Errors And Omissions E O Insurance For Lawyers

The Solicitors Regulation Authority (SRA) mandates minimum coverage levels. For incorporated firms, this is currently £3 million. It's crucial to check the latest SRA Indemnity Rules for the most up-to-date requirements.

Factors include the coverage limit, deductible, practice area, firm size, claims history, and risk management practices. Higher coverage limits and riskier practice areas typically result in higher premiums.

Many E&O insurance policies now offer extensions or endorsements to cover cyber liability, reflecting the increasing threat of cyberattacks. It's important to review the policy wording carefully to understand the scope of cyber coverage.

Prior acts coverage protects against claims arising from services rendered before the policy's effective date. It's particularly important when switching Insurers to avoid gaps in coverage.