FAQ About Obtaining Medical and Attorney Professional Liability Insurance

As a legal or medical professional, you need to have dependable insurance coverage that will protect you in the event of a client suing you for liability or medical malpractice. Here are answers to frequently asked questions on getting medical and attorney professional liability insurance.

Question: How much will my annual premium be?
Answer: Your premium amount will be affected by several different things. First, the state you live in affects your premium, as different states have varying average rates depending on lawsuits brought against professionals in your field. Next, the insurance agent will take into consideration your type of practice, your past history (whether anyone has brought a claim against you), the number of people at your practice that need to be covered, the number of years of experience you have, and your practice's risk management practices.

Question: What will professional liability insurance protect against?
Answer: Lawyers and legal professionals obtain professional liability insurance to cover the law practice or firm against lawsuit from clients, heirs, executors, other law firms, and legal representatives for their clients. The amount of coverage you select will determine whether it will cover all or only part of legal expenses and related costs.

Question: How much coverage do I need?
Answer: The amount of coverage you need for your practice depends on what types of other risks you may have in your practice, your financial position, the cost of litigation, and your likelihood of facing a claim (certain practice areas are much more statistically likely for you to have a claim brought against you). Based on these factors, you can determine the optimum coverage amount for your practice.

Question: Will liability or medical malpractice insurance cover claims that are for something that occurred before I had the insurance policy?
Answer: Yes, in almost all cases, insurance is for coverage for "claims made and reported" during the time that you are covered under an insurance policy. So, even if the claim is for something that occurred prior to when you purchased the policy, as long as you are currently covered on the policy you will be covered.

Question: What is not covered under legal or medical malpractice insurance?
Answer: The exclusions for professional insurance are for things that you deliberately do incorrectly, including criminal acts, dishonest acts, fraudulent acts, malicious acts, bodily injury caused by an employee of the law firm, and other related things. These things will not be covered under medical and attorney professional liability insurance plans.