Lawyers represent and provide legal advice to clients inside the courtroom. Many times, lawyers protect clients following accusations or pursue accusations themselves. Lawyers need protection in the event that they find themselves at the other end of a lawsuit. There are a few reasons why a lawyer may be sued, and though these accusations may not be preventable, they may be significantly less costly with the proper insurance.
Professional Liability Insurance for Lawyers
As a professional providing knowledgeable advice to clients, you may be held liable for things that transpire after a client follows your advice. A client can sue their lawyer if the advice they were given results in significant financial loss. These lawsuits are extremely costly for lawyers; both financially and reputation-wise. With professional liability insurance, a.k.a. errors and omissions insurance, financial costs of bad advice due to lack of knowledge, malpractice, failure to deliver, missed deadlines or accused negligence are covered. Most sufficient insurance policies will cover multimillion-dollar claims.
While professional liability insurance covers quite a few things, there are some things that are not covered. Mostly, if any action is done intentionally to cause harm or damage, these are not covered by your insurance policy. Secondly, property and bodily damage are not covered by professional liability insurance – this will require general liability insurance.
General Liability Insurance for Lawyers
As a lawyer practicing out of a physical location, you should obtain a general liability insurance policy to cover any accidental property or bodily damage that takes place on your property. If a client slips and falls or their property is damaged in your office, rather than paying for their damages out of pocket, you can file an insurance claim to finance costs.
Looking for more specific coverage recommendations for your law firm or office? Speak with an expert at isure to develop a custom insurance package that safeguards your practice, no matter the vulnerabilities.
General Liability Insurance for Lawyers
As a lawyer practicing out of a physical location, you should obtain a general liability insurance policy to cover any accidental property or bodily damage that takes place on your property. If a client slips and falls or their property is damaged in your office, rather than paying for their damages out of pocket, you can file an insurance claim to finance costs.
Looking for more specific coverage recommendations for your law firm or office? Speak with an expert at isure to develop a custom insurance package that safeguards your practice, no matter the vulnerabilities.