Why Attorneys Need Legal Malpractice Insurance
Legal Malpractice Insurance
You may not realize it, but lawyers need legal malpractice insurance in much the same way doctors do. It doesn’t matter what kind of law you and/or your firm happens to practice, there is a risk of legal malpractice claims. This risk has risen over time because in the past, many attorneys were reluctant to bring cases against other attorneys. However these days this is happening more often and there are even law firms whose specialty is representing clients in legal malpractice claims. Therefore lawyers malpractice insurance is a must-have for any legal firm or solo attorney.
When it comes to lawyers getting sued, it’s not always happening in the way you might think. The first thing that may come to your mind when you think about malpractice insurance legal allegations is a client suing their lawyer for mishandling their case. However there are worse problems that can befall a law firm or lawyer, as the government at both a federal and state level can file suit against you, as can shareholders. You could even bear the brunt of class action lawsuits or even RICO cases against you. Does this mean you’ve broken the law in some way? Not always.
While there are firms and attorneys who fall on the crooked side of things and deserve any suits brought against them, there are many more honest ones who fall prey to some sort of miscommunication, mistake made with the best of intentions or even a fraudulent claim from a con artist trying to make fast money. The good news is that legal malpractice coverage plans can be custom designed to suit the particular needs of you and/or your firm. This includes coverage at a cost that is within your range.
You can get liability legal malpractice insurance for a limit as small as $100,000 or as big as tens of millions of dollars. In other words, you can choose as little or as much protection as you feel you need. Some deductibles can be as low as $1,000 or as high as $100,000 depending on whether the insured is a self employed attorney or a large legal firm. To learn more about this type of insurance and choose the policy that is best for your legal needs, speak to an insurance company who specializes in this particular field.