Attorneys strive to hold their law firm to the highest professional standard. They want their work to be respected and trusted by their clients. Unfortunately, mistakes can happen in the most reputable firm. For this reason, it’s imperative that you and your lawyers are protected from clients’ liability claims.
What Liability Coverage Is Needed for Law Firms?
Also known as errors and omissions or malpractice insurance, professional liability for lawyers is a must. If you are sued by a client for perceived errors or negligence, this coverage will help to pay for legal fees and settlements.
Common causes of lawsuits include:
- Delayed or misfiled paperwork
- Errors in judgment or failure to properly follow directions
- Any mistakes that cause financial hardship to a client
Each firm has unique risks, so it’s important to discuss your professional liability options with your insurance agent. For example, if your firm specializes in patents and trademarks, your risks will be different than those in a firm handling class action suits and mass torts. Real estate lawyers, trust and estate attorneys and entertainment lawyers each face different risks as well. Make sure you choose an agent who understands and is qualified to address your uniques needs.
No law firm expects to be sued for negligence or errors, but it’s important to be protected from life’s uncertainties.