Lawyers generally purchase a Business Owner Policy or BOP to protect their office from liability claims arising from operating an office. A BOP is appropriate for a sole proprietor or small partnership law firm.
If the lawyer office is multiple states and multiples cities with complex property values and lease requirements, it is more likely to be insured with a CPP or Commercial Package Policy.
No matter if it’s a BOP or CPP, the same exclusion applies to the general liability section of both policies. It reads as follows…
"We" do not pay for "bodily injury" or "property damage" arising out of the rendering or the failure to render a professional service.
A lawyer's work is a professional service. Accordingly, claims arising out of those professional services will not be covered. To plug this gaping hole in your insurance, you need a Lawyer Professional Liability Policy.
The cost of Lawyer Professional Liability Insurance can vary widely based on your location, your areas of practice, the number of attorneys covered and the number of years you’ve purchased malpractice insurance.
I hope I've answered your question. If not, feel free to call, fax or email me.
Kevin P. Foley, CPA, CPCU
PFT&K Insurance Brokers
T 877-414-2031
F 877-405-3025
E kpfoley[at]kpfoley[dot]com
W www[dot]kpfoley[dot]com
Lawyers and doctors have malpractice insurance.
Your business insurance 100% exclude coverage for any claim associated with your professional advice. Same like with doctors, when a person tripped and fell in your office - your business insurance should take care of this. But if there is something related to your performance as a legal adviser (for example your former client claims you didn't fulfill your fiduciary liability) then your malpractice insurance should take care of this issue.
We have great markets for solo practicing lawyers and law firms as well as malpractice insurance for lawyers working in-house as legal advisers for other companies.
You can get started by completing a short application online at http://www.paperless-insurance.com/how-it-works.html
As an attorney, you know what a litigious society we live in today. When you get a moment, read this article from The Insurance Journal. CNA analyzes lawyers professional liability cliams and provides a full report that you can download (at the end of the article.) I think this report is very informative and will shed some light on why you should make the wise decision to transfer your professional risk by purchasing an attorney E & O policy. Good luck and let me know if you have any other questions.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
Honestly, you're a lawyer, why do you need Malpractice ( or E&O) insurance? When you read your office insurance policy, did you notice any coverage for malpractice protection for your work? If you find that you have millions stated within your office insurance policy specifically for a courtroom loss for your work performed, maybe you don't.
Malpractice and E&O are usually purchased outside of office insurance plans to protect you from any errors you may make while practicing your profession.
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If the lawyer office is multiple states and multiples cities with complex property values and lease requirements, it is more likely to be insured with a CPP or Commercial Package Policy.
No matter if it’s a BOP or CPP, the same exclusion applies to the general liability section of both policies. It reads as follows…
"We" do not pay for "bodily injury" or "property damage" arising out of the rendering or the failure to render a professional service.
A lawyer's work is a professional service. Accordingly, claims arising out of those professional services will not be covered. To plug this gaping hole in your insurance, you need a Lawyer Professional Liability Policy.
The cost of Lawyer Professional Liability Insurance can vary widely based on your location, your areas of practice, the number of attorneys covered and the number of years you’ve purchased malpractice insurance.
I hope I've answered your question. If not, feel free to call, fax or email me.
Kevin P. Foley, CPA, CPCU
PFT&K Insurance Brokers
T 877-414-2031
F 877-405-3025
E kpfoley[at]kpfoley[dot]com
W www[dot]kpfoley[dot]com
Your business insurance 100% exclude coverage for any claim associated with your professional advice. Same like with doctors, when a person tripped and fell in your office - your business insurance should take care of this. But if there is something related to your performance as a legal adviser (for example your former client claims you didn't fulfill your fiduciary liability) then your malpractice insurance should take care of this issue.
We have great markets for solo practicing lawyers and law firms as well as malpractice insurance for lawyers working in-house as legal advisers for other companies.
You can get started by completing a short application online at http://www.paperless-insurance.com/how-it-works.html
http://www.insurancejournal.com/news/national/2012/06/29/253701.htm
Malpractice and E&O are usually purchased outside of office insurance plans to protect you from any errors you may make while practicing your profession.