Lawyers Professional Liability Error and Omissions

August 21st, 2012

Lawyers Professional

 

Do I really need professional liability insurance?

Approximately 6% of all attorneys in the U.S. are likely to face an allegation of professional liability in any given year. Claims activity against attorneys has steadily increased in each of the past two decades, with no reason to believe the pattern will end. Lawyers in all parts of the country, all size firms, and all areas of practice are at risk every year.

Dealing with a professional liability claim can be expensive. Even if a lawyer is ultimately cleared, the money spent on defense, not to mention the hours of time devoted to addressing the claim and the anxiety the situation can bring, can be a very costly proposition. Professional liability insurance helps to ease that burden both by sharing some of the monetary risk and by assuming much of the responsibility for responding to and defending against that claim. Professional liability insurance can also help protect your clients against significant losses, by helping lawyers meet their obligations to protect their clients’ interests even in the worst of circumstances.

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