If you practice law for a living being involved in a malpractice claim is usually in the back of your mind. Because every case has its own set of circumstances you could face accusations that are as varied as the clients that you are working for. Among some of the most common claims brought against lawyers are those alleging mistakes, including administrative errors or substantive errors of law.
When you end up in court facing claims alleging that you improperly handled a case or, even worse, are accused of abandoning a client, or failed to address their client’s needs in any way, a legal malpractice insurance policy will aid you in defense of these matters. Attorneys have been faced with allegations of breach of fiduciary duty, especially in cases where a client claims that there was a conflict of interest going on during their handling of their affairs.
Types of risks typically covered by professional liability insurance
Legal malpractice policies are designed to provide coverage for claims that arise from wrongful acts committed in the rendering of legal services. When providing professional services in their capacity as a lawyer, the policy will provide indemnification and claims expense coverage, subject to specified deductibles and endorsements.
In general, covered acts include those committed in a variety of ancillary services regularly provided by lawyers, including services as a title agent or as a notary public, acting as a trustee or executor of an estate in connection with representation of a client, or acting as an officer, director, or member of a legal professional association.
Having legal malpractice Insurance provides relief by sharing much of the financial risk, along with assuming the responsibility for responding to and defending against a claim. The policy is also designed to cover lawyers and employees of the law firm acting on behalf of the firm, and the firm itself as specified in the policy. It can specifically help protect your clients against significant losses by helping lawyers meet their obligations to protect their own clients’ interests, even during the worst of circumstances.