3 Recent Trends that Affect Attorney Professional Liability Insurance | Huntersure

3 Recent Trends that Affect Attorney Professional Liability Insurance

Posted on: March 7, 2019 by Huntersure LLC.

Cybercrimes are on the rise, as it’s noted that by 2023 the United States will make up about half of all cyber threats in the world. Practically every industry in the modern world today can be affected by a myriad of innovative and sophisticated threats. Advances in technology, while displaying positive impacts on the processes of certain aspects of our daily lives, both personal and professional, can also lead to great downfalls.

For those in the legal arena, technology can help to communicate better with clients, but can also be an instrument to harm a lawyer and client since technology can introduce a host of new and potentially severe security risks. And beyond technology, the economy, with its ambiguity at times, can also play a role in helping or hurting a lawyer and their practice. When it comes to brokers and agents who work with legal professionals, it’s important to understand priorities and threats they face.

Here are some trends for attorney professional liability insurance brokers and agents to consider when working with legal professionals.

1. Cyberthreats

Protection related to keeping computer networks safe has never been more crucial in the legal field. Lawyers carry a treasure trove of sensitive and detailed information that can be used as leverage for bad actors looking to steal it. For lawyers who represent businesses such as financial institutions, this couldn’t be any truer.

Cybercrimes continue to become more and more sophisticated and are making their way into practically every industry. While advances in technology to defend against these threats is being developed, it’s important for lawyers to take steps to protect any and all sensitive information through security updates as well as active attorney professional liability insurance to supply financial help in times of litigation.

2. Economic Impact

The economy doesn’t just affect homeowners and small businesses—it can also play a role when it comes to law offices. When the economy is slow there’s usually a boost in valuation-related claims. This can put lawyers in the crosshairs when it comes to being sued when clients who held these valuable assets drastically drop. While the economy is doing much better compared to the most recent financial and economic meltdown over 10 years ago, lawyers should be aware that it can take a turn for the worse at any moment and protect themselves with the right attorney professional liability insurance.

3. Email & Social Networking

Social media is a great asset for law offices to use as it acts as free marketing and advertising. Creating accounts on platforms such as Facebook, Twitter, Instagram, and even Snapchat can help to spread the word of services for potential clients. But it can also be a way for ethical and security issues to arise.

Firstly, when it comes to social media use, lawyers need to be aware that their accounts should be used for professional services only and not express personal ideas. What’s more, their accounts should not be a way to engage with anyone on a scale that’s not professional. This can cross ethical lines and once it’s out there online, it can’t be taken back. Certain statements and expressions can be used against legal professionals in litigation as well as harm their credibility, which can lead to a loss in clientele.

When it comes to email use, while it’s a great to engage in a timely manner with clients, it can also be a way for hackers to disrupt things and pilfer information, as noted above. Lawyers should keep very sensitive information to a minimum via email and social media as to not open the door for hackers to take advantage of what is being discussed.

About Huntersure

At Huntersure, we specialize in providing quality professional liability solutions to accounting professionals. Our Accountant Liability Insurance program provides coverage for accountants, auditors, bookkeepers, and tax preparers, so no matter where your clients lie in the industry they can have the coverage they need to protect themselves and their assets. To learn more about our operation and our Professional Liability Insurance solutions, contact us today at (855) 585-6255.

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