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Frequently Asked Attorney Professional Liability Questions

Posted on: January 15, 2015 by Newmark Insurance

Frequently Asked Attorney Professional Liability Questions

One of the most common questions attorneys ask is, “Do I really need professional liability insurance?” Experts estimate that about 6% of the people working as attorneys in the U.S. are likely to face an allegation of professional liability in any year. This number may seem small, but consider this; there are about 951,000 attorneys in the U.S. today, meaning about 55,000 of them will be affected by professional liability claims this year. No matter what part of the country or the size of the firm, all areas of legal practice are at risk of facing professional liability, also called errors and omissions or malpractice, claims.

The following are a few more frequently asked attorney professional liability questions:

What Causes Professional Liability Lawsuits?

Perhaps the most common claims brought against attorneys are those that allege simple, straightforward mistakes. These can include administrative errors or substantive errors of law. Other frequent claims include accusations that the lawyer completely and improperly abandoned a client’s representation, or failed to address the client’s needs in some way.

What Risks are Typically Covered by Attorney Professional Liability Insurance?

Legal malpractice policies are designed to provide coverage for claims that arise from “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 services as a notary public, services as a title agent or title agency, acting as a trustee or executor of an estate, or acting as an officer, director, or member of a legal professional association.

Are There Risks That Aren’t Covered?

Absolutely, examples of common exclusions are fraudulent acts, criminal acts, malicious acts, dishonest acts, bodily injury or property damage generate by the lawyer or law firm, and claims involving one insured against another insured in the same law firm.  These are just some of the exclusions on a common Attorney Professional Liability policy. It’s important for attorneys and lawyers to communicate with their insurance providers for specifics regarding their specific policy.

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.

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Posted in: Attorney Professional Liability blog Errors and Omissions