As an attorney, you subscribe to a code of ethics and promise to represent your client’s best interest. Unfortunately, there will be times when a client feels like you didn’t do your job adequately and may want to take legal action against you or your firm. The requirements for lawyer professional liability insurance –frequently referred to as malpractice insurance—vary from state to state. Even if you are not required to carry such insurance, however, it is still a good idea to protect yourself in today’s litigious society.
Lawyer professional liability insurance covers some, but not all of the malpractice claims made against lawyers. Coverage may include but is not limited to:
- Real estate transactions
- SEC compliance
- Significant claims exposure
Tips For Choosing A Policy
When shopping for lawyer professional liability insuranceyou will want to educate yourself about the carriers as well as the type of coverage provided. Be sure that you are aware of:
- Minimum income requirement
- Coverage limits
- Claims made basis
You will also want to make sure that the malpractice insurance policy covers everyone employed by your firm. Even if you are extremely careful and follow the letter of the law, the same may not be true for all of the employees working on a case. Interns, paralegals and or others often make mistakes due to lack of experience. Others still may blatantly disregard the law in order to better their case. Make sure that you purchase a policy that offers complete coverage.