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Key Features of Professional Liability Insurance

When evaluating professional liability insurance options, it's essential to consider the specific features that cater to the unique needs of legal professionals. These features typically include:

• Claims-Made Policy: Most professional liability policies operate on a claims-made basis, meaning coverage is provided for claims made during the policy period, regardless of when the alleged incident occurred.
• Defense Costs: Coverage often includes legal defense costs, which can be significant, ensuring that lawyers have the resources to defend against claims without depleting their finances.
• Limits of Liability: Policies typically specify a maximum limit per claim and an aggregate limit for the policy period, which should be chosen based on the size and scope of the practice.
• Deductibles: These are the amounts policyholders must pay out of pocket before insurance coverage kicks in, and selecting a suitable deductible is crucial for balancing cost and risk.