Lawyers Professional Liability Insurance – Is it necessary?
In the legal field, there are multiple duties that must be completed each and every day that could be covered under your professional liability insurance. Although you may feel as though you have everything covered, there are times when the job becomes so chaotic that even the most experienced lawyer can forget a small detail. Unfortunately, even a small, seemingly unimportant detail can turn into a bigger issue if your client claims negligence. The expenses related to a lawsuit of this size will not only compromise your professional credentials, but they can cripple the finances of your company.
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Often, lawyers are unsure as to whether they should invest in a professional liability insurance policy. On one hand, you may feel as though the chances of being sued by a client are slim and the additional expense of an insurance policy is nothing more than a financial burden. On the other hand, however, the financial burden of being sued for negligence can be much greater. By securing a reliable professional liability insurance policy, you can ensure that if you do face this type of charge, you will have the financial assistance you need to cover legal expenses as well as any damages awarded to the other party.
Additionally, although it may not be legally required by the state, many lawyer referral services and major clients require lawyers to obtain professional liability insurance. By opting not to obtain this protection, you are not only risking your assets, you may lose out on potential clients and future opportunities. As a new lawyer, having coverage can open the door to opportunities that would be unavailable otherwise, and can help prove to potential clients that you are responsible and financially prepared in the event of an actual or alleged error or omission. As a seasoned lawyer or the head of a firm, having coverage can protect your financial security and your reputation.
If you are still on the fence about obtaining lawyer's professional liability insurance, then feel free to contact us. By reviewing policy options, you will see that this type of protection is not only affordable, but extremely important to your success in the legal field. Professional liability insurance is more than an investment in your security, it is an investment in your future.
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