Whether you are a brand new lawyer or you have a well-established legal practice, you should know that it is of utmost importance to protect yourself from unforeseen legal costs by purchasing the right type of insurance for your needs. Along with doctors, lawyers are especially susceptible to errors and omissions claims from clients due to the fact that they work with very sensitive information on a daily basis. Even the very best lawyers can unexpectedly find themselves on the wrong end of a negligence lawsuit, so it is important to make sure you have an insurance policy that includes Errors & Omissions for Lawyers.
What Is Included in E&O Coverage?
Although Errors & Omissions for Lawyers can be custom-designed based on the individual needs and risks of a practice, many E&O policies include coverage for the following types of situations:
- Failure to advise
- Clerical errors
- Improper advice
- Failure to respond or file in a timely manner
- Missed statutes of limitations
- Real-estate transaction errors
- Drafting errors
- Insufficient investigation
Respectable lawyers may be accused of making some of these errors, even if the claims turn out to be false. In order to avoid being solely responsible for hefty legal fines related to your defense, make sure you are always covered with an insurance policy that includes Errors & Omissions for Lawyers.