Perhaps you have a number of clients that practice law for a living. Most of them will tell you that lawyer malpractice claims are as varied as the charges that plaintiffs bring against them. Among the most common claims brought against lawyers are those alleging mistakes, including administrative errors or substantive errors of law. One thing that they can all benefit from is purchasing Lawyers Professional Liability Insurance coverage.
Whether they end up in court amidst claims alleging that they completely and improperly abandoned one of their clients, or they failed to address their client’s needs in some way, a professional liability policy will aid them in the defense of their case. There has been a rise in suits in which the sole allegation is one of breach of fiduciary duty, often because of a client’s claim of a conflict of interest.
What types of risks are typically covered under professional liability insurance?
Legal malpractice policies are usually designed to provide coverage for claims that arise from “wrongful acts” committed in the rendering of legal services (sometimes called “professional services”) in their capacity as a lawyer and generally provide both indemnification coverage and claims expense coverage, subject to specified deductibles and endorsements.
In general, covered acts usually include those committed in a variety of ancillary services regularly provided by lawyers as a natural offshoot of their regular practices, including:
- Services as a title agent and or title agency
- Services as a notary public
- Acting as a trustee or executor of an estate in connection with representation of a client, and
- Acting as an officer, director, or member of a legal professional association
Lawyers Professional Liability Insurance provides relief by sharing much of the monetary risk, as well as assuming the responsibility for responding to, and defending against a claim. The policy is designed to cover lawyers and employees of the law firm acting on behalf of the firm, and the firm itself as specified in the policy. It can also help protect your clients against significant losses by helping lawyers meet their obligations to protect their own clients’ interests even in the worst of circumstances.