Your legal advice must be iron clad every day and so must we.
That includes appropriate protection,
so we make sure you get exactly the coverage you need,
nothing more, nothing less.
As a busy legal professional, you are trusted for your expertise every day. In fact, your expert opinions and advice are what clients pay you for. Are you properly protected from the consequences of claims that arise from that advice?
At its core, the intent of professional liability insurance (a.k.a. Legal Malpractice insurance) is the same across all polices and all carriers, and that is to protect you in the event of a negligence claim. Negligence lawsuits focus on the failure to perform based on expectations or a contract, alleged misrepresentation, and other claims. They claim financial loss for the client based on your alleged professional action or inaction.
Legal Professional Liability insurance is the only way for you and your firm to mitigate the costs and legal expenses arising from claims of negligence against you as a legal professional.
However, not all policies are created equal – and neither are the carriers!
That’s why you need an independent Professional Protection Specialist to help you sift through the cluttered details – you need the Pros at Professional Liability Insurance Group!
Worried about the costs? Professional Liability insurance can provide you with more protection than you think for less money than you’d expect. And today, some Professional Liability insurance companies offer more encompassing protection than others when protecting a law firm. That’s where our knowledge and experience can help protect you better.
You may think you are covered sufficiently by your current Legal Professional Liability policy. Maybe you feel you’re covered to some degree with your general liability policy; but those more general policies only protect against certain bodily or property damage and some personal injury claims. You need a specific Legal Malpractice insurance policy to protect your practice from potential negligence claims.
Legal Professional Liability insurance is available to attorneys in all types of scenarios – as solo professionals, small-to-medium sized law firms, large multi-state firms, and both national and international firms.
Not all lawyers or law firms are created equal; you know this full well. An Attorney’s Legal Malpractice insurance policy that accurately and specifically meets your needs is the perfect solution to protecting your firm and removing all your worry for when, not if, that next claim presents itself.
NOTE: Most policies do include a “Hammer Clause”.
Let’s say you are sued for negligent services, the claim amount is $500,000, your legal fees have generated upwards of $50,000, and the plaintiff is offered a settlement of $200,000. You’ve done nothing wrong and you feel that this offer, or any offer to settle would be beyond acceptable.
You are essentially stuck with the insurance carrier’s decision on whether or not to continue to fight. The insurer is within their legal rights to cap its liability in this matter for $250,000 (the $50,000 incurred in legal fees plus the $200,000 settlement offer). Now, if you continue to fight the matter, and incur another $10,000 in legal fees then lose a $400,000 judgment, you would be responsible for $210,000 ($60,000 in legal fees plus a $400,000 judgment minus the $250,000 insurer liability maximum). This gamble is one you cannot afford to fool around with.
On the other hand, if you fight the matter and the settlement is dismissed, you have incurred $60,000 in legal fees while your insurance carrier walks away happy knowing they do not have to spend the $250,000 liability maximum—this scenario is a huge risk!
In some instances we may be able to secure a Policy WITHOUT a Hammer Clause!
Without the Hammer Clause in your policy, the insurer MUST respect your right to choose not to settle. Your insurance carrier would be responsible to pay the limits of the policy regardless of the outcome of the claim.
A policy from one carrier in one state could differ from the same carrier in another state. Also, please know that policies can and do change regularly. The best thing for you to do is to work with an educated broker and with an agency that specializes in your type of risk who can advice you on the correct policy that will best protect your assets.
Searching for the best Professional Liability Insurance Group is in your best interest, so find one that specializes in Legal Liability Insurance to make sure you and your firm are protected when claims arise – and they very will at some point.
Again, not all law firms are created equal. The same holds true of insurance carriers and their policies. That’s where our knowledge and years of experience can help protect you better.