Lawyers professional liability insurance is designed to protect legal professionals from accusations of legal malpractice committed in a professional capacity. Those who have yet to acquire one of these policies, whether they are new to the legal field or an experienced veteran, should know a few key things about this type of insurance.
1. It Is Necessary
Many lawyers often wonder if lawyers professional liability insurance is necessary to fulfill their career obligations. While this may happen, legal professionals should know that being properly insured is an important and necessary part of preserving their career in the legal field.
2. The Cost Is Well Worth It
The cost of professional liability insurance is often much less than fighting a malpractice suit and potentially paying damages to a plaintiff. For this reason, lawyers should remember that the investment is well worth it overall.
3. It Covers Many Legal Actions
Generally speaking, legal professional liability insurance covers any “wrongful acts” committed by a lawyer while assisting a client. However, this insurance can also cover actions related to the legal field, such as acting as a notary or as a member of a legal organization.
Those in the legal field who have yet to acquire professional liability insurance should keep things in mind and contact an insurance company in their area. This should be done sooner rather than later to minimize risk.