Legal Services Professional Liability Insurance
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What Is Legal Services Professional Liability Insurance?
Your firm will likely have a commercial general liability insurance policy (also known as CGL). However, this only covers third-party property damage or bodily injury. Financial damages resulting from providing professional services or advice won’t be covered. Whether the error is perceived or real, you can still be held liable.
With legal services professional liability insurance, also known as errors and omissions insurance, you’ll be covered if you’re sued (as long as it’s an insured event by your policy). Our professional liability insurance is specially designed for professions providing services or advice. If a client experiences financial loss, they may blame you. Even if these claims are false, you’ll still need to pay for your legal defense. Professional liability insurance for legal professionals can cover these costs.
Legal Services Professional Liability Insurance
As a legal services professional, you know that litigation can be an immense financial drain. As a service provider, you may find yourself accused of negligence and on the receiving end of a legal claim. Legal services Professional Liability Insurance can assist with legal defence costs and damages.
EasyCover makes getting Professional Liability Insurance for legal services easy:
Step 1: Enter your information for your free quote.
Step 2: Select the policy options that work for you.
Step 3: Pay online and receive your policy documents.
You can be protected with EasyCover in less than five minutes! Work with confidence knowing you’ve got Professional Liability Insurance.
What does legal services professional liability insurance cover?
Legal services Professional Liability Insurance offers coverage for your legal expenses in the event you’re sued by a client or third party for financial damages resulting from your business services. Your coverage includes your legal defense costs as well as any settlement or judgement awards up to your policy limit.
EasyCover offers three levels of coverage:
- $1 million
- $2 million
- $3 million
This is the maximum amount that will be paid out for all claims over the 12-month policy period. The level of coverage you need depends on your industry, clients, value of your contracts, and potential costs of litigation
You will be responsible for a portion of your coverage, called a deductible. You pay a deductible for each covered claim. Your deductible will generally range from $250 to $1,500 and is determined by your revenue. For example, if you have two covered claims in one policy period, and your deductible is $500, you would pay $1,000 in deductible costs and your insurance would cover the rest of your litigation costs (up to your policy limits).
Professional Liability Insurance for legal services does not cover criminal acts or deliberate misrepresentation, fraud or dishonesty. It also won’t cover third party bodily injury or property damage claims – these types of claims fall under General Liability Insurance. You must inform your insurer as soon as possible of any incidents that may lead to a potential lawsuit.
Legal Services Professional Liability Insurance in Action
Here are three common scenarios that are covered in the legal profession:
- Misrepresentation: If you provide information that the client believes is faulty or misleading, you can be held liable. If you’re negligent, unintentional misrepresentation causes financial loss, a disgruntled client or angry third party may bring a legal claim against you.
- Disparagement of character: You can be sued by someone if they feel that in the course of providing your services, they have suffered damage to their character or reputation. This can arise from information in official documents, in an interview, or on social media.
- Libel and Slander: You can be sued by your client if they feel anything harmed their character or reputation. This can be based on what is said about your client in any official documents, in an interview, or on social media.
- Professional Negligence: If you commit a negligent error while performing your duties, you can be held responsible for any resulting financial losses.
It doesn’t matter if you are at legally at fault or not; when you are sued, you will incur expenses related to those proceedings. Professional Liability Insurance for legal services can help cover these costs and allow you to defend yourself.
The Value of Legal Professional Liability Insurance
Most businesses have Commercial General Liability Insurance (also known as CGL insurance). However, CGL insurance only covers third-party property damage or bodily injury. Lawyers have their own mandatory insurance as directed by the Law Societies. Other legal professionals, such as paralegals, may be faced with claims for financial damages resulting from professional services or advice. Whether the error is perceived or real, you will still have to defend a claim.
With legal services Professional Liability Insurance, also known as Errors and Omissions or E&O insurance, you’ll be covered if you’re sued, subject to policy terms and conditions. Our Professional Liability Insurance is designed for professions providing services or advice that could result in financial loss or damage to reputation. If an unhappy client sues you, even if the claim is unfounded, you’ll still need to pay for your legal defense. Professional Liability Insurance for legal professionals can cover these costs.
Risk Management for Legal Services
Insurance is an important part of a cohesive risk management program for any business. To further mitigate the risk of a lawsuit, appropriate risk management procedures will help minimize the stress of a potential claim. We offer some risk management tips for those working in legal services:
Risk mitigation measures may not prevent all lawsuits, so your Professional Liability Insurance is there when you need it.
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Communicate
Open and honest communication is always important. Make sure all parties are clear on their respective roles and responsibilities. Confirm expectations and offer the opportunity for questions and clarifications.
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Record Keeping
Always follow up any in-person or phone meetings with an email or written notes, confirming what was discussed and any conclusions. Regularly back-up your data and information and appropriately store and secure the back-ups.
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Quality Control
Ensure you have processes to ensure your deliverables are of the highest quality possible, including staying up to date on industry information and standards.
EasyCover’s Professional Liability Insurance for Legal Services
We offer coverage for the following legal professions:
- General legal support
- Legal secretaries
- Legal skills trainers
- Paralegals
- Professional support (PSL)
If your legal services occupation isn’t listed, feel free to contact us and we’ll see what we can do!
What sets EasyCover apart? It’s in our name – we make it easy for you to get coverage. You can get a free quote in seconds and you can purchase a policy in less than five minutes. Our online tool makes getting protection simple and efficient.
We offer critical protection for legal service professionals with comprehensive coverage and affordable rates
Protect yourself from the unexpected.
Get Legal Services Professional Liability Insurance from EasyCover today.
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