A growing number of law firms are purchasing cyber liability insurance to protect their offices, clients and data, according to the ABA 2021 TECHReport.
The percentage of firms with coverage has been rising steadily in recent years, the report noted. Law firms in the Alta Pro coverage area can obtain SafeLaw cyber liability protection.
“The SafeLaw program was built by lawyers to provide the comprehensive cyber risk insurance coverage and services law firms need,” according to the Alta Pro website. “SafeLaw incorporates industry specific coverage components, a wrap structure that dovetails with lawyers professional liability coverage, and specialized law firm incident response and claims handling services.”
Below is a summary of the core SafeLaw program features.
Why choose Alta Pro Lawyers Risk Purchasing Group over other legal malpractice programs? Because Alta Pro RPG gives insured law firms exclusive access to valuable practice resources and cost-saving programs. When you join the Alta Pro RPG, you can use our Pro Practice Resource Center, filled with practical pointers and risk management tools to keep your law firm safe and soaring. Plus you get exclusive access to free CLE webinars, like our recent, highly popular program on Basics of Cannabis Law. Also: discounts on office essentials, Ask the Risk Pro, malpractice defense hotline and more. Don’t miss out on these fantastic perks. If you’re already a policyholder with Alta Pro but haven’t yet created your RPG account, here’s how to do it.
Fact 1: SafeLaw has many program features.
- Exclusive cyber risk program for US law firms
- Supported by leading Underwriters At Lloyds – Best Rating A XV
- Limits starting at $100,000 and up to $5,000,000 is available
- No coverage sub limits on most core coverage modules
- Deductibles starting at $2,500
- Minimum premium $1,000
- Industry based coverage
- Specialized law firm incident response and claims services
- SafeLaw Policy includes wrap structure that dovetails with LPL insurance coverage
- Coverage for unknown prior acts included
- Selection of counsel available
- Competitive commissions for authorized brokers
Fact 2: SafeLaw is for law firms.
SafeLaw was developed for the specific needs of law firms. The coverage includes first and third party protection built around the myriad of unique cyber risks facing law firms as well as regulatory requirements, ethical obligations, and contractual exposures.
Fact 3: Safelaw offers first and third-party coverages.
- Third-party liability coverage for data breaches including the resulting breaches of confidentiality, privacy, and attorney client privilege.
- Third-party liability coverage for regulatory proceedings, administrative proceedings and disciplinary proceedings as well as resulting fines and penalties.
- Third-party liability coverage for media and publishing violations including trademark infringement, copyright infringement, defamation, and invasion of privacy or publicity rights.
- First-party coverage for expenses incurred in responding to a data breach.
- First-party coverage for mitigating extortion and ransomware threats.
- First-party coverage for theft of money and securities including fraudulent funds transfer and social engineering.
- First-party coverage for cost to restore electronic data and software damaged in a computer attack.
- First-party coverage for loss of income and extra expense caused by a computer system disruption.
Fact 4: SafeLaw offers data breach response expense coverage.
Fact 5: Other SafeLaw benefits:
- Cyber Extortion and Ransomware Response Expenses
- Loss of money caused by cybercrime including social engineering and fraudulent funds transfer cost to restore electronic data damaged or deleted in cyber attack
- Loss of income and extra expenses caused by a computer system disruption
- Liability for confidentiality and privacy breaches including regulatory, disciplinary, and administrative proceedings and resulting fines and penalties.
Do you practice in Wisconsin, Texas, Minnesota, Ohio, Illinois, Indiana or Michigan? Is your professional liability coverage managed through Alta Pro? If so, you’re automatically a member of the Alta Pro Risk Purchasing Group (RPG), which offers a wealth of benefits for your practice: free, cutting-edge CLE webinars featuring top experts tackling timely topics; the Pro Practice Playbook; the Pro Practice Blog; Reminger’s ProLink risk management assistance; Reminger’s Claim Repair Hotline; discounts on CLIO practice management software; tax savings on health insurance; and access to the Risk Pro, who can help keep your firm safe and successful. Register here and start enjoying your Alta Pro RPG benefits.