What is Lawyers Professional Liability Insurance?
Lawyers have professional liability exposure on every case for which they provide services. When they’re sued, law firms may not only face defense expenses that could easily reach six-figure amounts, they may also have to accept a costly settlement or jury verdict.
Separate Defense Limits
Of Counsel Coverage
Choice of Legal Counsel
Retirement Tail Options
Network Security Coverage
Softened Hammer Clauses
Trial Expense Reimbursement
Crisis Management Coverage
Why it’s smart to have Lawyers Professional Liability insurance
An insured law firm filed an 11-count complaint on behalf of its client. Although the action was dismissed, the firm ended up as a defendant in a malicious prosecution brought by the original defendant. Recognizing the new plaintiff could not succeed on all points of the malicious prosecution claim, the law firm brought a defense against the case. Unfortunately, the wealthy plaintiff decided vengeance outweighed economics and took the case through the trial and appellate courts. The law firm ultimately incurred defense fees exceeding $1 million.