Does my professional liability insurance policy Cover me for cyber risk?
The short answer is, sometimes. This is a great question. There are some policies out on the marketplace that do advertise that they cover both professional liability insurance and cyber. But if you’re really serious about covering yourself in the event of a cyber breach, you need to look into what is called a standalone policy, not any kind of combo cyber professional liability policy.
If you do look into that type of coverage, you’ll notice a few things. One, the cyber coverage is usually ancillary to the primary coverage of professional liability insurance and the limits that are available for the cyber are usually very, very small, somewhere between $15,000 and $25,000. Last year the average cost of a cyber breach for a small to mid sized firm was about $250,000. The other important note is that 50% of those that did have the breach, were out of business within six months of the breach.
Contact us at INtegrity First Corporation with any questions you may have regarding cyber liability insurance.
The easy and obvious answer to this question is so the professional protects himself or herself against claims of malpractice. A more insightful or thoughtful answer is, you buy professional liability insurance not only to protect yourself, but also to protect your client.
In the event that you do make a mistake or you do make an error, you want your client to be able to be made whole again, because of your error. So don’t just buy professional liability insurance to protect yourself, buy it to protect yourself and your client.
If you have any questions regarding professional liability insurance, contact us at INtegrity First Corporation.
Is there a minimum limit that you need to carry on your legal malpractice policy as an attorney in Pennsylvania?
There is no limit that is required. As a matter of fact, you don’t have to carry legal malpractice insurance at all. However, keep in mind, if you do not carry at least $100,000 per claim, and $300,000 aggregate limit, you do have to disclose that fact to your clients that you do not carry the minimum of 100/300. On a side note, 100/300 limits is really not sufficient either.
It is recommended that if you are going to carry legal malpractice insurance, you need at least half a million dollars per claim. Don’t get caught uninsured or underinsured.
Contact us at INtegrity First Corporation and we will be glad to answer any questions regarding legal malpractice insurance.