Why you should consider Lawyers' Professional Liability Coverage ...
Lawyers' Professional Liability Coverage helps protect law firms from costly malpractice lawsuits. Law firms that do not carry this coverage leave themselves open to a host of lawsuit possibilities, the most common being:
- Malpractice (a former client unhappy with the service or judgments they received.)
Suits that may arise out of a former client’s assertion that the bill is too high, unjust or more commonly overdue. In some cases, a firm may be named as a defendant in a shareholder lawsuit for work they did for that client. Lawyers' Professional Liability Coverage protects firms in the event they are successfully sued by actions of current firm lawyers; current employees such as paralegals and investigators; former employees and, in some cases the actions of current employees at a previous firm.
Having LPL coverage is an advantage for your firm.
Each state has different regulations regarding the requirements for carrying Lawyers' Professional Liability Coverage. Some states mandate coverage, while others mandate that you must disclose to your clients and prospective clients if you do not carry a professional liability policy. In either case, not carrying comprehensive coverage may put you at a disadvantage when compared to covered firms, as well as at risk for lawsuits.
USI Affinity has relationships with carriers nationwide, and can provide such key coverage provisions including:
- Claims Made Form
- Limits from 100/300 to $20 Million with excess coverage availability for qualified firms
- Deductibles from $1,000 to $50,000
- Various Continuing Education and Risk Management Credits
- Broad Definition of Named Insured and Professional Services
- Extended Reporting Period Options (Including an Unlimited Option and a No-Cost Prior acts coverage for an individual lawyer working at a firm
- Extended Reporting Period based on program longevity and age)
So protect your firm with broad LPL coverage from A-rated carriers. Call us today at (877) LPL-4671 to discuss your firm's needs with an experienced professional liability professional.
Click on the link below to download a helpful policy guide checklist of key features to look for when selecting your professional liability policy.
Professional Liability Policy Guide Checklist