Don’t Buy the Misconceptions About Lawyer Liability Insurance
Professional liability insurance is common in almost every industry. It’s necessary to protect your business against lawsuits for alleged malpractice, errors and omissions and other issues. When it comes to lawyers, many smaller firms believe that they don’t need legal liability insurance. This is due to a few misconceptions that simply aren’t true.
Too Few Clients to Worry
Some lawyers believe that if they only have a small client base that the odds are in their favor. This isn’t necessarily true. It only takes one unhappy client for you to need professional liability insurance. Due to the misconception that there is less risk, lawyers might opt out because they don’t think it’s worth it.
If the Suit is Unfounded There Is No Point
Some legal professionals believe that if there is no reason to get coverage if the suit is groundless. Still, you need to stay covered for legal expenses, even if there is no validity behind the suit. Having liability insurance protects you, no matter if the suit is valid.
When it comes to legal liability insurance, all lawyers need it. It doesn’t matter if you have a small or large firm. It offers you protection in the even that a client holds you responsible for errors, malpractice and other issues.