As an attorney, it’s important to recognize the importance of liability insurance. Most of the time, the lawyers who worry the most about professional liability are lawyers for firms or who work for themselves. The outliers are contracted lawyers or the in-house counsel in a business. Unfortunately, the in-house counsel also takes a lot of risk. This is where employed lawyers liability insurance comes in.
Risks to Employed Lawyers
Some of the risks to employed lawyers may look different from other attorneys. Here are some of the risks:
- Sometimes terminated employees will direct their suits at the in-house counsel, stating negligence.
- Pro-bono and moonlighting services are also subject to lawsuits.
- A third party may try to access documents or information stored electronically.
As with any law practice, several risks require employed lawyers professional liability insurance for protection.
What Employed Lawyers Insurance Covers
- Non-client claims coverage
- Regulatory claims coverage
- Coworker claims coverage
- Coverage for punitive damages
- Defense costs
- Pro-bono and moonlighting coverage
- Protection from suits, proceedings or demands for damages
- Coverage for claims brought by board of directors or employer
The best way to know all of what an insurer covers is to ask questions before you commit to any policies. Make sure your policies fit your needs.
When it comes to employed lawyers professional liability insurance, it is as important as any other business’s insurance policy.