Why Should You Have Lawyer Professional Liability Insurance
Whether you are looking to insure yourself or your firm, you are probably wondering, why do you need lawyer professional liability insurance? The short answer is that you simply cant predict everything that might go wrong or if a client is unsatisfied with your work. As such, you should prepare yourself just in case a customer decides to take legal action against you.
The High Cost of Court
When it comes to the financial side of claims, it does not matter whether you made a mistake or not. You will likely find that settling claims is expensive because you have to pay lawyer fees and court costs. Additionally, you may have to pay your client as a result of the settlement agreement. These types of expenses can bankrupt a firm, but liability insurance can guard against this.
Clients Prefer You to Have Coverage
These days it is common for a client to refuse to hire you without liability insurance. Coverage lets them know that they will be protected in the event of malpractice. You dont want to lose out on new business partnerships because you havent acquired the proper policies.
Lawyer professional liability insurance is imperative for the modern day firm or independent attorney. It protects your business investment from the cost of future claims and gives your clients piece of mind when they hire you.