Are Some Practices Riskier Than Others?
Some practices are riskier than other law practices. If you handle intellectual property, trusts and estates, loan modifications or several other types of cases, you may be at more of a risk of a lawsuit. With a high volume of clientele or government regulation, there are more risks of malpractice suits.
Do You Have Enough Clients to Justify Lawyers Professional Liability Insurance?
Purchasing liability insurance has nothing to do with the amount of clients you have. This is a common misconception when it comes to insurance. What matters is what risk you are of lawsuits. How much protection do you need? Weigh out your assets versus the potential risks.
How Much Insurance Do You Need?
Every lawyer needs a different amount of insurance. It depends heavily on how many and what types of cases you handle. You want to consider your business assets and your personal assets. If you are liable for malpractice, your personal assets may be up for collection also.
When it comes to lawyers professional liability insurance, it’s important to have questions. You want to make sure that you’re getting the right insurance for the right price.