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What does malpractice insurance cover?

Coverage basics

Professional liability insurance helps cover you and your firm if you make a mistake in the professional legal services given to a client. This coverage is also known as errors and omissions insurance (E&O). Even if you’re an expert in your business, mistakes happen. And if your client thinks a mistake in your professional services caused a financial loss, they can sue you.

Professional liability insurance helps cover claims of negligence, misrepresentation, inaccurate advice, personal injury, like libel or slander.
Even if you didn’t do anything wrong, your client can still sue your business if they believe you’ve made a mistake. Without coverage, you’ll have to pay out of pocket.

Am I required have malpractice insurance?

It depends on what state you practice in

Attorneys practicing in the state of Washington are not required to have professional liability insurance; however, a new malpractice insurance disclosure requirement is effective as of Sept. 1, 2021. Find more information here.

The American Bar Association states it best: “The need for legal malpractice insurance isn’t going away. Unlike some other professions, plaintiffs in legal malpractice actions need only a filing fee and the ability to get their complaint filed; the complaint does not necessarily need to have merit.

Having an insurance policy in place to provide and pay for experienced defense counsel and, if need be, an indemnity payment, can provide the peace of mind no lawyer should be without.”

Why Moranco for Legal Malpractice?

Trusted by more law firms than any other agency in Washington State.

Moranco has over 1,100 law firms insured in Washington State.

We guide you through the various insurance policy options that protect you from acts, errors, or omissions claims. Whether you are a new lawyer or a seasoned professional attorney, we have competitive malpractice insurance policies to meet your unique situation. Our professional liability insurance policies (otherwise known as legal malpractice insurance) provide you peace of mind.
. Moranco has access to over two dozen malpractice insurance carriers. We do the work of shopping and comparing options for you. When we shop, you win! Get quotes started today.

What does my retroactive date mean?

How professional liability insurance works

Most policies use a claims-made basis with a retroactive date and extended reporting period.
The retroactive date means you’re covered for incidents that happen on or after a specified date in your policy.
An extended reporting period helps cover claims filed within a certain time after your policy expires. This is generally a 30-60 day period, but you can extend this period to a year or more for an additional cost. These are generally made available when certain events happen, such as death, disability, retirement, firm dissolution, non renewal of prior insurance policy, or policy cancellation.
Your insurance company only covers claims against your business during your policy period within the extended reporting period. And the claim must be from a covered error or omission that happened after your policy’s retroactive date. It can help cover damages, legal defense costs, disciplinary proceedings, loss of earnings, subpoena assistance.

What does malpractice insurance cover?

Coverage basics

Professional liability insurance helps cover you and your firm if you make a mistake in the professional legal services given to a client. This coverage is also known as errors and omissions insurance (E&O). Even if you’re an expert in your business, mistakes happen. And if your client thinks a mistake in your professional services caused a financial loss, they can sue you.

Professional liability insurance helps cover claims of negligence, misrepresentation, inaccurate advice, personal injury, like libel or slander.
Even if you didn’t do anything wrong, your client can still sue your business if they believe you’ve made a mistake. Without coverage, you’ll have to pay out of pocket.

Am I required have malpractice insurance?

It depends on what state you practice in

Attorneys practicing in the state of Washington are not required to have professional liability insurance; however, a new malpractice insurance disclosure requirement is effective as of Sept. 1, 2021. Find more information here.

The American Bar Association states it best: “The need for legal malpractice insurance isn’t going away. Unlike some other professions, plaintiffs in legal malpractice actions need only a filing fee and the ability to get their complaint filed; the complaint does not necessarily need to have merit.

Having an insurance policy in place to provide and pay for experienced defense counsel and, if need be, an indemnity payment, can provide the peace of mind no lawyer should be without.”

Why Moranco for Legal Malpractice?

Trusted by more law firms than any other agency in Washington State

Moranco has over 1,300 law firms insured in Washington State. We guide you through the various insurance policy options that protect you from acts, errors, or omissions claims. Whether you are a new lawyer or a seasoned professional attorney, we have competitive malpractice insurance policies to meet your unique situation. Our professional liability insurance policies (otherwise known as legal malpractice insurance) provide you peace of mind.

Moranco has access to over two dozen malpractice insurance carriers. We do the work of shopping and comparing options for you. When we shop, you win! Get quotes started today.

What does my retroactive date mean?

How professional liability insurance works

Most policies use a claims-made basis with a retroactive date and extended reporting period.
The retroactive date means you’re covered for incidents that happen on or after a specified date in your policy.
An extended reporting period helps cover claims filed within a certain time after your policy expires. This is generally a 30-60 day period, but you can extend this period to a year or more for an additional cost. These are generally made available when certain events happen, such as death, disability, retirement, firm dissolution, non renewal of prior insurance policy, or policy cancellation.
Your insurance company only covers claims against your business during your policy period within the extended reporting period. And the claim must be from a covered error or omission that happened after your policy’s retroactive date. It can help cover damages, legal defense costs, disciplinary proceedings, loss of earnings, subpoena assistance.

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Get in touch with us today and we’ll answer your questions on professional liability insurance.

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