Posted on: June 14, 2018 by Huntersure LLC.
This blog was originally published on January 19, 2017. It has been updated as of June 14, 2018.
When a lawyer is consulted or is hired as a legal representative, they are taking on more than just a case. Their client is entrusting them with their livelihood and, given the matter at hand, everything they hold dear. While some cases may seem not as important as others, maybe comparing a minor car crash to medical malpractice, there still is a level of trust that needs to be instilled and devoted to.
Errors and omissions, intentional mistakes or small oversights like cutting corners do happen, unfortunately, but can be detrimental to someone’s status in a legal case. Personal, financial, and emotional harm can befall a client who’s legal representative breaks there trust and fails to provide the agreed upon service. In this case, for the lawyer, there needs to be a solid insurance plan in place, specifically Professional Liability Insurance for lawyers. But what does a policy like this cost or cover? Here are a few common questions surrounding this.
In most cases, professional liability insurance protects attorneys and employees at a law firm. Coverage can vary depending on the size of the firm, so having individuals acting on the firm’s behalf may be a factor as well.
Also, there are some cases where a firm’s current employee is being sued from activities at a previous place of business. Liability insurance coverage can supply protection over that too.
Most legal malpractice insurance includes coverage for something called “claims made and reported.” What this means in conversational terms is that any claim made against the insured person and reported to the insurance company while the policy is in place will be covered.
More relaxed versions of claims made and reported policies provide post-policy windows of time. These “windows” allow insureds to report claims to the insurer within 30 to 60 days following a policy’s expiration date.
There are some instances where a lawyer needs a lawyer. One way to make sure you have proper representation is to shop around for legal help like you would professional liability insurance. Having a sound lawyer in your corner, even though you know the law yourself, will only help to bolster an understanding on what you’re up against. And having the right coverage to protect against further malpractice issues and error and omissions can only help your case.
Huntersure LLC is a full-service Managing General Agency that has provided insurance program administration for professional liability products to our partners across the United States since 2007. We aim to provide exceptional, creative, and personalized insurance solutions to all members of the business world. Give us a call at (646) 751-3030 to learn more about the professional liability products and protection we offer.