While cases against doctors and hospitals can seem to get more press, negligent attorneys can also be sued for malpractice. Lawyers have a duty to care for their clients, but they breach that duty and become liable for malpractice when their actions or advice cause a client financial harm. While there can be many causes, they tend to fall into the following categories.
- Failure To Know/Apply The Law
- Planning Error
- Failure to File Documents (No Deadline)
- Failure to Calendar
How Does Legal Malpractice Insurance Help?
Who Is Covered?
Professional Liability insurance for attorneys covers the cost and any indemnity payments incurred to resolve a claim made against the lawyer. Some policies also cover attorneys acting as title agents, notary publics, lobbyists, trustees, estate administrators, etc. Coverage extends to both past and present attorneys, partners, officers and directors, contract attorneys, and non-lawyer employees in addition to the firm itself.
What Are The Benefits of Insurance?
- Asset protection — Can you afford to fund your own malpractice claim defense?
- Professional claims handling — Do you have the skills and connections needed to defend a claim?
- Client protection — Can you do the ethical thing and make your client whole again without quitting your practice?
- Client acquisition — Do you want to be barred from client growth because you are known to be uninsured?
Even if you have done nothing wrong, a disgruntled client can still sue, and you will be required to address the claim. If that happens and you’re uninsured, then you’ll suffer through the time, effort, cost, and stress of handling the claim on your own, and all of your personal assets will be at risk. That’s an enormous gamble to take when you can instead pay a modest annual premium for a policy that will help you avoid those risks.
How Much Coverage Do You Need?
Brunswick Companies has policies starting at $500,000 per claim and $500,000 annual aggregate. This means that our network of A-rated carriers will pay a maximum of $500,000 for defense and indemnity costs for any single claim made against your firm and a maximum of $500,000 for all claims made against your firm during the policy year. The right policy limits for your firm depend mainly on its attorney count, practice areas, annual revenue, average case value, and the risk tolerance of the firm’s owners. Our professional liability experts will be able to help you determine the limits your firm needs as well as compare coverages and premiums for each carrier.
If you’re ready to investigate legal malpractice insurance with no obligation to buy, please complete the Attorney Professional Liability Quote Form today. One of our experts will be in touch with you within 24 business hours to answer any questions and provide the information you need to make an informed decision on coverage.