Law Firm Insurance
Law Firm Insurance Information
All lawyers are vulnerable to claims that their professional services financially harmed their clients. Securing lawyers professional liability insurance can provide essential coverage in these situations. The team at Cormack-Routhier Agency can help you get the policy that best first your needs. Contact us today for more information.
What Does Lawyers Professional Liability Insurance Cover?
Lawyers professional liability insurance covers attorneys if lawsuits arise regarding their work. Also known as legal malpractice insurance, this type of policy can provide coverage for various exposures relating to professional mistakes, errors or omissions. Actions that may give rise to these claims include, but are not limited to:
• Providing inadequate professional legal services
• Giving incorrect advice to clients
• Strategical errors
• Causing confidentiality issues
• Conflicts of interest
• Misfiling paperwork
• Missing deadlines
Several other activities may lead to a malpractice lawsuit. These claims can be costly, but having lawyers professional liability insurance can reduce your out-of-pocket burden. It may help pay for legal expenses, such as defense costs, settlements and judgments.
The team at Cormack-Routhier Agency can provide more information on coverages, deductibles and limits. We can also discuss how lawyers professional liability insurance applies to law firms. Reach out to us for more information.
When Is Lawyers Professional Liability Insurance Coverage Effective?
Lawyers professional liability insurance is typically written on a claims-made basis. This means that it generally covers claims filed while the policy is active, as long as the event that gave rise to the claim occurred after the policy’s stipulated date, known as the retroactive date. Maintaining continuous insurance can help ensure you’re covered, as a lapse in carrying a policy may lead to a more recent retroactive date.
How Much Does Lawyer’s Professional Liability Insurance Coverage Cost?
The cost of lawyers professional liability insurance depends on several factors. Your area of practice, how much experience you have, prior claims and your location may affect premiums. Your selected limit of liability and deductible can also impact the price.
Contact Us To Secure Lawyers Professional Liability Insurance
Even the best attorneys can make mistakes. Having professional liability insurance can provide coverage in these circumstances. Cormack-Routhier Agency has been family-owned for over 60 years and we are committed to providing quality insurance products. Contact us today for more information on lawyers professional liability insurance. We can help you obtain the coverage you need.