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What Isn’t Covered By Your Lawyers Malpractice Insurance?

May 29, 2018

Lawyers Malpractice Insurance Protexure Lawyers

While it is important to manage your professional liability risk through the purchase of lawyers malpractice insurance, it is also important to remember lawyers in practice face other potential risks beyond “just” claims of professional negligence. And most of these risks are not covered by standard professional liability policies.

 

One of these risks is costs associated with disciplinary action against you or one of your colleagues in your firm. Most lawyers malpractice insurance policies—including those offered through Protexure—do provide coverage for and assistance in hiring representation to help you respond to disciplinary complaints or appear at disciplinary hearings. But they cannot lawfully provide indemnification for any fines or other discipline levied against you, nor are they designed to cover consequential losses arising from business interruption should someone in your office face disciplinary suspension or some other discipline that affects your firm’s ability to fully complete a representation of a client. (Although, most professional liability policies do include some set daily amount to help defray revenue lost while you attend proceedings related to professional liability claims or disciplinary complaints made against you or your firm.)

 

In this same vein, malpractice insurance will not provide coverage for indemnity arising from gross negligence, recklessness, or any sort of intentional harm, or for any criminal conviction of any sort.

 

Beware, too, that voluntary indemnification agreements will most likely fall outside the parameters of any malpractice policy you may have in place, especially if they are not disclosed to the carrier ahead of time. This is particularly significant if you are purchasing a practice from an attorney who is retiring or otherwise leaving practice, for instance; make sure that your succession agreement speaks to how any outstanding liability or potential liabilities will be addressed. Likewise, you should not plan to look to your lawyers malpractice insurance to help you pay for any sort of guarantee you may offer clients as a business incentive.

 

Of course, law practices, like any business, face other types of potential risks, like premises or property risks, advertising liability, employment practices risks, workers’ compensation risks, and business interruption risks arising from reasons other than professional discipline or professional malpractice actions. Failure to consider and address these risks through other insurance and risk management activity can negatively affect your ability to fully represent your clients, ultimately raising your malpractice risk overall, a potentially vicious circle you would do well to avoid.


Protexure Lawyers /// Professional Liability Made Easy

“I found the Protexure representatives to be extremely professional, knowledgeable, and courteous. They found similar coverage for me for a substantial amount less than I had been paying. I have been pleased with Protexure’s service and would recommend it highly.”

- David M. Lipschutz, Esquire

Receiving a quote from Protexure Lawyers is made super easy by the quick response time of their team. The renewal process is different from what I have ever seen, they offer a mostly filled out application which made the process even easier for me!

- Eric Schwab - Woodbridge, NJ

It was a pleasure working with you, - you gave me the most competitive price, quick turn around and good follow-up.

- Howard S. Kavenow

My account representative was very helpful in assisting me to complete my application. He made me feel like my questions and my business were a priority to him.

- Kim Davis

When faced with a substantial increase from our existing malpractice carrier, we received the name Protexure Lawyers from a referral. On contact, they were not only very prompt in processing our application, but also responded to several coverage questions we had. So far, the service has been excellent.

- Law Office of Shriver, O'Neill & Thompson

Mr. Dixon contacted me many months ago and I told him I renew my policy in September and that it would be helpful to contact me in July or August of this year. He did that; he was very patient with me and assisted me with the application process. He was extremely prompt in replying to my inquiries. I had been with the same company for many years so I was reluctant to leave them. He made the transition quite simple. I am fortunate that he was the salesman who contacted me.

- Robert Lewin

Thanks. You guys got my business because (a) your price was great, and (b) you were responsive and on top of things (a number of insurers surprisingly were not).

- Scott Maxwell

I first came in contact with Ryan on a cold call. Usually I am dismissive of these types of calls, but Ryan was brief and to the point - no hard sell or over promising. In the end, I received a less expensive policy than others I researched. I guess not all cold calls are a bad thing.

- Steve Hunter

Ryan offered to compare my current insurance with what he and his company could offer. I took him up on this, and gave him my pertinent information. I did my own research, and discovered that his quote was lower and the carrier had an A rating. I contacted my existing agent to see if she could match the quote. I had been her customer for a number of years and thought that was fair. She was unable to match Ryan's offer.

- Steve Hunter

I discussed some minor differences in the policies with my account representative, and throughout the process, he was easy to reach and called me back promptly. I value this a great deal. In the end, it was clear to me that I would receive a less expensive policy than I currently have, with the same coverage and excellent customer service.

- Steve Hunter

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