Lawyers Professional Liability

Professional liability insurance is essential for attorneys to operate a successful law practice and adequately protect their careers. An aspect of these policies that can be confusing is the prior acts coverage and retroactive date. Understanding every component of your policy and what to look for is the best way to ensure you are adequately covered.

Not every client who walks through your door will be one you want to represent. Just because somebody is willing to pay for your services doesn’t mean it’s in your best interest to take their case.

A conflict of interest exists for an attorney “if there is a substantial risk that the lawyer’s representation of the client would be materially and adversely affected by the lawyer’s own interests or by the lawyer’s duties to another current client, a former client, or a third person.” Understanding how to spot potential conflicts can help reduce the chance that you’ll face a professional complaint or malpractice lawsuit.

As a new attorney or a small practitioner, you may wonder if the protection of professional liability insurance is worth the price. Even if you’re only practicing law part time, are only taking small cases, or are working for a small startup business, your best bet is to carry E&O insurance.

Having an errors and omissions insurance policy from the very moment you begin practicing law is the best way to protect yourself against professional liability issues throughout your career. Not all policies are the same, however. Before you purchase a policy, ask the following questions.

If your malpractice insurance rates are rising even though you haven’t had a claim, several common factors may be involved. 

It’s great to have professional liability insurance that covers your day-to-day work, and if you’re settled at a firm that provides coverage, you may feel like you’re safe and protected. Nowadays, however, attorneys’ careers are more portable and flexible than ever. Maybe you did a few years of contract work before you joined a firm; maybe you still do some pro bono or other extra work on the side. As your practice changes over time, your coverage needs change, too. Do you know if you’re covered now for all the work you do or have done?