Professional liability insurance for attorneys is known by many names, but regardless of what someone calls it, the benefits are the same. Known as attorney malpractice insurance, errors and omissions or legal malpractice, the policy covers risks not often included in a general liability policy.
What it Covers
Essentially, malpractice insurance is a tailored errors and omissions policy specifically for the legal field. The insurance protects the firms or lawyers assets in the event a claim is filed claiming negligence, errors or omissions occurred. Some additional coverage options include moonlighting work, independent contract coverage, paralegal coverage, pro bono cases and more.
Professional liability insurance for attorneys comes with many advantages. Whether you’re a single lawyer, consultant or part of a larger firm, a policy may be necessary if:
- A client suit could jeopardize your personal assets
- Required by the state insurance commission
- Provide counsel to a firm with insufficient or no coverage
- Your practice handles intellectual property, personal injury, finance or any high-liability cases
Whether your firm is a one-man shop or a large multi-office firm, your practice can benefit from professional liability insurance for attorneys. An agent or broker can go over the available coverage options, associated costs and detailed benefits of the policy. Pick one that best covers your unique liabilities.