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Knowing that you and your firm are protected even when you make mistakes is the only way you can work confidently and do your best on the job. Lawyer’s malpractice insurance is one important kind of protection.
Professional Liability Insurance
As professionals who offer a service to the public, lawyers can be found liable for damages directly related to that service. These damages can be physical, financial, or emotional and are often valued at millions of dollars. Legitimate cases can bankrupt even the most solvent law firms, while even meritless cases can tie up valuable time and resources. Lawyers malpractice insurance is the best way to protect your firm from these professional liability claims.
Specialized Insurance Agencies
Not all law firms are created equally. Some firms are small, while others are large. Some firms take high profile cases while others prefer to build their businesses beyond the limelight. Some firms serve wealthy, educated clients while others focus on helping those with fewer resources. Each of these and many other qualities that can define a specific law firm can also affect the kinds of lawyers malpractice insurance that will best serve that firm’s needs. One of the best and most reliable ways to ensure that your firm purchases the right plan for them is to work with an insurance agency that has experience writing and servicing legal policies. In the same way that you wouldn’t go to a defense attorney to draft your business contracts, you shouldn’t go to your car insurance agent for professional liability coverage.
Beverly worked hard to put herself through university, followed by law school-her dream, from the time she was a little girl. She worked part-time throughout the seven years it took her to complete her education, including the exhausting period of time during which she was up most nights studying diligently to earn her JD while going to school during the day and waiting tables in the afternoons and early evenings. Beverly also received some much-needed financial support via a number of scholarships from her church and other community-based affiliations which totaled several thousands of dollars each year. The fact that she had so many people in her corner believing in her was the only thing that kept her going on many late nights when, feeling overwhelmed by the amount of homework and research facing her, Beverly felt close to giving up. Once she received her degree, passed the bar, and started her own firm, she felt that it was time to give back to those who had helped her when she needed it, so Beverly made a commitment to offer legal representation on a pro bono basis to people who couldn’t afford her services. Many qualified legal services providers provide coverage for their legal practitioners’ pro bono work, but as a self-employed attorney, Beverly decided to contact her agent to find out whether her lawyers insurance program included coverage when she provided such free assistance.
A smart move that saved her practice
Fortunately, Beverly works with a professional who makes a point of making sure that she has the utmost protection from one of the best providers in the nation. Her professional liability policy offers her protection for the losses she faces from negligence, errors and omissions, or malpractice as she performs her professional services, including pro bono work. The policy made it possible for Beverly to stay in business when she was sued by a former client for malpractice, paying for the considerable defense costs that accumulated, despite the fact that the suit was ultimately found to be frivolous.
Let’s face it-these days, clients have expectations of Perry Mason-like legal representation, and lawsuits are becoming increasingly commonplace. Speak to a professional agent about lawyers insurance to ensure that one’s firm has the full array of coverage that is prudent to have when practicing in today’s litigious environment.