What We Do For You
Anytime you perform a service, your firm is exposed to the possibility of not living up to a client’s expectations. For lawyers professional liability coverage, it is essential to have a broad policy that shields you from damages and defense costs incurred when a client files a claim or lawsuit against your firm.
Your commitment to serving clients in the highest professional regard is not always reciprocated. When the financial security of your firm depends on how well you are protected, you want an insurance broker that is just as committed to serving you as you are committed to serving your clients.
Lawyers Choice, LLC will help you find professional liability coverage that is designed specifically for law firms. These policies contain endorsements and enhancements which expand coverage to comprehensively address the risks and exposures to claims unique to the practice of law and accommodate the needs of each client. We will find an LPL policy that is tailored to the needs of your firm.
Our insurance program is administered by industry professionals with more than 38 years of experience in serving the needs of law firms across the United States. Over the years, our brokers have built strong relationships with the carriers and underwriters with whom we work. Our relationships are built on integrity, reliability and consistency and are what produce the results enjoyed by our clients. Not only are we able to secure the best coverage, terms and premiums for our clients, but remain committed to a level of service excellence throughout the policy period. Policy forms for professional liability are very different from the policies with which most professional are familiar. As ‘claims made’ forms, unique features are involved with how coverage is triggered and how these policies react to claims. General agencies are neither skilled nor experienced enough to offer the level of service offered by Lawyers Choice that ensures your firm has the protection it needs.
We do not sell generic policies. Instead, we take the time to fully understand your needs before looking for policies and quotes. Combined with our specialty in malpractice insurance for attorneys, we ensure that the coverage you receive is exactly what you need to operate effectively and securely.
Law firms are fully aware of their need for LPL coverage and most firms are diligent about implementing risk management systems to protect themselves against malpractice claims, but often fail to consider the harm an EPLI claim can do to a firm. Employment Practices Liability Insurance is a coverage that often gets forgotten. Without a solid EPLI policy in place an EPLI claim can be an enormous financial exposure to a firm. According to a 2015 study by the EEOC the average cost of an EPLI claim is approximately $120,000 to the employer and the average claim lasts 275 days. EPLI Coverage is much less expensive than an LPL policy, has an easier application process and has the potential to be a much greater loss to a law firm than a malpractice claim.
Most employment matters don’t end up in court, but for those that do, the damages can be substantial. The median judgment is approximately $200,000, which is in addition to the cost of defense. About 25% of cases result in a judgment of $500,000 or more.
Common EPLI myths and mistakes:
MY EMPLOYEES ARE LIKE FAMILY. NO ONE WOULD DISCRIMINATE AND NO ONE WOULD FILE A CHARGE. It’s nice to think that all of your employees are as dedicated to the success of your business as you are, and in many cases that may be true. But a single employee who believes they have been discriminated against, or a single inappropriate comment or action, can become a complaint or a lawsuit that is expensive and time-consuming.
MY LAW FIRM IS SMALL. NO ONE WOULD FILE CHARGES AGAINST ME FOR THE MONEY. An employee who feels they have been discriminated against may want to make a point, particularly if the discrimination represents a pattern. They may also assume that your company has insurance to cover such a suit, even if you don’t.
MY FIRM WOULD CERTAINLY PREVAIL AT A TRIAL. As you know once a case goes to trial it becomes a matter of public record. Should your firm be the subject of a complaint that is especially noteworthy, it may become fodder for the media. Regardless of the merit of the complaint or the final outcome, the publicity could seriously damage the firm’s reputation. Being insured against an employment practices liability claim gives the insured the ability to settle a claim with indemnity rather than ‘rolling the dice’ by going to court.
The Employment Practices Liability Coverage we offer our clients have been written specifically for law firms and contains provisions for Third Party Liability Coverage, Failure to Make Partner Coverage as well as other features specific to the unique exposures that exist in a law firm. MATERIAL SOURCE REFERENCE LINK
As attorneys, your clients trust you with confidential information. Criminals are attracted by confidential information such as financial records, health records, Social Security Numbers, intellectual property, depositions, and criminal records. Loss of such information may result from a malicious attack (e.g., hacking, malware, or deliberate espionage), a dishonest employee, or theft of a notebook, tablet, or smartphone. Loss can also result from innocent mistakes such as losing a smartphone, unintended transmissions, or other human error that can occur in any busy practice.
According to Aon Corporation, the average cost for a privacy data breach is $217 per compromised record. Further, 47 percent of privacy breaches are the result of criminal activity, 25 percent employee error, and 28 percent system errors.
Few law firms attempt to practice without professional liability insurance; however, according to a recent ABA technology survey, only about 11 percent of responding lawyers indicated that their firm has cyber liability insurance. Cyber liability insurance is an increasingly necessary coverage for law firms. In a recent ABA Journal article (April 1, 2015), David L. Hudson Jr. said the same. Lawyers professional liability (LPL) insurance policy may help protect against third-party lawsuits, but there are gaps related to privacy notification, crisis management, business interruption, cyber extortion threats (yes, this has happened to solos and small law firms),
Cyber Liability Coverage includes:
- Liability for security or privacy breaches, including loss of confidential information by allowing, or failing to prevent, unauthorized access to computer systems.
- The costs associated with a privacy breach, such as consumer notification, customer support, and costs of providing credit monitoring services to affected consumers.
- The costs associated with restoring, updating, or replacing business assets stored electronically.
- Business interruption and extra expense related to a security or privacy breach.
- Liability associated with libel, slander, copyright infringement, product disparagement, or reputational damage to others when the allegations involve a business website, social media, or print media.
- Expenses related to cyber extortion or cyberterrorism.
- Coverage for expenses related to regulatory compliance for billing errors.
If you don’t have this coverage in place now; ask what would you do if you had a data breach? How would you be able to react to a breach, comply with the notice requirements, credit monitoring and business interruption? This is an exposure we can address for our clients with the many cyber liability policies we offer.
Don't Wait A Moment Longer To Guarantee Your Firm Is Protected.
We have a knowledgeable team ready and capable of evaluating your law firm and securing the insurance protection you need. By helping you understand the insurance market, current trends and coverages available to your firm, we know you will feel more confident in making the final decisions about what coverages to purchase.