It may seem strange for a lawyer to need insurance. After all, if a lawyer or law firm should have any claims against them, they should be able to get themselves out of any legal predicament, right? If only that were so. Claims can put a practice severely in debt, or even out of business. This is why it is so important to have legal liability insurance. When researching insurance policies, make sure the company provides these few key benefits.
First, the insurance company should specialize in policies for lawyers and law firms. A law practice has specific business needs that traditional insurance plans simply do not adequately meet. Second, the insurance company should offer a measure of flexibility in the packages they offer. Lawyers vary in their level of risk depending on the type of law they specialize in, so it’s important to meet those needs. Third, it can save a law practice a lot of money if they can find all their insurance needs in one place. So the insurance company should offer multiple types of insurance.
The most important thing for any lawyer to remember about legal liability insurance is just to make sure it is a priority in his or her office. Lawyers must work hard and sacrifice much to establish a practice. It’s not worth risking that to claims from clients and especially outside parties the lawyer didn’t really work with. That’s why it’s so important to be prepared.