Although most businesses are at risk, Massachusetts business owners need to be aware of more. One example is the possibility of lawsuits against businesses based on errors made by employees or attorneys. While most businesses can't completely eliminate these risks, business insurance policies can help Massachusetts companies protect themselves from the financial damage that can come from these potential issues. You can learn more about the most common risks Massachusetts businesses face as well as what you can to protect your company against these potential threats.
Workers' Compensation Insurance
Massachusetts workers' compensation insurance is required for any business that has its headquarters in Massachusetts. To purchase workers' comp insurance, the state requires that all business owners have a minimum of $52,100 in payroll. For corporate officers, the minimum payroll is $11,960. There are several factors to consider in order to ensure your business has the proper coverage for your employees. Here are a few tips to help you choose the best policy for your business.
Commercial general liability policy
The main factors that influence the cost for a Massachusetts commercial general insurance policy are the type of company and the product. An average rule of thumb is to get coverage between $500k - $1 million. Your business may be considered high-risk, or your home-based business may require more coverage. However, even home-based businesses should consider purchasing some form of commercial general liability insurance. Here are some tips to help you choose the right policy.
Commercial property insurance
Massachusetts commercial property coverage can cover a wide variety of risks and exposures. It covers the cost to replace a commercial property and its equipment even if it does not possess a physical building. A policy does not come with a liability limit. Therefore, businesses may consider purchasing a commercial package policy which includes general liability and commercial property insurance. This package policy usually offers greater coverage options.
Personal property of employees
Massachusetts business insurance covers personal property of employees in several ways. It will reimburse the costs of repairs or replacement of computer equipment, communications equipment, or energy-generating equipment if these are damaged or stolen. You can get coverage for such losses as a lawsuit or the cost of repairing or replacing computer equipment, communications equipment, or energy-generating equipment if an employee is ill. Massachusetts business insurance protects your business from lawsuits arising out of the employment of employees.
Business insurance: What is the cost?
Massachusetts small business owners should have business insurance. There are many types of policies, including property damage and general liability insurance. It is crucial to know what each type covers. Whether you are seeking liability insurance for your company's assets or for your personal property, you can find the right policy for your needs. Purchasing general liability insurance is an important first step in protecting your business. Your business may require additional insurance policies, but this will increase the coverage.
FAQ
What job opportunities will I have once I'm done with school?
Graduates have the option of three main career paths: public interest or private practice. Public interest jobs include being an attorney at a charity or as judge. Private practice roles include those as a solo practitioner, partner, or corporate lawyer. The government service career includes being a judge, defense lawyer, or prosecutor.
How do I get into law schools?
All law schools accept applications all year. Many students prefer to apply early, rather than waiting until the last minute when there are so many applications. Contact the admissions office at the law school you choose if you are interested in applying.
What is the difference in a paralegal and legal assistant?
Paralegals are trained to perform certain tasks like filing, typing, researching, and filing. Paralegals can assist attorneys with research, writing motions, and preparation of pleadings. Both types of professionals can help attorneys finish their work.
What kind of lawyer is most popular?
It is best to simply say there are two types. They are transactional lawyers and litigation lawyers. Transactional attorneys deal with business law as well as contracts. Lawyers who specialize in litigation deal with lawsuits. Generalists are lawyers who can specialize in both of these areas. A generalist is an attorney who is skilled in both areas. The most well-known example is the "Big Law" lawyer. This is an attorney who works at large firms and handles many types of cases. Generalists can be either transactional or litigation attorneys.
Transactional lawyers handle all sorts of legal matters: divorces, wills, trusts, real estate transactions, employment agreements, etc. These lawyers often work on a contingency fee basis. This means that they only get paid if the client wins. If the client loses, then the lawyer does not get paid. These lawyers are commonly referred to "trial lawyers", because they have had to go through trials in order for their cases to be won.
Litigation lawyers handle lawsuits. They may represent clients in courtrooms, administrative hearings, and other venues. Some litigators also do transactional tasks. Some litigators may even draft documents for clients. A company can hire litigation lawyers to help it defend itself against a lawsuit brought forward by another company. Or, they can be hired by a plaintiff to sue a defendant. Some litigation lawyers specialize in personal injury claims. Others are more focused on commercial disputes. Others specialize in commercial disputes.
Litigation lawyers need to know how to argue in court and present evidence before juries. They must be familiar with civil procedure rules and other aspects of litigation law. They must be able to research and analyze facts and issues. They must also be skilled negotiators.
How much should I expect to pay for a lawyer?
Consider what you'll need from your lawyer if you are looking to hire one. An hourly rate of $1,000-$2,500 should be the norm. Most people don't realize that this includes time spent researching your options, preparing the paperwork necessary to start the process, meeting with the lawyer, negotiating the contract details, drafting the agreement, filing fees, travel expenses, etc. Although you might think you are paying only for their or her advice, the truth is that you end up spending more.
Also, consider whether you would like to retain the lawyer part-time or full-time. Full-time lawyers typically charge hourly rates. Part-time lawyers usually bill by project. Part-time lawyers are best if you need assistance only once or twice per year. You should however seek out a full time lawyer if you require ongoing assistance.
Consider whether you prefer to have a solo practitioner or a full-service firm. Solo practitioners typically charge lower hourly fees than firms, but they often lack sufficient resources to provide effective representation. Firms can offer more experience, better expertise, and greater access to resources.
Last, but not least, consider the cost of malpractice insurance. Some states require that all lawyers have professional liability insurance. Others do not. In any case, it is a good idea to check with the state bar association to see if there are any insurers in your area.
Do lawyers earn more than other professions in the United States?
No. Lawyers typically earn less than doctors, dentists, engineers, architects, teachers, nurses, accountants, pharmacists, and veterinarians. Lawyers average $55,000 annually.
Can I become an attorney without going to law school
Yes, you can!
An unrelated degree is acceptable if the law system and its workings are well understood. Learn how laws interact and what makes them unique.
You need to know how to read and interpret regulations, statutes and court decisions. It is important to understand the basics of administrative, constitutional, contract, criminal, and property law.
Passing the bar exam is necessary to become a lawyer. The bar examination tests your knowledge of law and your ability apply the law in real-life scenarios. It is a test of both your general knowledge and your ability analyze and write briefs.
The bar exam includes two phases: the written section and the oral section. The written section consists of multiple-choice questions. The oral part is composed of simulated trials. Before taking the bar exam you need to have studied for several months.
Not only will you need to pass your bar exam but you also have to be admitted to the jurisdiction where you intend to practice law. Admission requirements vary depending on the jurisdiction, so check with the State Bar Association for details.
Statistics
- According to a 2019 Robert Half Legal Consulting Solutions survey, 54% of law firms were planning to expand their legal teams. (stfrancislaw.com)
- According to the Bureau of Labor Statistics, the average annual salary for lawyers in 2020 was $126,930. (stfrancislaw.com)
- The nationwide number of first-year students enrolling last fall increased by almost 12%, according to recent data by the American Bar Association. (stfrancislaw.com)
- According to the Occupational Outlook Handbook published by the Bureau of Labor Statistics, the national average annual wage of a lawyer is $144,230. (legal.io)
- According to the Law School Admission Council, the number of people applying for these programs was up 13% last fall. (stfrancislaw.com)
External Links
How To
Where can I get legal aid for free?
Finding a pro bono lawyer is very difficult because there are so many lawyers out there who want your business. There are several options to help you find a probono lawyer. You can contact your local bar association for information, search online to find a list, or consult your state's bar association. A local law school is another way to locate a pro bono lawyer. Many law schools offer students the chance to help low-income clients in order to provide them with justice. If none or all of these options appeal, you might be interested in contacting Legal Services Corporation (LSC) to learn more. LSC provides free civil legal aid to those living below the poverty level by funding organizations all across the country. This organization funds programs that aid low-income persons with housing issues, child support enforcement and family law matters. LSC provides financial assistance as well as guidance and advice to grantees about how to best serve their clients. For example, some of the services provided include:
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Financial counseling
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Assistance with filing for bankruptcy
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Helping families deal with domestic violence
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Representation before the administrative agencies
These are some points to remember if you're trying to find a pro-bono attorney but don't know where to begin.
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It is not worth your time to search for a lawyer who can handle your case. Pro bono attorneys often represent multiple types of clients. Therefore, they will not likely have much experience in working with your particular issue.
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It is important to find a lawyer who has represented low-income clients. This means he or she already knows what it takes to communicate effectively with this demographic.
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Ask if there is any specific training for your area. You should ensure that the lawyer you choose handles landlord/tenant disputes.
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Find out whether the lawyer is available to take on new clients. Some lawyers only take on certain types of cases, so you won't be able to find one who works exclusively with pro bono clients.
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Do not trust lawyers who claim that they specialize in a certain area of law. Many lawyers will claim to be specialists in one area but not the other.
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A strong reputation is essential. Ask close friends and family for recommendations. Find reviews online from clients.