Insurance Options for Law Firms
Malpractice for an attorney can be defined as any act which is negligent or wrongfully executed by an attorney resulting in monetary damages to the client. No area of practice is 100% immune against it. It has been estimated that 5 to 6 percent of all private attorneys face charges of legal malpractice each year. That means that for every 100,000 attorneys 5,000 will be charged with attorney’s Errors & Omissions, aka: Malpractice each year. The question becomes are you prepared for it if it happens to you? What happens if your firm is faced with a claim not based in fact? Who pays for your defense?
If your choice is to face a malpractice claim without insurance and defending yourself, good luck! If you choose to transfer risk through insurance, from whom will you buy it? You have a choice. You can use the same agent who handles all the other business insurance you carry. Or you can use an agency whose main purpose for being in business is to help lawyers and law firms buy their Lawyer’s Professional Liability Insurance coverage.
Armour Insurance Professionals is that kind of agency. We can explain a claims-made policy without looking it up…or, the importance of a Retro Date. And, we can advise you on why and when to obtain a “Tail Policy”. These are just a couple of examples that lead you to one choice, Armour Insurance Professionals, Inc.