New single application provides law firms with tailor-made malpractice and cyber insurance quotes in real-time
Embroker, the digital insurance platform making it radically simple to get business insurance, introduced its new malpractice and cyber bundle for law firms. This bundle – its first vertical offering built on the new ONE by Embroker platform – allows law firms to get the right malpractice and cyber coverage, built based on their needs, in a transparent and efficient manner.
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“For a growing firm like ours, having appropriate insurance is critical to protect our business, but it’s also always been an expensive and time-intensive headache to find the right mix of coverage”
“Regardless of size, law firms don’t just want to ‘tick’ the insurance box; they need a strategic partner to create products where risk is dynamically modeled and tailored to their biggest exposure areas,” said Ben Jennings, chief revenue officer at Embroker. “This law liabilities and cyber bundle does exactly that, and represents the first of multiple vertical-specific bundles we’ll be launching on ONE by Embroker in the coming months.”
Given the mass amounts of confidential and highly sensitive client data law firms have in their databases, the repercussions of a cybersecurity breach can be severe. Now, after answering just a few questions, law firms can uncover their pertinent coverage needs and receive custom-generated comprehensive quotes according to the optimal liability and cyber policies for them. This includes custom product bundling, level pricing transparency, and one application for multiple coverages to help them get the right coverage in less time and with less hassle.
Replacing the traditionally complicated insurance purchasing process, the ONE by Embroker platform uses AI and machine-learning technologies to synthesize and combine business insurance products based on industry needs. This law bundle brings together its ONE by Embroker universal application and Embroker’s deep vertical expertise to create a unique, streamlined shopping experience for those in the legal field. While appropriate for firms of all sizes, it’s particularly targeted toward those with 25 attorneys or less, as that tends to be the most underserved segment in terms of the value they receive through conventional brokers and carriers.
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“For a growing firm like ours, having appropriate insurance is critical to protect our business, but it’s also always been an expensive and time-intensive headache to find the right mix of coverage,” said Jody Winter, principal attorney and CEO of LloydWinter, P.C. “Not only is Embroker’s process a breeze to go through – simple and transparent – but it got us to a custom package that exactly fits our needs.”
According to the 2022 ABA Cybersecurity Tech Report, 27% of law firms have experienced some form of security breach. Law firms are uniquely attractive for cybercriminals due to the wide variety of sensitive and valuable information they store and have access to. Recent attacks on major law firms have targeted information such as:
- Personal client data like Social Security numbers as well as financial and health records
- Pending M&A deal documentation
- Intellectual Property information
- Tax Returns and other confidential tax-related documents
- Sensitive, highly damaging client information
- Data to inform insider trading
As a result of these growing threats, many firms are now looking more carefully at their cyber exposure and making the decision to add cyber insurance as part of their broader cyber hygiene efforts.
“Given the number of security incidents in 2022, effective cyber insurance for law firms has never been more business-critical. Unfortunately, many lawyers’ professional liability coverage doesn’t actually address their largest exposure areas – which includes cyber threats,” added David Derigiotis, chief insurance officer at Embroker. “Embroker’s new law bundle delivers a custom-built, transparent solution to better protect law firms from potential malpractice suits as well as fallout from increasingly prevalent cyber attacks.”
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