Why Does Lawyers Professional Liability Insurance Make Sense for You and Your Firm?
Many attorneys believe that purchasing any type of professional liability insurance makes them an easy target for lawsuits. The truth, though, is that a determined client or savvy attorney can sue you regardless of your professional liability status. A policy can protect you from losing assets, paying high legal fees, and potential business failure.
Common Liability Insurance Misconceptions
Many Lawyers believe that purchasing any type of Professional Liability Insurance makes them an easy target for lawsuits. The truth, though, is that a determined client or savvy attorney can sue you regardless of your Professional Liability status. A policy can protect you from losing assets, paying high court fees, and potentially losing your business. The relatively low cost Professional Liability Premium from Protexure Lawyers makes the protection we provide all the more worth the cost.
Is 1% to 3% of your firm’s annual revenues really too much to pay for peace of mind?
You should know that considerable time and effort has been invested by law firms and expert witnesses in pursuing lawyers for malpractice. Type “legal malpractice attorney” or “legal malpractice support” into an internet search engine and you will see page after page of hits. Many law firms even provide financing for their clients in order to facilitate filing a claim. It’s easier than ever for clients and other third parties to make a demand against you and pursue it.
The vast majority of professional liability insurance policies are claims-made policies, which means that as long as the firm has maintained continuous insurance any new carrier will respond to the law firm’s prior acts should a claim arise.
No law firm or attorney, even if they practice law in a lower risk area, or have amazing firm protocols in place, is safe from a claim. Whether the claim is frivolous or a mistake was made, it costs time and money to defend a claim. Depending on the severity of the claim, it can result in financial and professional ruin.
A claim can happen when you least expect it and the cost of legal malpractice insurance is significantly less than the cost of a claim.