Lawyer referral services will help those in need of a lawyer or other legal assistance find a suitable representative. They manage a large network of lawyers and attorneys and connect people in need of an advocate in legal or business matters.
The law industry is very complex and regulated because it deals with contracts, sensitive information, and more. As a service responsible for connecting clients to legal representatives, you give your clients suggestions on who can best represent their situations. With any business specializing in providing referrals or advice, there are always risks with the referrals provided.
With ALIGNED Insurance, you can get custom lawyer referral service insurance to ensure your business is protected against liability and litigation.
Why is Lawyer Referral Service Insurance Important?
When you provide Lawyer referrals, there are always associated risks that could lead to lawsuits and other third-party claims of negligence, property damage, and more. Some of the risks that your business can encounter include:
- A client is referred to a lawyer/law firm that gives wrong or bad advice and sues you and the law firm.
- The lawyer doesn’t deliver the promised services or is guilty of negligence during their services.
- False or misleading advertising about the basis of referrals and the services provided.
- The lawyer or referral service causes the client to suffer financial loss, injury, or property damage.
Any of these risks can cause financial setbacks and damages that you don’t want to subject your business to. That’s why it’s important to protect your business with law firm referral service insurance.
What Does Lawyer Referral Service Insurance Cover?
Law firm referral service insurance coverage depends on how much protection you need, your budget, and the risks associated with the services you provide.
Errors & Omissions Insurance – also known as professional liability insurance, E&O insurance covers third-party claims of errors and negligence during your services. For example, if a client files a claim of misconduct or negligence, E&O insurance provides coverage for the cost of legal defence, settlements, etc. It can also provide protection against slander, breach of contract, etc.
Commercial Property Insurance – you might have office space and equipment. Commercial property insurance covers losses and damages to the property and assets your lawyer referral service uses to conduct business.
Cyber Liability Insurance – this is important if you provide online law firm referral services or use technology in general to provide services. It can cover claims of loss from copyright, data breaches, defamation accusations, ransomware fees, breaches of client information, and more.
Find the Right Law Firm Referral Service Insurance for Your Business
ALIGNED works with Canada’s top insurance companies to provide custom insurance packages at affordable prices. Contact an ALIGNED commercial insurance specialist for a free quote, or use our free online tool.