What Kinds of Protections Do Attorney Policies Offer?
The insurance protections contained within attorney policies can be broadly categorized into general business insurance coverages and attorney malpractice insurance coverages.
General business insurance coverages help protect attorneys from risks that their firm and many other businesses face. Some examples of general business coverages that an attorney policy may provide are:
Attorney malpractice insurance coverage is a form of errors and omissions insurance that’s written specifically for attorneys. Just as medical malpractice insurance helps protect doctors who make mistakes, this coverage can often help protect attorneys who make covered errors.
(As is the case with many insurance policies, the exact coverages contained within an attorney policy can vary. Attorneys should carefully review their policy’s coverages with an independent insurance agent so they fully understand the protections afforded by the policy.)
What Sorts of Incidents Does Attorney Malpractice Insurance Coverage Protect Against?
As a form of errors and omissions insurance, attorney malpractice insurance coverage generally protects against mistakes that attorneys make in their primary area of work.
In addition to this protection, many policies also offer coverage for incidental work that’s carried out by an attorney. Incidental activities that a policy’s attorney malpractice insurance coverage might cover include:
- Serving as a notary public
- Serving as a trustee or executor
- Serving as a title agent
- Serving as an officer, director or member of a professional organization
Of course, there are some activities that are excluded from an attorney policy’s coverages. Commonly excluded activities include:
- Legal services that are provided for a business the attorney owns or controls
- Services that are provided as a fiduciary under the ERISA ACT
- Suits filed by attorneys who work for the same firm
- Criminal, fraudulent, malicious or dishonest acts