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.
The Ohio Supreme Court adopted a disciplinary rule directing most lawyers to inform their clients if the lawyer does not maintain a minimum level of malpractice insurance or if the policy has expired or been canceled (April 26, 2001).
In an administrative ruling, the court modified DR 1-104 of the Ohio Code of Professional Responsibility regarding disclosure of information to clients. Ohio lawyers must notify clients in writing at the beginning of the representation if the lawyer does not carry malpractice insurance with certain minimum liability limits.
As such, if your firm does not maintain the minimum level of malpractice insurance, this may put you at a disadvantage when compared to covered firms.
Your Ohio plan provides key coverage, including:
- Court attendance expense reimbursement $500/day to a maximum of $15,000 per claim.
- Reimbursement of up to $15,000 for the defense of a disciplinary proceeding.
- Prior acts for eligible firms.
- Multiple extended reporting period options, including an unlimited option.