Attorneys Malpractice Insurance
Get lawyers malpractice insurance and protect your firms from claims.
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Attorney Malpractice Insurance Quotes
Professional liability insurance for law firms and attorneys helps protect your firm from risks not typically covered by general commercial liability policies. Just as medical practitioners need malpractice insurance, you need professional liability for your law firm. Attorney Malpractice Insurance (sometimes called Legal Malpractice Insurance) is an essential part of a comprehensive business insurance portfolio. If you already have a policy, you should review it periodically to make sure it is up to date. As your practice expands, it’s a wise idea to increase your coverage limits and reduce your exposure to claims.
You can obtain quotes for lawyers insurance using the form at the top of this page.
Who Needs Professional Liability Insurance for Law Firms and Attorneys?
You need attorneys liability insurance if:
- Your state insurance commission requires it
- Your practice involves personal injury, finance, intellectual property or other high-liability areas
- You are a paralegal or clerical staff person, retired or semi-retired partner, independent contractor or someone who provides counsel for a law firm that has no coverage or insufficient coverage
- You have personal assets that could be jeopardized if a client sued you
What Professional Liability Risks Does Your Law Firms Face?
Lawyers get sued, too, these days with increasing regularity and for increasingly large amounts. Even attorneys in lower-liability areas such as criminal defense and estate planning can be targeted. The suits are filed by disgruntled clients, other attorneys, state regulatory agencies, corporate shareholders and third parties. You might also be named in a class action suit. Without professional liability insurance to cover the costs of litigation up to the amount of your policy, you could see your personal fortune evaporate rapidly.
What Does Legal Malpratice Insurance Cover?
Professional liability insurance for law firms and attorneys is a variation of Errors and Omissions Insurance (also called E&O) designed specifically for law practitioners. It protects the assets of a law firm and individual lawyers from claims of wrongful acts (errors, omissions or negligence) that result from the performance of professional duties or losses that result to others in the exercise of professional judgment. It is a supplement to (and does not replace) Commercial Liability Insurance, Employment Practices Liability Insurance and Directors and Officers Insurance.
Policies typically cover financial losses and expenses (including legal fees) that result from a claim. Some policies also protect against slander, libel and breach of contract. As with other types of professional liability insurance, legal malpractice insurance, generally protects you from all lawsuits, even those of a frivolous nature. Policies typically do not cover damages from intentional or dishonest conduct, or from non-financial losses. Punitive damages arising from a professional claim usually are not covered, either.
Here are a few other things to consider when looking for quotes for professional liability insurance for law firms and attorneys:
- Does the policy cover pro bono and moonlighting work?
- Does coverage extend to your paralegals, clerical staff, independent contractors, counsel and retired or semi-retired partners?
- Does the policy allow you to choose your own counsel or does the insurance company dictate representation?
- Is the policy issued on a claims-made basis? Most are, and it means that you’re only covered if the claim is made during the time that the policy is in force, regardless of when the alleged error, omission or act of negligence occurred.
Affordable Quotes for Attorney Malpractice Insurance
Policies for professional liability insurance for law firms and attorneys are customized for the specific type of practice; quotes will depend on the size and type of practice under consideration. Your previous claims history and loss experience, staff turnover, financial results and operating characteristics can also affect your rate. It pays to shop for legal malpractice insurance. Frequently, a small specialized insurance firm can provide excellent coverage at a better rate than a larger company offering one-size-fits-all policies.
You can get competitive quotes from one or more insurance companies offering professional liability insurance for attorneys and law firms by completing the form at the top of this page. If you do not wish to purchase coverage now, please leave your policy expiration date on the form provided. When your expiration date is closer, you will be contacted so that you can comparison shop for legal malpractice insurance at that time.
Protect your practice from exposure to risk. Get quotes for lawyers insurance now.
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Frequently Asked Questions (FAQs)
Get clear answers to common insurance questions and important details to guide your coverage decisions.
What is Attorneys Liability Insurance?
Attorneys Liability Insurance, also known as legal malpractice insurance, provides coverage for financial losses due to claims of negligence, errors, or omissions in providing legal services. It protects attorneys against costs associated with defending malpractice lawsuits and any settlements or judgments.
Is Attorneys Liability Insurance required by law?
Requirements vary by state. In some jurisdictions, attorneys must carry liability insurance or disclose the lack of coverage to clients. Even where it isn’t mandated, this insurance is essential for protecting a law firm’s financial stability and reputation in case of a malpractice claim.
What does Attorneys Liability Insurance cover?
Coverage typically includes legal defense costs, settlements, judgments, and costs associated with disciplinary proceedings. Some policies offer retroactive coverage for past errors, cyber liability, and options to cover disciplinary proceedings or subpoena assistance.
What is not covered by Attorneys Liability Insurance?
Common exclusions include claims arising from criminal acts, intentional wrongdoing, and claims known prior to obtaining the policy. Also excluded are employment-related claims and property damage, which require separate coverage.
How much does Attorneys Liability Insurance cost?
Costs depend on factors like the firm’s size, revenue, claims history, and practice area. Attorneys in high-risk fields, such as personal injury or intellectual property law, may face higher premiums. Additional coverage options, such as higher policy limits or lower deductibles, also affect the cost.
Can attorneys reduce their liability insurance premiums?
Yes, law firms can lower premiums by implementing robust risk management practices, maintaining a low claims history, and opting for higher deductibles. Some insurers offer discounts for firms with stringent client intake procedures and ongoing legal education programs.
How do I choose the right Attorneys Liability Insurance policy?
Evaluate your practice’s risk exposure, client volume, and specific legal services offered. Consult with a broker experienced in legal malpractice coverage to customize your policy for appropriate limits and coverage that best protect your firm.
