Top Ways Lawyers Benefit from Professional Liability Insurance
The legal arena comes with its own pitfalls as clients can allege lawyers neglected to fulfill their contractual obligations. Lawyers professional liability insurance in Torrance covers the financial loss occurring due to allegations. True or not, these allegations take time away from work and can cause financial loss for the firm. While not often state mandated, attorneys can benefit from a variety of ways.
While many states do not require malpractice insurance, many advocacy groups have managed to have state legislatures approve disclosure requirements. A client in those 26 states has the right to know if your law business has professional liability insurance. Those clients choosing to use an attorney without the insurance must sign a written statement. More states are expected to get on board in the coming years.
Lawyers have seen an increase in allegations regarding personal injury. A client may allege the lawyer invaded their privacy or defamed their character in the course of providing legal counsel.
Also known as malpractice insurance, lawyers professional liability insurance in Torrance offers attorneys specific coverage not covered under a general liability policy. Whether you are a single lawyer business or a burgeoning law firm, malpractice insurance is offered through many bar associations and insurance companies tailored for the legal field.