Mid Size Law Firm Professional Liability Insurance for Lawyers

Due to the fact that more and more U.S. citizens are seemingly faced with increased debt, along with added financial burdens as a result of overextensions of credit, student loans, and inflated mortgages, many have become quite litigious. As a result of their own financial circumstances, some people that have become embroiled in lawsuits, the results of which were unfavorable, have taken action against their own lawyers resulting in a rise in professional liability claims against law firms.

Many of these attorneys, struggling to remain solvent, without the luxury of support from a large law firm, must insure against such claims or they could be forced out of business due to a large settlement favoring their accuser. Charges for alleged errors or omissions can be difficult to defend when it comes to providing proof of the performance of their duties to their clients. Many therefore seek mid size law firm professional liability insurance for lawyers as it is designed to protect attorneys against claims of professional negligence.

An increasing number of risks and exposures

Law firms have become a target of more malpractice claims annually than most any other professional sector. These lawsuits can arise from any number of accusations, and are often a result of an attorney’s failure to communicate clearly with a client. They often get cited for failure to meet deadlines, not filing a timely appeal, and even issues with billing, and a disgruntled client may jump at an opportunity to file a claim as a result.

Coverage required to deal with increased risks

With law firms finding themselves targeted by their own clients for failing to provide services as outlined, quite a few have made the decision to invest more in mid size law firm professional liability insurance for lawyers. This coverage can provide protection for law firms, and attorneys who work on behalf of the firm, when they are named in a lawsuit that could be financially crippling.

Obtaining this policy provides financial assistance for any legal fees and settlement costs as a result of a claim, along with legal counsel if required. This is provided that there were no fraudulent or criminal acts committed, nor anything deemed to be malicious or dishonest. In such cases, coverage likely wouldn’t be extended due to policy restrictions.

Attorneys Professional Liability Insurance Makes Good Sense

As an attorney, you have a difficult job defending clients, taking depositions, filing sensitive documents in a timely manner, and being available to meet your client’s never-ending needs, often day and night. In addition, you are constantly faced with the real possibility of a malpractice lawsuit arising from any number of complaints. For example, you may come under fire for any errors and omissions you may make, failure to meet the expectations of clients, and as sometimes occurs, attempts by clients to recoup any financial losses they may suffer.

Even if they make unfounded claims of malpractice, a defense or settlement of a lawsuit can cause you a great deal of disruption, affecting your partners and your firm. This can all be costly due to the amount of time lost normally reserved for taking care of other important matters. Attorneys Professional Liability Insurance is the only true way to protect your business when faced with the possibility of litigation.

Insurers offer programs that provide many benefits

If you are currently insured, take a moment to examine your current professional liability policy. Many program benefits available include competitive coverage options, more affordable rates and exceptional client service, and may also provide you with complimentary risk management tools and online services. As any professional who handles court cases on a daily basis knows, we’re living in a very litigious society, and attorneys are commonly victims of malpractice suits where their lives and financial fortunes can easily be ruined. Legal malpractice insurance offers valuable protection for lawyers, and their families and finances.

Malpractice lawsuits are a common scenario

Lawsuits against legal practices happen practically every day. Unfortunately, when clients lose a case they may decide to sue their attorneys, doing so as a way of trying to pay their own legal fees. The cost of mounting a defense will likely cause an insurmountable loss of personal assets that you simply cannot afford to have at risk.

Attorneys know fully how liability lawsuits can destroy lives, however many attorneys assume that they’re immune from liability simply because they’ve never been the focus of a lawsuit and have a substantial track record of satisfied clients. Even when this is the case, it only takes one unsatisfied customer to create turmoil. Make the wise choice to invest in Attorneys Professional Liability Insurance today!