Your law firm is growing – you’ve added staff and clients at an aggressive rate. As you successfully help people defend their legal rights, your practice receives revenue. While it may seem like there’s no limit to your firm’s earnings, employed lawyers professional liability insurance is something that you and your partners shouldn’t go without.
When a client starts a lawsuit, it’s often a trying time in their life. Attorneys may just as well be fielding stress from other cases and have limited personal and family time. If for some reason results don’t meet expectations, a client may try to sue for malpractice. They may have brought in their own powerful lawyer to press these charges. If your firm loses, is the business ready to absorb such damages?
Another advantage of employed lawyers professional liability insurance is help with preventative maintenance. Your provider can review contracts, analyze risks and even step in during a dispute. Because each practice carries its own risks, your policy can be customized to your firm’s unique needs. For example, due to the prevalence of cyber crimes, some attorneys are opting for privacy breach coverage.
Without a policy, your practice is wide open to exposures and attacks. By shielding your firm from these risks, however, you set your practice up for further growth and success.