Stand-alone coverage may seem like an optional and possibly unnecessary policy to get, but it is something that can make a difference between a secure future and financial ruin. Even if you currently work at a firm, it is a type of coverage that deserves consideration.
What Is It?
As a type of attorney liability insurance, stand-alone coverage keeps you from paying the cost of defense in a civil negligence lawsuit and any damage payments that may result. It is coverage that will go to work for you when a former client alleges that you have made an error, caused financial loss, or failed to have performed in the client’s best interest.
Who Needs It?
This attorney liability insurance provides certainty of coverage for attorneys making a transition in their careers. If you leave your firm to move to a new legal practice, getting a policy ensures protection. This is especially the case if the law firm you left subsequently goes out of business. If you are moving to a teaching position or an attorney position in an in house role, this coverage will ensure you are covered for your prior activity with the firm.
In the legal field, you need to be sure that you are always covered by attorney liability insurance. A stand-alone policy will protect you wherever you go.