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Sometimes the Lawyer Is the One Being Sued. Protect Your Professional Reputation and Your Assets!
Quite often legal professionals find themselves the subjects of lawsuits, brought on by unhappy clients, other attorneys, corporate shareholders, and third parties.
Lawyers Professional Errors and Omissions (E&O) insurance, also known as Lawyers Professional Liability (LPL) insurance or Attorney Malpractice insurance, protects law firms, solo attorneys, and associated staff against claims of negligence, errors in judgment, omissions, and inadequate performance. Depending on the policy terms, you may also be covered for claims of slander, breach of contract, or privacy violations.
Who Needs Lawyers Professional Liability Insurance?
Some state insurance commissions require you to carry professional liability coverage. For others, you may wonder whether you need it. All lawyers should carry it, especially:
Those with practices involving personal injury, real estate, bankruptcy, trusts and probate, finance, family law or other high-liability areas
Retiring lawyer, to cover claims against previous work (also known as a Tail Policy)
Paralegals or clerical staff, independent contractors, or those who provide counsel for a law firm that has no coverage or insufficient coverage
Those who offer professional services related to legal action, such as arbitrators, mediators, notaries, title agents, conservators, and trustees
Lawyers Professional Liability is supplemental insurance. It does not replace Commercial Liability, Employment Practices Liability, or Directors and Officers Insurance.
What Does Legal Malpractice Insurance Cover?
Lawyers Professional Liability policies typically cover financial losses, legal fees, and other expenses related to claims made against you, even if a claim is baseless. After all, lawsuits are time consuming and expensive.
While overall legal malpractice claims have leveled off over recent years, the financial severity of the claims continues to grow. It has never been more important to have the appropriate level of liability coverage.
Get a Lawyers Professional Liability Insurance Quote!
You’ve put a lot of time, effort, and money into your profession. Don’t leave that all up to chance. Call Banas & Fickert at 413-527-2700 to connect with a Lawyers Professional Liability insurance agent who can customize the right plan for you and your firm.
Banas & Fickert Insurance Agency
63 Main Street
Easthampton, MA 01027