As a professional lawyer, you are always committed to doing an excellent job for your clients. You became a lawyer so that you could do right by your clients and help them with their legal troubles. The bad news is that not all of these clients will give you the same courtesy. Regardless of whether you feel you did your job correctly, some clients are just never happy. There are some significant risks involved in the legal industry and purchasing lawyers Professional Liability is an important step to take in reducing these risks. Whether you are a big law firm or work for yourself, the chance of a claim arising is still there. A Professional Liability policy will protect you from claims against any errors and omissions you may make through the course of conducting business.
When it comes to dealing with clients legal troubles, your risks can be high. If for any reason your job causes the client to suffer a financial loss, you could be held liable. Personal injury is a common claim against lawyers, which can include slander or libel, violating someone's rights (whether intentional or not), or even invading the personal space of someone. All of these pose a potential risk to you and your business and could cost thousands of dollars if you don't have the proper Lawyers Professional Liability insurance in place.
Lawyers Professional Liability insurance will provide coverage for the following:
While the premium for an annual policy for Lawyers Professional Liability insurance will vary and depend on many factors, you can plan on paying at a minimum $1,000. This rate would be accurate for a small startup law firm, or individual. A larger firm that has more experience and employees should plan to pay more. Other factors that can affect the price of a Professional Liability insurance policy are past claims history, deductible, and limits selected. A Lawyers Professional Liability policy will also depend on the type of law practiced, where you practice, and how much revenue you bring in. CoverWallet works with several insurance companies and can compare the coverages and prices to find the policy that suits your needs. It may even be helpful to package your Professional Liability insurance policy with your other insurance needs, such as General Liability, Workers Compensation, and Commercial Auto. Some companies will offer significant discounts when you bundle all of these together.
CoverWallet has an educated team of insurance agents that are specially trained on this type of insurance. Contact us today for a free, no-obligation quote.