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As an attorney working in the US you may one day find yourself facing an allegation of malpractice in the dispensing of your services to a client. Claims against attorneys are nothing new, and at times we have seen an increase in claims, perhaps more so during the past two decades. Lawyers all over the country, in firms big and small, as well as in all areas of practice, have come under fire from dissatisfied clientele.
The cost of a professional liability claim can be quite hefty. Even when a lawyer is ultimately cleared of wrongdoing, the money they wind up having to spend defending their position can be a very costly proposition. Professional Liability Insurance in Austin, TX can help ease their burden by providing help with much of the monetary risks involved, as well as assuming most of the responsibility for responding to and defending against such claims.
Common reasons for professional liability claims
Probably the most common claims brought against lawyers involve allegations of administrative errors or substantive errors of law. Many of those claims allege that the lawyer either completely abandoned a representation, or as in most cases, in the clients view they simply failed to address their needs. Lawyers have been known to face lawsuits citing breach of fiduciary duty. Such claims are often brought about due to a perceived conflict of interest. Another common scenario is claims made as a result of clients who feel they are the victims of exorbitant fees.
Risks covered by a professional liability insurance policy
Professional Liability Insurance in Austin, TX is generally designed to provide coverage for claims arising from “wrongful acts” committed in the rendering of legal services in your capacity as a lawyer. The insured is generally provided with both indemnification coverage and claims expense coverage, subject to specified deductibles and endorsements.
Protect the career and business you’ve worked so hard to cultivate. You need to address any concerns to your agent and get advice on which liability policy will work best for you and just how much coverage might be right.