As an attorney, you understand better than most how quickly a lawsuit can be brought against you, and why it is so important to take measures to protect yourself from legal liability. On average, 6% percent of lawyers are sued for legal malpractice each year, a rate that is steadily increasing. For this reason, the smartest thing you can do to safeguard your reputation is invest in lawyers’ liability insurance.
Protection From Accidental Errors and Omissions
While legal malpractice insurance does not cover criminal acts, acts of fraud, intentional acts of dishonesty or physical bodily or property damage of any kind, it does protect you from any accidental administrative errors, instances of perceived inadequate representation, instances of perceived abandonment of representation and breach of fiduciary duty.
The Right Amount of Coverage is Important
It can be hard to gauge just how much coverage you need to carry, but a good rule of thumb is to assess your risk, your financial standing and the types of risk you face on a case-by-case basis. Discuss these factors with a skilled lawyers’ professional liability agent who can help you determine the appropriate limits and deductibles based for your situation.
Some additional factors you will want to consider include possible defense costs, billable time, trial proceedings and indemnity for liability. Also consider the possible frequency of claims and how severe each might be.
Your reputation may be on the line, which is why it is so important to protect yourself and your career with lawyers’ liability insurance.