Lawyers & Law Firms
Properly structured insurance programs for law firms are multi-faceted. While much of the emphasis revolves around a well structured professional liability (E&O) policy, holistic portfolios today require the inclusion of cyber liability and directors and officers insurance (with EPLI and crime coverage). Consideration should also be given to the underlying general liability package to include basic endorsements for items such as valuable papers & records and accounts receivables (among others). Partnering with a carrier that has a strong claims reputation and broad advertising injury coverage can also potentially help insulate firms from a broader range of advertising claims.
As many law firms are already aware, malpractice policies can differ significantly in their terms, conditions, definitions and exclusions. While lawyers are generally in a better position to perform a proper policy audit, partnering with an experienced professional liability broker is always advised. The protection of clients’ IP from data breaches, increase in frequency of conflict of interest claims for hourly billing practices, and the demand being placed on lawyers when it comes to digital forensics and e-discovery demonstrate just some of the professional liability challenges lawyers are facing today.