Before investing in lawyers professional liability, most law firms have questions about the types of coverage necessary and what the coverage entails. Here are three of the most common questions asked.
What Does the Coverage Entail?
The coverage tends to cover lawyers and employees in the law firm. This coverage generally pays for legal fees, settlements and other charges involved when a client files a claim against a law firm for alleged malpractice.
What Claims Are Most Common?
Clients may file a claim for a number of reasons. However, some of the more common claims are simple mistakes. These may be substantive or administrative errors. Also, you may hear of clients alleging that the lawyer improperly abandoned a representation or failed to address what a client needed.
What Doesn’t the Coverage Cover?
There is a broad range of coverages offered. However, there are areas not covered that are relatively standard. Often, you’ll find these exclusions in the policy in their own section. Here are some common exclusions to look for:
- Dishonest acts
- Malicious acts
- Criminal acts
- Fraudulent acts
- Bodily injury by lawyer or law firm
- Claims involving people insured in the same firm
Since the types of coverage can vary, always check your exclusions thoroughly.
With lawyers professional liability, it is smart to ask questions so that you can fully understand your coverage.