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Whether you are a solo practitioner or a large law firm with more than 100 attorneys, we have the right policy for you, at the best price.
Simply put, Lawyers Professional Liability Insurance is there to help your firm survive a claim of an error or omission of duty by an attorney or employee of your firm, whether the claim is valid or not. Although it is not a required coverage for law firms to have, it is truly a prudent business decision to have in place. We want to work with professionals who know insurance is important for their firm, but want the best coverage at the best price.
Protecting your law firm – your life’s work
It only makes sense to protect what you’ve worked so hard to create… which is your law practice. All size firms and all areas of practice are at risk to face allegations of professional liability, in any given year. Claims activities against attorneys have steadily increased over the past two decades.
Valid or Not, You Need to Respond to Claims
With or Without Lawyers Professional Liability coverage, Claims Happen! With the correct coverage, your firm has the best chance of surviving the expense of a claim, whether it’s a Bar grievance or suit with damages. Even claims that are eventually dismissed or settled, can cost your firm money, time and a level of anxiety that the situation can bring. Lawyers Professional Liability Insurance helps to ease the burden of the monetary risk and assumes much of the responsibility to responding and defending against a claim.
Bottom line: Lawyers Professional Liability Insurance may be the smartest & most cost effective protection for your law firm’s future.
How much is your law firm worth to you, your partners & employees, their families and yours?
1) Substantive Errors (46.61%). An example is the failure to know the law.
2) Administrative Errors (28.63%), these include missing deadlines, failing to calendar items.
3) Client Relations (11.22%), which includes things like failing to obtain client consent or conflict of interest, or suits regarding fees.
4) Intentional Wrongs (13.53%), when the attorney knew about issues beforehand or violation of laws, like the FL Consumer Collection Practices Act.
*ABA Claim Study, 2007
• Fraudulent acts
• Criminal acts
• Malicious acts
• Dishonest acts
• Services rendered to a business enterprise that is owned or controlled by the insured lawyer or law firm
• Services rendered as a fiduciary under the ERISA Act of 1974
• Bodily injury or property damage generated by the lawyer or law firm
• Claims involving one insured against another insured in the same law firm
• Claims arising from legal services rendered by the lawyer or law firm where the firm or lawyer knew of or should have foreseen the claim at the inception of the policy and failed to alert the insurer to the possibility
Factors to consider when thinking about this issue include potential defense costs; indemnity for liability; and billable time lost to depositions, trial or other claims proceedings. Consider both the potential frequency and severity of claims. In some areas of practice (e.g., residential real estate or collections practice), the likelihood that you will face a claim is higher than in other areas of practice, but the average amount of any one claim may be lower. In other areas of practice (e.g., patent work, entertainment law, securities work), claims are less frequent, but the potential that they will involve significant losses is higher. In still other areas (plaintiff’s personal injury), frequency and severity risks are both high.
Limits (deductibles) are offered on both a per claim basis and in the aggregate. Additionally, under some policies, limits may be eroded by defense costs; while under others payments for defense costs do not affect available indemnification limits. Lawyers in practices with high frequency but low severity risks may want lower per claim limits and broader aggregates, while those facing different risks may be better served by some other structure. You should take into account what you need to protect your own assets as well as what will best protect clients who depended upon you and your firm.