Professional liability insurance a must for lawyers

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Cynthia Tester, a former lawyer, is currently facing a $2 million malpractice lawsuit from her ex-client, Christine Ferer, who alleges Tester failed to adequately represent her during a lawsuit against Fenton Construction, reported Colorado newspaper the Aspen Daily News.

The newspaper said Tester was in the process of opening her own law firm in 2006, when she was representing Ferer in her case. The lawsuit against Tester contends she was often unavailable when Ferer required her services.

This suit against Tester demonstrates the importance of professional liability insurance for lawyers, particularly those just starting out in their own practices. The costs of a lawsuit could set attorneys back several years, without proper insurance.

Tester says she was ill when she withdrew from the case 18 months before Ferer lost the lawsuit against Fenton Construction, according to the paper.

Legal malpractice suits can often be very costly. In the state of Missouri, for example, 242 legal malpractice cases were resolved in 2010, with an average payout of $120,014, according to the state’s department of insurance. In all, 61 of the settlements totaled $7.3 million.

General Liability Insurance

What Is General Liability Insurance? Commercial General Liability Insurance protects small-business owners from claims of injury, property damage, and negligence related to their business activities.

Workers’ Compensation

What Is Workers’ Compensation Insurance? Workers’ compensation insurance covers your employees’ medical expenses and at least some portion of their lost wages if they are injured on the job.

Business Owners Policy

What Is a Business Owners Policy? A BOP is simply bundled insurance designed to provide essential coverage to certain business owners at a competitive price. A BOP insurance coverage includes

Professional Liability Insurance

Professional liability insurance also called , errors and omissions insurance (E&O; insurance), protects you if a client claims that your services caused them to suffer a financial loss. While general liability insurance is primarily focused on property damage or bodily injury,

Disability Benefits Insurance

Employers in New York State are obligated to offer disability benefits insurance to their employees. This coverage is specifically designed to provide financial assistance in the event of off-the-job injuries or illnesses.

Business Umbrella Insurance

Without Business Umbrella Insurance (also sometimes called Umbrella Liability Insurance or Excess Liability Insurance ), you would have to pay the uncovered expenses out-of-pocket. Even if you carry General Liability Insurance for your business, without business umbrellainsurance you might face a repair, settlement, or judgment in excess of your coverage limit.

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WeInsureXYZ provides Best Business Insurance Quotes in New York for small business, including the self-employed and companies with 10 or fewer employees. The information contained in this website is for illustrative purposes only. Coverage issuance is subject to underwriting and is expressly subject to the conditions, restrictions, limitations, exclusions and terms of the policy documentation issued by the insurer. Availability of this program is subject to each state’s approval and coverage may vary by state. WeInsureXYZ allows businesses to apply for insurance and receive multiple quotes from leading insurance carriers including CNA, Guard, The Hartford, NEXT, Travelers, Hagerty, BHHC, PIE, Atune, Progressive, Chubb and Hiscox. We offer business owners a variety of insurance protection, including: General liability insurance, professional liability, errors & ommissions, excess liability, umbrella insurance, workers compensation, fidelity bonding, and more.