Legal firms need to have a professional liability policy in place. Also known as Errors & Omissions (E&O) insurance, this type of coverage protects your firm if it is found negligent when providing legal services.
Unintentional mistakes can happen at any time and expose your firm to potential lawsuits from clients. Some common causes of attorney liability suits include:
The risks above are some of the reasons why you need comprehensive professional liability insurance.
Benefits of Attorney Liability Insurance
Legal E&O insurance covers the past, present, and future employees, as well as the members of your law firm. Other parties that may be insured under this type of cover include the firm’s legal representatives, administrators, executors, heirs, “of-counsels,” and independent contractors. The liability coverage protects you when a former client accuses your firm of wrongful acts that may have led to physical or economic damages.
In general, having professional liability insurance can help you in the following ways:
A comprehensive E&O policy will cover your firm against the variety of risks it is exposed to when providing legal services.
Cost of Liability Insurance
The cost of professional liability insurance varies from company to company. The needs of your law firm will determine the cost of the coverage you should sign up for. Generally, the more coverage provided, the higher the fees you will pay.
Your area of practice will also affect the premiums you pay. You should determine how much you can afford to pay before choosing a certain type of coverage. The higher the amount of deductible you pay, the lower your premiums will be. Also, consider your budget and weigh your risks to determine how much deductible would be ideal to pay for a liability insurance coverage.
Get in touch with us at 727-799-4321 to learn how you can save up to 40% on your professional liability insurance.