Lawyers Professional Liability

Professional liability insurance policies for lawyers typically are written on a claims-made basis. It’s important to understand what this means for your coverage and when to report any claims or potential claims that might arise from current or former clients.

Professional liability insurance protects you if a client files a malpractice claim against you. Before selecting an insurer, it’s important to assess the company’s reliability to ensure it will be there for you when you need it. It’s also essential to weigh the cost of a plan against the value it provides and be certain that any plan you purchase fully covers your practice. 

Legal malpractice insurance may be one of the most confusing aspects of practicing law. It’s important to have sufficient coverage with a premium and deductible you can afford. So, how do you determine which provider and policy is best for you? 

No matter how much time you devote to practicing law, you’re susceptible to error, which could lead to a professional liability lawsuit. 

E&O insurance protects attorneys regardless of practice size or number of cases handled. Even if you only handle a few cases each year, there’s no guarantee that you won’t face a malpractice claim from a client. After all, mistakes happen, and some clients may be less than honest. You don’t want to be stuck without a safety net in the event of a claim.

Cyber risks can be lurking in the most unsuspecting places. Members of a state professional society recently learned that the hard way. The society’s website had been compromised through a social engineering ploy, which allowed hackers to insert a Trojan virus on the site that targeted the victims. When members logged onto the “members only” area on the website, they were unknowingly giving hackers back-door access to their firms’ computer networks.

One of the more important decisions you make as an attorney pertains to your professional liability insurance. No matter how talented you are, you’re human and capable of making a mistake. When that happens, you’ll want to make sure you have adequate insurance coverage. A number of factors play into how much E&O coverage you need. You’ll have to weigh all of these to determine the best plan for you and your legal practice.

Liability insurance rates for legal professionals may be one of the more confusing aspects of practicing law. Understanding some key factors in determining rates may help ease your mind when it’s time to renew your coverage.