NY Workers Comp Code 8820 Rates for Law Office Employees, Attorneys, Clerical
Description: Code 8820 applies all-inclusively to employees of attorneys or law offices. The employee performs inside office work. However, this Code includes outside work of trial attorneys and attorneys, paralegals and other employees involved in investigative work. This Code also applies to any employees of attorneys or law firms performing cleaning or maintenance services in the premises used for professional purposes. Code 8820 applies to court reporters who take depositions in law offices and record legal proceedings.
Pricing: Solid companies with a good loss history can obtain better than average pricing on NY workers comp code 8820 rates for workers compensation insurance.
Professional liability coverage for attorneys and law firms in today’s business climate is a necessity, and in some cases is legally required. Although the overall number of legal malpractice claims is leveling off, the number of large legal malpractice claims is sharply rising. Every malpractice insurer anticipates paying claims in excess of $50 million every year.
These dramatic increases are due in part to a weakened economy in which attorneys are forced to change jobs more frequently or practice in new areas of the law. Additionally, newer methods of communicating (e.g., email, social networking sites) and using digital information (e.g., electronic filing of court records, electronic document storage) regularly expose attorneys and law firms to the potential for malpractice claims. It is imperative that attorneys and law firms recognize emerging legal malpractice risks and purchase coverage to protect against those risks.
Insurance Risks Facing Attorneys and Law Firms
Attorneys and law firms must face these risks relating to professional liability:
• Attorneys and law firms face exposures when performing any professional legal services, including giving advice to clients and assisting with legal matters, performing notary public or title agent services and giving investment advice.
• New technologies such as digital document storage, electronic filing of documents and mobile technology may pose serious cyber liability risks.
• Prior acts of a law firm or individual member, including employees, may trigger risks when attorneys and/or their employees move into new positions with different law firms or go into solo practice.
• Practicing in areas of law which may be new or unfamiliar to an attorney or law firm may be necessary in today’s economy, but it produces risk.
• Attorneys are at risk when performing moonlighting services or pro-bono work, or even when giving “cocktail party” advice.
• Attorneys may face exposure when pursuing other business opportunities with clients, or when acting in a dual capacity, such as an officer or director for a client’s business.
• Attorneys and law firms may face risk in a number of general areas, including workers’ compensation, advertisers’ liability, reputation management, discrimination, claims brought by regulatory agencies and real estate claims.
• Even changing insurance policies can carry risk, since policies can be worded slightly differently, or may contain a “prior knowledge” exclusion affirming that the attorney or law firm is not aware of any potential claims.