What Is Lawyer's Malpractice Insurance?
Having the right Lawyer's Malpractice or Professional Liability coverage in place is essential to protecting your practice and firm.
If you are a solo attorney or part of a larger firm, learn more about how Lawyer's Malpractice insurance coverage can protect your firm from costly claims.
What Is Lawyer's Malpractice Insurance?
Lawyer's Malpractice Insurance and Professional Liability protect attorneys and their firms from failing to provide services or making a mistake in the professional services given to a customer or client, which a Commercial General Liability policy does not cover. As an attorney, you and your practice work hard to provide your clients with the best possible representation. You put in long hours, research, and ensure you're prepared for every court appearance or negotiation. However, despite your best efforts, the unforeseen can happen. You could make a mistake, overlook an important detail, or miscommunicate with a client. And when that happens, your client could hold you responsible.
That's where Lawyer's Malpractice Insurance Coverage comes in. Also known as Lawyer's Professional Liability, this type of insurance is designed to protect attorneys from claims of negligence, errors, and omissions. Whether you're a solo practitioner or part of a larger firm, Lawyer's Malpractice Insurance can give you the peace of mind to focus on your clients and your practice.
Overmyer Insurance Lawyer Malpractice and Professional Liability programs are designed specifically for your firm and practice. We work with you to determine the coverage options that best fit your practice so you can have the peace of mind to focus on serving your clients.
What Does Lawyer's Malpractice Insurance Cover?
Lawyer's Malpractice Insurance Coverage typically covers a range of claims, including:
Claims of negligence or errors and omissions in the performance of legal services
Claims of breach of fiduciary duty or breach of contract
Claims of intentional misconduct or fraud
Claims of misrepresentation or defamation
In general, Lawyer's Malpractice Insurance will cover the costs of defending yourself against these claims and any damages or settlements you might have to pay. Some policies may also cover other expenses, such as court costs or expert witness fees.
How Much Does Lawyer's Malpractice Insurance Cost?
The cost of a Lawyer's Malpractice Insurance can vary widely depending on a number of factors, including:
Your area of practice
The size of your firm
Your claims history
The limits and deductibles you choose
On average, Lawyer's Malpractice Insurance can cost anywhere from a few hundred to several thousand dollars annually. Therefore, shopping around and comparing quotes from different providers is essential to ensure you get the best coverage at the best price. This is where the Overmyer Insurance Agency can help. We have partnered with multiple insurance companies and take the time to design a program that fits your firm and needs.
How Much Lawyers Professional Liability Coverage Do I Need?
Determining how much Lawyer's Professional Liability coverage you need can be a complex process that depends on a number of factors, such as the size of your firm, the types of clients you serve, and the types of legal services you provide.
Professional liability policies generally start at $1 million in coverage limits and can be increased. Generally, most legal professionals should start with $1 million in coverage, although others may require more. For example, if you work with high-net-worth clients or handle complex legal matters. In that case, you may need additional coverage to protect yourself against the potentially high cost of damages in case of a malpractice claim.
It's also important to note that many clients and professional organizations may require a certain level of coverage as a condition of working with you or maintaining membership. Be sure to check with any clients or organizations you work with to determine their minimum coverage requirements.
Ultimately, the best way to determine how much coverage you need is to work with an experienced insurance agent who can help you assess your risks and determine the appropriate level of coverage for your practice. Contact The Overmyer Insurance Agency today to speak with one of our knowledgeable agents and get a quote for Lawyer's Professional Liability coverage that fits your practice's needs.
Does Malpractice Insurance Cover Legal Fees?
Yes, most Lawyer's Malpractice Insurance policies will cover the cost of defending yourself against a claim, including legal fees. This means that your policy will typically pay for your defense attorneys' fees and any other expenses associated with defending yourself, such as court or expert witness fees.
It's important to note that the insurance company providing your coverage will usually select and retain the defense attorneys to represent you in the case of a claim. This is because the insurance company has a vested interest in making sure that the attorneys they choose will work to defend you to the best of their ability while keeping costs as low as possible.
Having Lawyer's Malpractice Insurance coverage can give you peace of mind to focus on your clients and practice, knowing you have the support you need in a legal malpractice claim. If you want to learn more about your coverage options, contact The Overmyer Insurance Agency today for a quote.
The Bottom Line
As an attorney, you need to protect yourself and your practice from the risks of legal malpractice claims. Lawyer's Malpractice Insurance can provide you with the coverage you need to defend yourself against these claims and keep your practice running smoothly.
This is where The Overmyer Insurance Agency can help.
At Overmyer Insurance Agency, we specialize in providing Lawyer's Professional Liability and E&O coverage to attorneys of all sizes and specialties. Contact us today to learn more about our coverage options and get a quote for your practice.
To get started, simply call us or use the button below to get started:
We look forward to helping you find the right coverage program for your practice.
Lawyer’s Malpractice Insurance Coverage FAQ
Q: What is Lawyer's Malpractice Insurance Coverage?
A: Lawyer's Malpractice Insurance Coverage, also known as Legal Malpractice Insurance or Lawyer's Professional Liability, is insurance designed to protect attorneys from claims of negligence, errors, and omissions.
Q: How much does Lawyer's Malpractice Insurance cost?
A: The cost of Lawyer's Malpractice Insurance can vary widely depending on a number of factors, including your area of practice, the size of your firm, your claims history, and the limits and deductibles you choose. On average, it can cost anywhere from a few hundred dollars to several thousand dollars per year.
Q: Does Malpractice Insurance cover legal fees?
A: Yes, most Lawyer's Malpractice Insurance policies will cover the cost of defending yourself against a claim, including legal fees. However, it's important to check the specifics of your policy to make sure you understand