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Valuable papers insurance reimburses the policyholder for the cost of any valuable papers such as wills, trusts, corporate charters and other records that are lost for any reason.
The Lawyers Financial Office Insurance Program comes with a range of coverages designed to fit the needs of a canadian lawyer but what exactly is included.
What is Valuable Papers Insurance?
Valuable papers insurance reimburses the policyholder for the cost of any valuable papers such as wills, trusts, corporate charters and other records that are lost for any reason. Though it cannot actually replace these papers, it covers the expense to replace or reproduce the damaged papers.
Why do Lawyers Need this Coverage?
Similar to buildings, office furniture and other assets, valuable papers may be damaged or destroyed due to an unfortunate event. These documents are important, so you will need to restore or reproduce them. Replacing these items can be expensive and time-consuming. Not being able to replace or reproduce these documents quickly can seriously affect the day to day operations of your law firm. Fortunately, you can protect your business against these costs and the risks associated with the loss of important documents by purchasing valuable papers and records insurance or by having a high limit coverage for valuable papers in your office insurance policy. This coverage is important for law firms given the nature of the business and the expense associated with many of the valuable papers, which is why the Lawyers Financial Office Insurance policy provides valuable papers and records coverage up to $500,000. This coverage amount provides the needed coverage for high cost legal documents and records.
A standard commercial property insurance policy will have limited coverage for valuable documents, but the standard policy will likely not be sufficient to cover the value of certain high value papers and records or the significant cost associated with replacement. This is why as lawyers it is important to consider the risks and ensure you have sufficient coverage for your operations. A key point to note is that valuable papers insurance usually excludes documents stored electronically. For protection of electronically stored documents, consider getting electronic data processing coverage.
Reduce the risk of losing valuable papers and records
Even if you have valuable papers coverage, it is always better to keep your valuable papers safe. Here are some tips on how to mitigate the risk of loss to your valuable papers and records:
1. Keep duplicates of important documents in a different/remote location
2. Keep digital copies of these documents on your local computers and online
3. Give special care and attention to documents that cannot be reproduced or are rare collectibles. Store these in secure storage spaces or vaults.
4. To reduce damage caused by fires replace your water sprinkler system with a dry chemical extinguishing system.
Keeping your valuable papers safe and insured is important, especially as lawyers. If you do not already have coverage or measures in place to secure your important records and documents, we recommend you evaluate your risk and find appropriate coverage for your needs. The Lawyers Financial Office Insurance program includes high limits of coverage for valuable papers along with many other inclusions that are important for lawyers and law firms. It is one of the most comprehensive office insurance programs designed specifically for lawyers in the Canadian marketplace.
What is Layers Financial Office Insurance ?
Sponsored by Lawyers Financial (Canadian Bar Insurance Association) the Lawyers Financial Office Insurance program is a comprehensive insurance product designed specifically for lawyers and their unique insurance needs. If you own a law firm, this program is designed for you.
Disclaimer: This blog is made for educational purposes only as well as to give you general information and a general understanding of Insurance, not to provide specific legal or insurance advice.
How to be productive if you are working from home! — Canadian Lawyers Addition
As the coronavirus pandemic worsens by the day, many law firms are mandating that everyone works from home in an effort to safeguard against the spread of COVID-19. If you are a private practice lawyer, or own a small firm this is probably a step you have already taken.
While forgoing your morning commute to work from the comfort of your couch may sound like a dream come true, staying productive during the time in isolation can easily become difficult and depressing. Prolonged isolation can take a serious tole on your mental health and your productivity.
Aside from the basics like sitting upright, eating a nutritious breakfast, and getting dressed, here are some tips can help you stay healthy and focused while working remotely:
LOCATION: This would be easy if you already have a home office. If you don’t have a dedicated work space, it should be your number one priority to create one. Get out of bed and find a place in your home that you can associate with the office. It definitely helps if you have a dedicated space for working from home. This work from home setup may last longer than
FIND A BUDDY: Find some colleagues that you can text or call if you feel the need to chat with someone. Prolonged periods of “work from home” can have lots of negative impacts on your mental health; especially if you have no other social interactions. Most of us are used to social interactions in one way or another so it is important to maintain that. It facilitates cooperation and closeness.
HAVE A PLAN: Stick to a more structured daily routine than usual. Working from home requires an additional layer of self-discipline but breaks are needed. It is recommended that you take multiple short breaks, either to play with your pets or to stretch a little.
GIVE THOUGHT TO HOW YOU’RE COMMUNICATING AND KEEPING IN TOUCH: It’s important to utilize the various digital tools that are at your disposal to replicate an in-office experience, in addition to maintaining a clear path of communication.
REMEMBER THAT EVERYONE WORKS DIFFERENTLY: Managers should be mindful and considerate of the fact that not everyone wants to be stuck working from home and that the drastic change can be stressful. Communication is the key to help whoever is struggling with working remotely. If someone at your firm is struggling with this change, give them space and help them adapt as this will likely be the new work routine for the foreseeable future.
What is Layers Financial Office Insurance ?
Sponsored by Lawyers Financial (Canadian Bar Insurance Association) the Lawyers Financial Office Insurance program is a comprehensive insurance product designed specifically for lawyers and their unique insurance needs. If you own a law firm, this program is designed for you.
Disclaimer: This blog is made for educational purposes only as well as to give you general information and a general understanding of Insurance, not to provide specific legal or insurance advice.
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