law firm professional liability insurance for lawyers

law firm professional liability insurance for lawyers

Obtaining this policy provides financial assistance for any legal fees and settlement costs as a result of a claim, along with legal counsel if required. This is provided that there were no fraudulent or criminal acts committed, nor anything deemed to be malicious or dishonest. In such cases, coverage likely wouldn’t be extended due to policy restrictions.

Due to the fact that more and more U.S. citizens are seemingly faced with increased debt, along with added financial burdens as a result of overextensions of credit, student loans, and inflated mortgages, many have become quite litigious. As a result of their own financial circumstances, some people that have become embroiled in lawsuits, the results of which were unfavorable, have taken action against their own lawyers resulting in a rise in professional liability claims against law firms.

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