Nobody is immune from being sued, not even lawyers. When clients feel that they have received inadequate counsel or representation, they often go to court. This can happen even if the problem was an honest mistake; and even if the claim turns out to be groundless the lawyer must expend time and energy defending themselves. While collecting legal fees is a good way to make a living, paying them is much less so. Fortunately, lawyers’ professional liability insurance is specially designed to help protect you from lawsuits.
Professional liability insurance, which can also be called errors and omissions coverage, can be found in just about every service industry. It is used to pay for lawsuits where a client feels that the services they received were harmful. However, buying a blanket errors and omissions policy is usually not enough to mitigate all of the risks of a certain industry.
Attorneys can have special challenges that must be met by a good policy. Lawyers face a number of exposures, such as collection, real estate, SEC compliance, or significant claims. Patent attorneys can be especially vulnerable, too. A quality insurance program can help protect lawyers from the financial and professional risks of their careers.
The best insurance program will meet with your firm to customize your policy. A specialized lawyers’ professional liability insurance policy will be able to provide you the maximum protection available at reasonable rates.