There are many industries that have risks beyond the walls of the operations. Many assume that property, vehicles and equipment hold the greatest exposure to lawsuits, but for professionals, it is their actions and line of work that present the deepest concerns. For lawyers, malpractice lawsuits can be damaging to their career and bring financial strain that can be impossible to address. For those looking to obtain Indiana legal malpractice insurance, there are a few things you should know about coverage.
There are a few common instances where clients will file a claim against their legal representation. These include:
- Simple or straightforward mistakes that include administrative errors or gross errors of the law.
- Abandoning or improperly representing the client needs
- Conflict of interest statements or behavior
- Lack of prompt and specific communication
- Retaining or practice fees are unsubstantiated or misrepresented
By obtaining malpractice insurance, you can reduce some of the concerns that a lawsuit will drain your financial reserves dry and close your business. However, a policy will also assist with costs for legal representation, can protect from slander, libel and breach of contract claims but not with intentional or dishonest conduct or losses that have aren’t financial.
While state law doesn’t require Indiana legal malpractice insurance, it is an important investment for your career and business.