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.
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.