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!

What Will You Risk Without Legal Malpractice Insurance?

No one likes to spend money they don’t have to, and some lawyers believe they can get by without malpractice insurance. After all, only about 6% of lawyers are sued for malpractice annually. Everyone always asks, how much is legal malpractice insurance? Although that is a valid question, the more important question is, how much are you willing to risk by not carrying legal malpractice insurance?

If you are sued by a client, consider the number of billable hours that it will take to defend yourself and your firm against the claim. You may have other staff working on the lawsuit instead of billing time for clients and earning money for your firm. Your annual revenue would be severely damaged, depending on the complexity of the case.

Do you have the reserve funds in an account to pay for damages if the case gets that far? The average cost of a closed claim can reach around $100,000. A simple error by a staff member who doesn’t meet a filing deadline could cost you dearly without malpractice insurance.

How much is legal malpractice insurance? Whatever your annual premium is, the cost is far less than any potential lawsuit. You will have peace of mind when you carry the malpractice insurance that fits your firm’s needs, whether you are just starting out as a lawyer or just hanging out your own shingle. Don’t try to scrimp on this necessity.

 

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