Indemnity & Professional Liability Insurance for Lawyers and Law Firms
Professional Liability Insurance For Lawyers Insight | “Shrinking Limits” May Apply
The adage “You can be sued for anything these days” may be all too familiar for attorneys. Ironically, many law firms overlook professional liability insurance for lawyers to protect their in-house team.
In addition to clients, law firms may be sued by their employees, shareholders, government agencies, as well as other groups. So, what’s an organization to do? Step one is to recognize the real risks that legal staff face.
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- In-house counsel at private companies face exposures when performing contract negotiations, giving advice to human resources professionals, assisting with mergers, reviewing contractual language, etc.
- Since electronic information is discoverable, it must be stored and preserved just like paper documents once were. In-house counsel should work with IT professionals to ensure compliance with this rule.
- Clients may sue over a contract that did not work in their favour which the in-house counsel had a hand in writing.
- Terminated employees may sue the employers and name the in-house counsel for negligence.
- In-house counsel are also at risk when they perform moonlighting services or pro-bono work.
Whether you’re expanding your law firm or renewing your existing professional liability insurance for lawyers coverage, ALIGNED advocates can help.
9 Law Firm Coverages To Consider
When insuring your law firm, there are a multitude of options to consider. ALIGNED can provide you with the best possible professional liability insurance for lawyers options to address risks such as:
- Demands, suits or proceedings for damages or injunctive relief
- Licensing proceedings for in-house counsel to practice law
- Defence against claims alleging wrongful acts, negligence, errors and or omissions
- Pro-bono or moonlighting work done by in-house counsel
- Full-time on-staff counsel and contract and independent contract lawyers and support staff members
- Defence costs advances, even if allegations are found to be groundless
- Covering for non-client and regulatory claims
- Punitive damages
- Claims from coworkers that arise out of the lawyers work at the organization
ALIGNED Professional Liability Insurance For Lawyers
Our advocates can help you secure the best insurance products, services and solutions for your law firm.
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