Legal Malpractice Insurance

Ins & Outs of Mid Size Law Firm Attorney Professional Liability Insurance

Attorneys already have a difficult job, one that requires the filing of sensitive documents, going from courtroom to courtroom to argue cases, meeting their client’s needs on a daily basis, and after all of this they’re constantly faced with the possibility of a malpractice lawsuit. Lawyers are sued for any number of reasons. Most often, the suits arise from errors and omissions or the failure to meet expectations of clients.

Even when claims of malpractice are unfounded, as is often the case, a defense or settlement of a lawsuit causes a great deal of disruption to an attorney. This in turn can affect their partners, especially at smaller firms. This often ends up being quite costly, reducing billable hours, exposing personal assets and creating financial hardship. A mid size law firm attorney professional liability insurance policy is the one true way to protect your business when faced with litigation.

Good programs offer many benefits

Your current insurance policy may not be doing you justice so take a moment to compare professional liability insurance coverage that may now be available that can provide all of the coverage you need. Many program benefits include competitive coverage options, affordable rates, exceptional client services, as well as complimentary risk management tools and online services.

Obtaining liability insurance is a no brainer for any practicing attorney. As someone who handles court cases on an every day basis, you know how very litigious our society has become. Unfortunately many lawyers become victims of malpractice suits resulting in lives and financial fortunes being laid to ruin. Professional liability insurance offers valuable protection for lawyers.

Legal malpractice suits are filed daily

Unfortunately, clients on the losing end of cases may decide to sue their attorneys as a way of trying to recoup their legal fees. Whatever the reason, the cost of mounting a defense could cause an insurmountable loss of personal assets. Attorneys truly understand how liability lawsuits can destroy lives.

However, many attorneys assume that they’re immune from liability due to the fact that they’re good at what they do. Even when this is the case, it only takes one unsatisfied customer to destroy all of your hard work. Investing in mid size law firm attorney professional liability insurance is the best solution.

 

Legal Malpractice Insurance – A Simple and Quick Review

Together with the customer’s vulnerability and recognition towards legal malpractice, many legal professional must confront suits often. Statistics say that for every hundred law professionals out there, about five will have to face a lawsuit within a year. Law firms tend to employ over twenty lawyers and will likely face a minimum of one suit each year. Well, the amount is really remarkable to make one understand that one must possess a Legal Malpractice Insurance for great hazard coverage in this profession. Let’s have a look in the different facets of it.

How Legal Malpractice Insurance Can Protect a Law Professional

When a legal professional defends himself against a suit, he loses time and money. An average case can take up to 250 to 300 hours of a person’s time. This insurance protects a attorney for every suit the legal practitioner has to confront.

Is Regular Insurance Like Legal Malpractice Insurance?

Regular insurance and legal malpractice insurance are different from each other. Regular insurance gives coverage to its client when an accident occurs or some sort of unfortunate event, while attorney coverage covers a lawsuit that is against him during a certain period. So, that means this insurance company may overlook the case history except for policy duration.

What’s the price of purchasing Legal Malpractice Insurance?

The price of insurance is directly affected by the level of danger included in your profession. As an example, if you’re into banking or real estate, the price could be rather greater than the usual routine price of a coverage. However, within perspective, you need to focus more to the reality that how coverage covers your regions of operations.

Getting One Policy

There are a number of insurance players accessible the marketplace which provides legal malpractice insurance. Ideally, there are two methods to approach these firms. To begin with, you’ll locate a agent; second, every firm has its Managing General Agent (MGA). It’s possible for you to seek out an MGA online too.

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