Lawyer / Accountant Liability
Lawyer/accountant liability insurance is designed to protect in instances where one simple mistake can cause financial devastation or end a professional career.
Why Lawyer/Accountant Liability Insurance is Important
If and when a professional or business:
- misrepresents the client;
- misfiles or delays paperwork;
- has errors in professional judgement;
- conducts an inadequate discussion/investigation;
- commits fraud or fails to obtain client consent;
- is accused of conflicts of interest;
- commits a violation of good faith;
- makes accounting or data entry errors; and/or
- fails to meet deadlines.
Common Lawyer/Accountant Coverage Topics:
1: Meet with the firm’s administrator.
2: Communicate the downsides of a lawyer defending themselves against a liability claim.
3: Consider becoming active in applicable associations or influence groups.
4: Offer to bridge the gap between certain clients and the attorney.
5: Develop practices for risk management.
6: Tailor coverage based on the specific needs of the insured.