rofessional Liability goes by a few different terms or names, Legal Malpractice or Errors and Omissions are all terms for the same thing. Professional Liability Insurance is a product designed to insure Law firms, CPA firms, Architects, Engineers, Title Agencies, etc. from financial loss from a claim brought due to an alleged act, error or omission. Most policies are written on a duty to defend basis and will provide a defense in the suit as well as pay damages the insured becomes legally obligated to pay, within the policy limits and after any deductible. Of course all coverage is subject to the terms and conditions of the individual policy that was issued and in effect at the time the claim or circumstance is reported to the carrier.
National averages indicate that between 5-10% of lawyers in practice will be subject to an allegation per year
National averages indicate that between 5-10% of lawyers in practice will be subject to an allegation per year, however it should be noted that a higher percentage of the claims come from the states with the largest number of attorneys. While this would make sense on the surface the point is that there is a higher per capita of claims coming from the more densely attorney populated states. In addition, claims affect all sizes of firms and all types areas of practice.
Purchasing Professional Liability Insurance can be a daunting task as there are a number of different carriers in the market as well as a number of different ways to offer coverage. The use of an insurance agency that specializes in this market is paramount to insuring that the right coverage for the appropriate premium is obtained.
Navigation of the market, the applications and the terms offered takes a skilled agent who understands the complexity of the product. G. Blair Campbell has over 40 years in the Professional Liability industry.