A Word From Our Sponsor On The Considerations To Help You Decide About Professional Liability Insurance

If you are a professional such as an attorney, then you should have heard about professional liability insurance. This is a type of insurance that covers many things that general insurance doesn’t usually cover. Specifically, it can cover the costs associated with litigation against you arising from clients who are unhappy with the way they were represented. If you are not sure whether or not you should have this kind of legal malpractice insurance in place, here are some considerations to help you make an informed decision.
First, defending a claim is very expensive, even if your defense is successful. Particularly if the case goes on for a long time, you could be out quite a bit of money. Since statistics show that claims against attorneys are on the rise, it would be wise to be protected from this kind of a financial burden.
Next, without professional liability insurance, not only the assets of your business but your personal assets may be at risk. Costly litigation could drain all of your assets as well as affecting your reputation.
Finally, many companies are requiring proof of legal malpractice insurance before they agree to be represented by an attorney, and referral services often require this type of insurance in place before they will make referrals.
As you can see, most attorneys feel that they cannot afford not to have a professional liability insurance policy in place.