If you are an attorney in private practice, you may have a number of questions about malpractice insurance for lawyers. The most immediate question that may come to mind is whether you need malpractice insurance. The fact is that any lawyer in private practice is at risk for being sued for malpractice, even if the lawyer has done nothing wrong. A suit of this sort can cost thousands of dollars. In the event that a malpractice suit arises, having insurance can help to reduce the financial strain resulting from the situation.
You may also be wondering what malpractice insurance for lawyers covers. Although policies can vary, many provide coverage for pre- and post-judgment interest, loss of earnings resulting from a suit, disciplinary proceedings and expenses associated with cyber coverage and being subpoenaed. As you can see, with the right policy, many expenses are covered.
Finally, you may be wondering what options you should consider as part of your malpractice coverage. It’s a good idea to consider a number of features including the coverage of any prior acts, the limits of liability to a particular policy, what kind of deductible you may be required to pay and which claim expenses are included in your particular policy.
While malpractice insurance may not be anyone’s favorite topic to ponder, having an appropriate policy in place may save you stress and financial strain in the future.