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Attorney E&O FAQ’s
Posted on: May 11, 2016 by Newmark Insurance
Many attorneys wonder whether or not carrying professional liability insurance is worth it. However, as many as 55,000 attorneys will face lawsuits this year alone, based on statistics. So, whether you run a small firm or a large corporation, consider the benefits of being protected with the best Attorney Professional Liability Insurance available. Furthermore, here are some commonly asked questions regarding the coverage.
What causes professional liability suits?
Perhaps the most common reason for these suits are simple mistakes. This ranges from administrative and clerical errors to claims that the lawyer failed to properly represent the client. In more extreme cases, claims that the lawyer abandoned the case altogether.
What does professional liability insurance cover?
In general, this policy protects you against “wrongful acts.” Additionally, in general, covered acts usually include those committed in a variety of ancillary services that are regularly provided by lawyers as a natural offshoot of their regular practices. This includes title agent services, serving as directors and officers of their company, and the notary public.
Are there specific acts that aren’t covered?
Yes. Any acts that are criminal, fraudulent, dishonest, or cause property/bodily damage are not covered under this professional liability policy. For more detailed information about what exactly is and is not covered under your specific policy, consult with your trusted insurance professional.
The above are just some of the most common questions your clients may have about Attorney Professional Liability Coverage. At NewMark Insurance Services LLC, we understand that as attorneys, you’re on the front line providing a broad range of legal services and advice. For more information about how we can protect you and your assets, please contact us today at (855) 777-6549.