If you practice law, you should consider taking out a legal malpractice insurance policy to limit your risk of professional liability. If you are sued by a client, legal malpractice insurance will help you cover legal expenses.
Question: What does legal malpractice insurance cover?
A: This type of insurance covers defense costs and indemnity payments that you incur in order to resolve a legal claim that has been filed against you due to alleged acts, errors, or omissions associated with legal services you provided. It also covers employees at your law firm acting on behalf of the firm.
Question: Why do I need legal malpractice insurance?
A: If you want to protect your assets, you should seriously consider getting legal malpractice insurance, otherwise, you will have to use your own money to pay for your defense expenses and any indemnity payment you have to make to the plaintiff. In addition to substantial costs, you will also have to deal with the effort, stress, and amount of time it takes to resolve your legal dispute all on your own.
Question: When should I buy insurance?
A: If you are a new attorney, you need to take out a policy as soon as you begin marketing your services.
Question: What are the causes of legal malpractice claims?
A: Claims brought against attorneys are usually for simple, straightforward mistakes. Other common claims tend to allege that the lawyer completely and improperly abandoned the client or failed to represent the client’s needs. Breach of fiduciary duty and conflict of interest are also common causes of legal malpractice claims.
Question: How much coverage do I need?
A: The amount of coverage you need for yourself or your law firm depends on how much risk you want to mitigate. You should consult with an experienced insurance administrator to determine the appropriate limits and deductible for your situation.
Set up your consultation today. Call (888) 451-0883 to speak with one of our administrators at Insurance Specialists, Inc.