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professional liability insurance

Professional liability insurance—sometimes called malpractice insurance or errors and omissions insurance—is insurance that may be purchased by attorneys and law firms to pay the costs of defending legal malpractice claims, and the costs of settling such claims or paying the judgment awarded to a plaintiff on such a claim. Most states do not require attorneys to purchase professional liability insurance, but some states require attorneys who do not carry professional liability insurance to provide notice to their clients of that fact. Some states require attorneys to have their clients sign a written disclosure that the attorney does not have professional liability insurance.

In Virginia, attorneys are not mandated by state law to carry professional liability insurance, also known as malpractice insurance or errors and omissions insurance. However, the Virginia State Bar requires its members to report annually whether they have professional liability insurance. If an attorney does not have such insurance, they must inform their clients of this fact. This requirement is designed to ensure that clients are aware of the insurance status of their attorney, allowing them to make informed decisions when engaging legal services. The Virginia State Bar does not require attorneys to obtain written disclosure from clients acknowledging the lack of professional liability insurance.

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Attorneys

professional liability insurance

As a LegalFix Member You Will Be an Important Client of Local Law Firms

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Virginia State Code

Virginia State Code

Attorneys

professional liability insurance

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