Importance of Professional Liability Insurance for Lawyers

Every industry has their own risks. Lawyers are no different. Professional liability helps protect lawyers, or anyone who as that coverage, from allegations of wrong doing or negligence. Professional liability insurance for lawyers is important for a number of reasons.

  1. The Statistics – Lawyers need liability insurance because each year approximately 6% of attorneys in the United States of America face some sort of allegations related to professional liability. Some studies show that this percentage has risen in the past decades and will continue to rise.
  2. The Expense – As lawyers know, lawsuits can be expensive. It is important for a lawyer to have professional liability, so they don’t have to pay for all of the expenses out of pocket.
  3. The Claims – Professional liability insurance for lawyers is important because of the variety of claims that can be made. Malpractice can come in many shapes and sizes, which means lawyers have to have comprehensive coverage.
  4. The Coverage – Professional liability insurance specifically tailored for lawyers is going to cover the common exposures that they have. It can also be tailored to fit your exact needs. The policies typically cover lawyers and employees of the law firm in regards to duties they did for the law firm.

It is important for a lawyer to be properly covered so they don’t have to go into financial ruin every time a malpractice claim is brought against them. Professional liability insurance for lawyers will help protect them from any frivolous lawsuits. Talk to your insurance agent today to find out if this type of coverage is right for you.