What Does Lawyers Liability Insurance Cover?
Many lawyers are likely to face accusations of professional misconduct at some point during their career. Lawyers liability insurance is designed to protect legal professionals from inadvertent mistakes so that their professional career remains intact.
Risks This Insurance Covers
There are many situations lawyers liability insurance is designed to cover. Generally speaking, however, it is designed to provide coverage from wrongful acts that are committed while providing legal services. Many other situations that are related to practicing law are also covered under these policies, such as:
- Services rendered while acting as a notary public
- Services provided as a title agent or agency
- Acting as a trustee while providing a client with services
- Acting as a member or a director of a legal professional organization
Every policy differs based on the lawyers specific roles and the type of law they practice.
When to Acquire a Policy
As with any risk, it is better to be covered rather than to wait until a problem occurs. For this reason, lawyers should make sure they acquire a professional liability policy soon after they begin practicing in a legal capacity. Legal professionals who have yet to obtain one of these policies may benefit from speaking to an insurance professional in their area about their options.