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Lawyer/Accountant Liability

Today almost any business, including lawyers, can find themselves facing a liability lawsuit. A professional liability lawsuit can put a firm’s assets at risk. One simple mistake could cause financial devastation, as well as end a professional career. Many lawyers don’t think they have an exposure to professional loss, or if they do, the firm will handle it internally.

What We Offer

  • Sole practitioner to multinational firms
  • Distressed with claims
  • Unique boutique shops
  • We provide coverage and limits based on size of the firm
  • High limits available
    • Over primary
    • $100,000,000 excess tower

Coverage Highlights (coverage may vary based on insurer)

  • Broad definition of legal services
  • First dollar defense
  • $25,000 supplemental privacy coverage for crisis management, notification and credit monitoring and data forensic expense
  • Lost earning reimbursement coverage
  • Title agents via definition

Actual Claim Example

Negligent Misrepresentation – An attorney for the seller of a construction company developed a sales contract that included representations about past revenue performance. The attorney did not complete proper due diligence with the sellers accounting firm, and as a result, revenues were overstated. The construction company performance, after the sale, was 50% off of projections, and the seller sued. The case was settled for $350,000.

Let Us Help

Lawyers professional liability insurance can be designed to meet the needs of agents and their clients. Products are made to respond to the expanding needs of the legal professional in an ever-changing business environment.

At ECC we custom design solutions to meet your client’s individual needs. We tailor coverage to each firm’s circumstances, and provide you with consulting on important risk management issues. We provide attorneys with liability coverage for financial loss suffered by third parties arising from acts, errors, and omissions in providing professional legal services. We also understand the demands on the firm administrator and provide additional consulting that allows you to have the right information to get the deal done.

Agent Sales Tips

The best way to sell E&O insurance is to start a conversation with your client or prospect. Think about using these tools:

  • Develop a one page sales or marketing sheet about E&O coverage.
  • Meet with firm’s administrator.
  • Understand that many lawyers think they can defend themselves.
  • Many state bar associations offer a minimum amount of coverage. They may have a common anniversary date.
  • Get involved in the associations.
  • Offer to be part of a center of influence group.
  • Offer to introduce select clients to the attorney.