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PREMIUM RELIEF FOR LAW PRACTICES

PREMIUM RELIEF FOR LAW PRACTICES

The COVID-19 pandemic is creating serious financial challenges for many in the profession and Lawcover is here to help.
We are doing this in a number of ways:

1. What if I am experiencing financial hardship?

Lawcover’s focus is protecting and supporting the professional indemnity needs of our insured law practices. If you are experiencing financial hardship during the COVID-19 pandemic, please contact our Insurance Services team on 1800 650 748 or insuranceservices@lawcover.com.au to discuss the options available to you.

2. Premium moderation

As part of the legal profession, Lawcover has consistently maintained a strong capital position to ensure we are able to support the profession in times of need. Therefore, a key priority has been to consider how we use our financial strength in a way that supports you, and your business, in the short-term, without compromising our ability to continue that support in the long-term. Due to the economic conditions arising from the pandemic, Lawcover has allocated a substantial portion of capital to keep premiums lower than might otherwise be the case.

3. Payment options

While we continue to offer our normal range of payment options, we urge you to consider using one of the three premium funders available via our online renewal platform, or any other funder of your choice. This will help you manage your cashflow by making premium payments in instalments.

4. Cyber risk

Lawcover has renewed the cyber cover for all insured law practices at no cost to you. Remote working for business potentially heightens the risk of a cyber intrusion/attack. The Lawcover group cyber policy provides foundational cover up to $50,000 each claim. Details are here.