As an attorney or law firm, you’re engaging in a time-honored profession. Today’s business environment brings with it new opportunities—and new kinds of risks. You have a duty to protection your organization against serious financial losses, especially from malpractice claims that could originate in a vast range of situations. You need smart, attorney professional liability insurance solutions to safeguard your firm’s reputation and financial future.
Potential Avenues for Malpractice Claims
The traditional view of how malpractice claims arise still applies in the modern legal context, but relying on it alone to understand your risk picture is limiting. Firms can grow through mergers and acquisitions or lateral hiring. While your specific areas of practice have their own types of risks for malpractice claims, you also have expanded privacy concerns beyond the classical model. In the digital age, data breaches can exposure your practice to many kinds of extra fiduciary expenditures:
- Notifying impacted clients
- Forensics and investigation
- Providing access to credit monitoring
- Public relations costs
- Third-party liability
Customized Indemnity and Risk Management Options
Your attorney professional liability insurance package must be designed to answer these kinds or risks and more. Working with an insurance or underwriting professional to tool the right coverage for your firm is important. Since risk management is both a short-term and a long-term concern, your solution should be customized for today’s needs while flexible enough to shield your practice’s interests for years to come.