Is lawyers’ professional liability insurance necessary for a small law firm?
Professional liability insurance is vital for all law firms, no matter the size or the nature of the law firm’s practice. Lawyers’ professional liability insurance covers direct loss and expense to a lawyer or law firm arising from claims for alleged neglect, error or omission in the performance of services in a professional legal capacity.
Law firms are increasingly the target of client claims and lawsuits. Oftentimes this is the result of unreasonable client expectations. Sometimes this can be the result of real error on the part of a lawyer or firm. Even if a claim or suit is frivolous, a law firm needs professional liability insurance in order to protect itself.
One product that is available for small law firms is Travelers 1st Choice for Small Law Firms. This is an insurance product that offers protection for the professional liability exposures faced by law firms with 10 or fewer attorneys. Covered professional legal services include services by lawyers, arbitrators, mediators, notary publics and real estate title insurance agents. Key features include coverage for current and former partners and associates, personal injury coverage, deductibles as low as $1,000, loss only and aggregate deductibles available, duty to defend provision, expense reimbursement up to $10,000 and extended reporting provisions.
For more information regarding this or other lawyers’ professional liability programs or for general information regarding professional liability insurance for lawyers, please don’t hesitate to inquire.