Even being a lawyer will not prevent you from being sued. You require a trustworthy partner who can offer your business the appropriate insurance coverage.
Lawyers professional liability insurance helps protect legal professionals against claims of negligence, errors, or omissions that cause financial harm to another person or party.
In some places, it is mandatory to inform clients up front if you lack legal malpractice insurance (also known as legal professional responsibility). Unintentionally failing to stay in touch with clients and missing deadlines are both common forms of legal misconduct. Regardless of state legislation, it is smart practice to insure your company against the risk.
The American Bar Association reports that four out of five lawyers will get sued for malpractice at some point in their career, and seventy percent of malpractice claims are filed against small firms of one to five lawyers. Malpractice insurance protects your business in the event of a lawsuit and covers a wide range of difficulties.
While you may be committed to your clients, they may not always return the favor. Your financial security may depend on how well your firm is protected from a claim or lawsuit. Unfortunately, even the most vigilant law firms sometimes fall victim to such expensive claims. There are many other ways that you could be exposed, such as if you gave bad advice, missed a deadline, or had conflicts of interest.
Given how often legal malpractice claims are submitted, any law firm would be wise to make the investment in a good insurance plan. Contact us to ensure you and your law firm are protected with the proper insurance coverage.