What comes standard with lawyer professional liability insurance? This will depend on who you choose to provide coverage and what kind of package you select. There is always the opportunity to add on a specific policy that will guard against niche exposures. Generally, you can expect some of the following elements.
Overview of Policy Elements
Depending on your area of law, you will want to customize your coverage to include things like property damage or bodily injury. Common coverage include:
- Enhanced Settlement Clause
- Pre-claim assistance
- Pro bono
- Crisis even expense reimbursement
Some of these will be part of your provider’s base package, but others will be add-ons. If you know your exposures, you will have an easier time understanding what you need from a policy.
Not all policies will cover lawsuits into the millions of dollars. If you think you are likely to have these types of costly claims, be sure the insurance provider is willing and able to help you cover the costs. The limit of your policy is based on factors such as the size of your firm, your area of law and claims history.
Before committing to a lawyer professional liability insurance agency or policy, you should be positive that the offered package covers all or most of your exposures. Be realistic about what you and/or your firm needs, and use add-ons as necessary.