Even very good lawyers get sued.
An unwarranted claim from a disgruntled client can derail your practice and put your reputation in danger — even if you ultimately prevail. That’s why lawyers need legal malpractice insurance, also known as Lawyers’ Professional Liability (LPL) or Errors & Omissions (E&O) insurance.
LPL insurance provides coverage for alleged malpractice, professional misconduct, or deviations from the standard of care. As with other kinds of insurance, the extent and limitations of coverage are determined by the policy terms. But whereas some types of insurance — such as auto insurance — are “occurrence policies,” most LPL policies are claims made & reported policies.
With a claims made & reported policy, coverage is based on the date when the claim is made (e.g. the date a lawsuit or demand letter is received) rather than the date when the alleged malpractice or misconduct occurred.
Most LPL policies require the insured to provide prompt written notice of any claim to the insurer. Your policy will set forth the notice requirements.
Who Needs LPL Insurance?
While attorneys may be more likely to face claims earlier in their career, the reality is that all lawyers need LPL insurance. Some states require licensed attorneys to maintain malpractice insurance at all times. Florida has yet to enact such a requirement, but that doesn’t mean you don’t need coverage. Practicing without an in-force policy leaves you and your clients at risk. Anyone can make a mistake, and a claim can come at any time.
Why Choose Florida Lawyers Mutual?
Many of the companies that offer legal malpractice insurance in Florida are primarily focused on other lines of insurance: property insurance, general liability insurance, and so on. They often view LPL policies as an “add-on” incentive — a way to entice law firms to buy their other policies. As a result, these commercial companies tend to come and go from the LPL market as conditions change. FLMIC is different. We are a mutual company created by and for Florida lawyers, owned by the Florida lawyers we insure.
Since our inception in 1987, we’ve only ever offered one kind of insurance: legal malpractice insurance specifically for attorneys in the state of Florida. In fact, we’re the only LPL provider created by The Florida Bar. Additionally, we are proud to be recommended by many of the largest voluntary bars in the Sunshine State too, including Florida Association for Women Lawyers and the Virgil Hawkins Florida Chapter National Bar Association.
Learn more about how we’re different.