Out of all the insurance coverage choices you make for your practice, your malpractice indemnity solutions are the most critical. Malpractice lawsuits can easily cost you thousands, or in some cases, millions of dollars for your own legal defense, research and related actions. When adopting an employed lawyers’ professional liability insurance package, you need it to cover all potential avenues of liability to which you could be exposed in the activities of your practice. The first step, however, is to get a greater understanding of your risk picture.
With Growth Comes Opportunity—and Risk
Depending on your practice’s specialty areas, you’re providing advice to clients in serious legal and financial matters. You not only have a duty of care to your clients, but you’re frequently tasked with ensuring their privacy. That’s not just applicable in attorney-client privilege, but even secured storage of their records and data. News stories about serious data breaches can reflect a little of their potential consequences such as expenses from public relations management, investigations, credit monitoring, third-party liability and more. Your malpractice insurance should not only cover classic avenues of risk, but cybersecurity-related issues as well.
Malpractice Coverage in Your Total Insurance Picture
Turn to trained indemnity experts for a full-bodied employed lawyers’ professional liability insurance solution. While you’ll need to mull over your options, consider adding malpractice coverage from the same company as your general liability, management liability, auto, property and workers’ compensation insurance. Building a relationship with one firm for your total risk management picture is a sound decision.