Are You Covered?
As an attorney, it is your job to make sure that your clients are protected. But what happens if you suffer damages from a professional mistake?
Having a legal claim filed against you can be costly. This is the case both in terms of a dollar amount, as well as the expense of damaging your professional reputation. This, in turn, can result in lost income – and possibly even a significant amount of harm to the business that you’ve built up.
Whether you own your law practice or you are an employee of one, you should have a special type of insurance protection known as legal professional liability coverage – which is also oftentimes referred to as errors and omissions insurance, or simply E&O.
With this type of insurance protection, you can be covered against the ramifications that stem from improper procedures and/or incorrect advice. Not all E&O policies for lawyers are the same, though. So, it is important that you obtain the right plan for your specific needs.
For instance, some of the key components of errors and omissions coverage include:
- Policy Limits – Just like any other type of insurance policy, it is essential that your E&O plan will provide you with adequate protection in the case of claim. (In some states, there are minimum policy limit requirements).
- Deductible – E&O policies will typically include a deductible that must be paid before the insurance coverage will pay out. In most cases, the higher the deductible on the policy, the lower the premium charge.
You take your profession seriously – so it is important that you’re covered in the event that a lawsuit is filed against you. If you have questions about how to properly structure an E&O policy, give Coastal Insurers a call at (800) 368-3363 ex. 402, or send us an email by going to blair@coastalinsurors.com. We look forward to helping you.
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