a mistake or error in your profession. You may think you don’t have enough clients to have professional liability insurance. It only takes one person to bring a lawsuit against you that will make you stop in your tracks. You will have to dedicate time and resources to defending yourself, instead of focusing on your own clients. Insurance will ease your burden and anxiety in case you are ever sued yourself. It protects you and your clients. When deciding whether to purchase insurance or not, the real question you should be asking yourself is “Can my business afford not to carry this policy?” If you have the assets to cover a potentially large settlement, then maybe you can afford to pass it by. However, if you want to protect your business and its assets, then the small cost of an insurance policy gives you peace of mind. Attorney professional liability insurance will help you sleep at night. Manage your business wisely with the right insurance coverage.

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Vital NY Wealth Management Liability Insurance Coverages

  Wealth managers face a myriad of liability exposures through the course of their professional service. By nature the risks are high for these professionals because handing the finances of others places additional pressure, responsibility and liability onto one’s shoulders. Clients have a lot to lose should a wealth management professional make an error or misjudgment in their work, and an unhappy clients won’t hesitate to pursue legal action against your operation. The risk of being responsible for fraud, mismanagement, or other wrongful acts is exactly why New York wealth managers must employ strategic risk management planning and risk transfer strategies. The right New York business insurance program can help wealth managers, investment advisors and any who handle financial assets on behalf of clients protect themselves from a number of risk, loss and liability exposures that can accompany the performance of their professional services. There are three main types of liability coverage that all wealth management firms should secure. Professional Liability- New York professional liability coverage is designed to protect businesses and their employees against allegations of failure to preform professional duties, or claims that errors, omissions or negligence on the part of your operation resulted in financial harm to another. Fiduciary/ Crime Liability- As professional who are in charge of the money of others, there is much at stake when it comes to crime. As such, it is essential that your firm acquires coverage for a broad range of risks, including employee theft, theft of clients’ property, forgery and alteration of checks, credit cards and personal accounts, fraud, and other key coverages. Directors and Officer Liability- This coverage is specifically designed to protect business owners, directors and officers, and key executives against the potential consequences of alleged wrongdoings, such as financial mismanagement, misappropriation of funds, and negligence. These policies also offer protection from suits alleging a lack of proper “corporate governance” and company management. In this increasingly litigious world, your New York wealth management firm can’t afford to be caught off-guard by a liability lawsuit. At A.J. Benet, our NY wealth management liability insurance programs can be customized to cover multiple professionals in the asset management field, including family offices, independent brokerages, franchises and more. We offer workers compensation, directors and officers insurance (D&O), general liability and property insurance for all your commercial needs and can tailor a solution…
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