Professional Liability Insurance For Lawyers and Attorneys

Lawyers professional liability insurance also known as Errors and Omissions (E&O) insurance policy that provides coverage for claims or lawsuits to legal professionals in the event they get sued by a client or third party as a result of damages occurring to the suffering party. When clients or third parties incur damages or losses as a result of your legal services, claims or lawsuits arise out of those situation. The plaintiff will often claim to be a victim of wrongful acts, conflict of interest, or simply a party suffering because of the law firm’s negligence, errors, or carelessness while operating their business in their area of practice.

To protect yourself from physical risk exposures, it is worth looking into general liability insurance.

To protect your business from claims in the event employees get sick or injured while working, please look into applying for workers compensation.

We recommend all lawyers and attorneys to get a minimum coverage of $1,000,000 in Ontario, Canada. Rates starting at $1,000/Year for Liability insurance coverage for lawyers.

lawyer professional liability insurance

The Importance Of Professional Liability also known as E&O Insurance

A Lawyers professional liability insurance policy is far more important than you could ever imagine. If you do not have the appropriate amount of insurance, you’re going to be taking a risk each and every time you work with someone. Ontario residents are very picky and they could easily turn on you at the drop of a hat. The good news is that you can protect your business by investing in the right insurance. Finding the right professional liability insurance broker for lawyers and attorneys is highly recommended. Professional liability insurance (PLI) coverage for attorneys can help.

With this type of insurance, you will be able to negate the risks and protect your business to the fullest. After all, you never know when someone is going to blame you for their problems. And, this could easily lead to a lawsuit and a hefty settlement. If you do not have the right insurance, you’re going to get yourself and your company into big trouble. Attorney professional errors and omissions liability insurance can make a huge difference.

With this type of insurance, you will be able to defend your company from legitimate and frivolous claims. What other insurance is needed? How much should you expect to pay? How do I apply? You’ll find out in the informative guide below.

Other Additional Policies

When it comes down to looking into business insurance for a law firm initially, getting in touch with a agent or a lawyers professional liability insurance company would be a wonderful start. However, not all policies are going to be able to protect you from every single problem that you encounter. If you sincerely want to protect your company to the fullest, you need to make sure that you’re covered completely. Working with a professional liability lawyer insurance broker can help. There are many different types of insurance that can prove to be beneficial to you and your business! Which policies should you consider adding? You’ll find out below.

Property Insurance

As an attorney, you’re going to be meeting with a lot of clients. The mass majority of these individuals will be visiting you at your offices. If something happens to your place of business, you may not be able to retain your clients. This could prove to be very problematic. With property insurance, you will be able to protect your place of business from potential problems. The insurance will protect you in many situations. If your property is damaged by a storm, the insurance will go into effect. It is best to obtain at least $500,000 worth of coverage each year.

Fraud Insurance

The sad truth of the matter is that you might not be able to trust your employees. The good news is that you might be able to protect yourself. One of the best ways to do that is by getting the right amount of fraud insurance. With fraud insurance, you will be able to protect your business in case one of your workers does something dishonest. If they abuse your customers, you can rest assured knowing that the fraud insurance will enter the picture and protect you to the fullest. Be sure to obtain at least $100,000 per claim and $1,000,000 annually.

Vehicle Insurance

Attorneys are often required to drive throughout Ontario. There is a good chance that you’re no different. Unfortunately, there is a risk that you’re going to get yourself into and automobile accident. If you cause an accident, you can guarantee that you’re going to be held responsible. The victim will come after you with an experienced lawyer. Make sure that you have enough insurance to protect yourself and your workers. While it depends on the size of your law firm, you should obtain at least $1,000,000 per claim or $2,000,000 per year.

Really, you should not hesitate to get the insurance that you need. It will prove to be well worth it, even if you’re required to spend far more in the long run. In fact, you will pay more depending on the type of commercial vehicles in your fleet. For example, if you own a fleet of trucks, your rates will be higher compared to a law firm with a fleet of small cars.

errors and omissions insurance for attorneys and law firms

Average Cost of Lawyers Errors and Omissions Insurance Coverage

Professional Liability Insurance – As an attorney, you are required to give advice to your clients. If at any time one of your client believes the advice you provided caused them to fail in their business or resulted in a huge financial loss, you may end up facing a civil lawsuit. Professional liability insurance aka lawyers E & O Insurance is a necessity for all licensed Canadian attorneys. It is recommended to obtain at least a $1 million, which will cost you anywhere from $1000 to $5000 or more a year.

Commercial Property Insurance – If you own commercial property, you will need to obtain commercial property insurance. This coverage is a requirement for all attorneys who own property insurance in Ontario. For $150 per month, you should expect to get $100,000 per claim or a $1 million per year. This will be sufficient to cover most of your expenses in the event your property is damaged in a natural disaster or fire.

Fraud Insurance – Unfortunately, attorneys cannot trust anyone, including employees, subcontractors or co-owners. There have been reports, where business partners have stole a lot of money from the original owner. When this occurs, the original owner is responsible for any financial loss. While they can file a grievance or criminal charges against their business partner, it is highly likely that they will never recoup the money they lost. For a $1 million policy, the average rate is $30 month.

Want to apply for coverage? Get a Quote Now

Our quotes comes from insurance companies that are licensed across Canada to provide professional liability insurance.

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FAQ before purchasing lawyer and attorney professional liability insurance

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Other professions we also provide insurance for:

Academic Testing Centers
Accident Investigation
Accident Prevention Consultants
Adoption Agencies
Advertising Agencies
Advertising Agents & Services
Aerial Mappers
Alarm Monitoring Services
Allied Health Professionals
Alternative Dispute Resolution Firms
Alternative Energy
Answering Services
Arbitrators & Mediators
Arborists / Tree Surgeons
Architects & Engineers
Architectural technicians and technologists
Auctioneers, Auction Houses
Blueprint & Photocopy
Boat Registrars
Building Designers(Bill 124)
Business Brokers/Managers
Business Consultant
Business Enterprise Agencies
Business Training Courses
Cabling Designers
Camera & Photo Supply Stores
Careers Advisory Service
Catering Consultancy
Cereal Growing Advisors
Chambers of Commerce & Trade
Civil engineers
Claims Adjusters & Administrators
Collection Agencies
Commercial Printer
Communication Consultants
Company Formation
Company Search Agency
Conference & Event Management
Conference Facilities & Services
Conservation Consultants
Conservation Organizations
Consumer Organisations
Contest Managers
Contractors Accountants
Convention Planners
Counselling & Advice Services
Court Reporters
Credit Reference Services/Bureaus
Custom House Broker
Customs & Forwarding Agents
Data Processing Services
Database Managers
Day Spas
Decorators – Interior
Dental Laboratories
Dietitians (Consulting)
Directors and Officers
Documentary creators
Employment Agencies
Employment Agencies/Recruiters
Employment Placement Agencies
Energy Audits & Assessments
Environmental Engineers
Event Planners
Excess & Umbrella Liability
Fitness Clubs
Foreign Legal Consultants
Holistic Professional
Home inspectors insurance
Immigration Consultants
Independent Contractor
Industrial Designers
Information Technology
Interior Designers
IT Contractor
IT Specialist/Technician/Programmer
Lawyer’s Excess Professional Liability
Long Term Care
Management Consultants
Medical Clinics
Medical Devices
Medical Professionals (Malpractice Insurance)
Medical Related
Medical Student Malpractice Insurance
Mortgage Brokers
Multimedia designers
New Media
Occupational Health and Safety Consultants
Placement Agencies
Private Investigators
Process Servers
Product Designers
Professional Entertainers
Professional Organizer
Professionals Liability
Project Managers
Property Managers
Publishers and Printers
Quality Control Consultants
Recruitment and Employment Agency
Recruitment Consultants
Research & Development
Roofing Consultants
Safety Engineers
Service Organizations
Solar & Wind Farm Engineers & Consultants
Spa Package
Structural Engineers
Tax Prepares
Technology Companies
Therapist Professionals
Town / Urban Planners
Training Providers/Trainers
Translators etc.
Travel Agencies
Travel Agents
Travel Agents, Tour operators
Web Designers
Web-Site Designers
Workplace Engineers & Consultants