Lawyers Professional Liability Insurance – widely known as – Lawyer Malpractice Insurance
Errors & Omissions policies are primarily designed to protect a business against legal accusations of negligence, preventable mistakes, incompetent work, and other professional errors. Professional liability is a must-have for law firms and attorneys as the business model is based on providing services to clients.
Professional Liability Insurance for law firms protects you from the cost of damages and legal fees when someone claims your professional and legal service caused financial harm to them or their business.
Attorney Malpractice Insurance secures and protects the professionals from financial ruin from the exposure of mistakes or missed information in providing services to the clients. Being in this professional field, it is not a shock to understand litigation can occur due to simple human error.
Lawyers’ Indemnity Insurance covers mistakes by the business and failure to perform service and fills in the gap where general liability policies lack coverage. Lawyers’ Professional Liability insurance provides coverage against claims of negligence or mistakes that cause financial harm to another person or company such as negligence, misrepresentation, violation of good faith and fair dealing, and inaccurate advice. Obligation to pay damages for covered claims along the cost expense to defend against such claims is covered with this policy.