In an ideal world, you start your own practice with a roster of blue-chip clients, staffers who hang on your every word, lots of start-up money, and every kind of insurance you could ever need.
Realistically, you're more likely to follow in the footsteps of all the great Canadian lawyers who hung a shingle and worked their butts off to grow a thriving practice. In this post, we answer the question, "What's the minimum amount of insurance you need to open the door with confidence?"
Start from the ground up – places and things
Your office is open to the public and is full of valuable resources, including computers holding confidential client information. The consequences are high if anything happens to people, equipment, files, client information or you. Regardless of the size of your first office, there are two forms of insurance you should have on the day you open.
Whether your law firm rents office space or owns its own building, it's vital to have protection against possible damage to business property, as well as many other risks.
There are many expenses that cannot be turned off if you become unable to practice due to an illness or injury. The last thing you need to worry about is how to pay your monthly overhead expenses when you should be focusing on your health.
Protect your greatest asset – your income
A lot of factors are going to influence which types of insurance coverage you buy and how much you need. Fortunately, your Lawyers Financial Advisor can offer three things you need before you open the door to your new practice.
- A recommendation on the optimal balance of life, critical illness, and disability insurance that's right for you based on your age and expected income.
- A recommendation on the amount of coverage you need to get started. Keep in mind that many of our most valuable plans allow you to increase coverage over time.
- An accurate estimate of your insurance costs ahead of time. This allows you to build peace of mind and protection into your business plan from day one.
As your practice grows, you can always adjust your coverage, as needed, so that your insurance plan adapts to your life and your practice.
Plan ahead to take care of employees
You likely want to attract bright, dedicated people who are willing to make an investment in the future of your new firm. Offering a competitive employee benefits plan is a good way to demonstrate how much you value everyone's contribution. Through Lawyers Financial, you can offer a comprehensive plan for as few as three employees. Having the details worked out in advance can make it easier to hire and onboard the right people faster.
Going solo soon?
Count on the experience of your Lawyers Financial team to help you start your practice on the right foot. Get more ideas by speaking to your Lawyers Financial Advisor or check out Going Solo – 3 Tips from the Field.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.