The workplace is an environment that comes with its own set of challenged and liabilities, but did you know that a company or individual can be sued for things that they don’t do? While most would consider lawsuits as a consequence of harm or injury, many companies and professionals are exposed to damages resulting from any errors and omission claim by a client. In order to address these concerns and provide counsel, professional liability insurance for lawyers handle the legal matters arising from a damages claim.
Professional liability insurance is also known as an Errors and Omission (E&O) policy. General liability coverage does not cover where situations of negligence are claimed as a result of some advice or service-provided by individuals employed within the company.The coverage is most often focused on allegations that include failure to perform on the part of, errors or omissions in the product or services sold or rendered by the policyholder and financial loss caused by the actions or inactions of the company.
Professional liability insurance for lawyers offers coverage based on the size of the firm. Most E&O policies offer:
- Policy limits of upwards to $15 million
- All jurisdictions considered
- All practice areas considered
- Claims-Made Policy Written on Both Indemnity and Defense Policy Forms
- Manuscript policy wording
Check with a provider for the coverage applicable to your firm or practice.