Lawyers Malpractice Insurance

Lawyers Malpractice Insurance Quote Forms

As a lawyer, your professional services are often relied on in high-stakes situations. This level of responsibility creates significant risks and exposures. Regardless of how diligent and experienced you may be, a single mistake or moment of negligence could lead to devastating financial ramifications. With that in mind, you must protect yourself with adequate lawyers malpractice insurance.

What Does Lawyers Malpractice Insurance Cover?

As its name suggests, lawyers malpractice insurance, also known as legal malpractice insurance and legal professional liability insurance, is a type of coverage focused on protecting you and your firm from malpractice claims. This may include allegations filed by a client that your legal services had the following issues:

·        Professional errors

·        Omissions

·        Negligence

·        Violation of professional or ethical standards

Even if these accusations are false, the cost of defending yourself against a lawsuit could have irreparable financial ramifications. Fortunately, your lawyers malpractice insurance can help pay for the following:

·        Legal defense

·        Damages

·        Settlements

Claims stemming from allegations of criminal, malicious or fraudulent acts are generally not included in a lawyers malpractice insurance policy.

What Other Types of Insurance Do Lawyers Need?

Lawyers malpractice insurance focuses only on providing coverage for accusations arising from legal situations. So you may want to consider augmenting your insurance portfolio with the following policies:

·        General liability insurance

·        Commercial property insurance

·        Business interruption insurance

·        Cyber liability insurance

·        Directors and officers insurance

·        Employment practices liability insurance

How Much Does Lawyers Malpractice Insurance Cost?

Before providing lawyers and firms with accurate quotes for adequate coverage, insurance companies must thoroughly assess unique circumstances. In most cases, the following criteria may be considered:

·        Location

·        Size of the firm (e.g., number of lawyers being insured)

·        Time spent by each lawyer at the firm (also known as step-rating)

·        Types of law practiced

·        Prior claims history

Get the Right Coverage

As a lawyer, even small details of your work can have significant ramifications. Even if allegations of legal malpractice are untrue, the requirements of defending yourself could have catastrophic consequences for your finances and future.

We’re here to help. At L Squared Insurance, our agents have the experience and expertise to help lawyers and their firms assess and address their coverage needs with optimal policies.

Contact us today to request a free quote.