In a world that is becoming increasingly litigious, it seems that lawyers will continue to have a reliable, steady stream of clients to serve. From personal matters, to work incidents to large-scale lawsuits, there is plenty to keep these professionals busy. However, the dollar amounts tied to these cases are probably some of the highest across all industries. Because of that, it is safe to say the consequences of not performing adequately can be extremely costly. Luckily with protections such as law firm malpractice insurance, these attorneys can practice more confidently knowing they have safeguards in place to protect them.
What Professional Liability Insurance Covers for Lawyers
Professional liability insurance primarily covers malpractice. In order to avoid being involved in these costly incidents, it is important to understand how it is defined by law and to make a conscious effort to avoid them. In most situations, malpractice happens when the following types of incidents occur under an attorney:
- Financial loss for the client
- Inadequate performance, mistakes or carelessness
- Harm or injury inflicted because of a lawyer’s actions
- Incompetence and lack of skill to properly represent a client
Although attorneys are experts at legal matters, handling malpractice is a specialty in and of itself. Finding an insurance agent that can provide protection against these kinds of claims can save money, time and stress. Speak to an agent today to discuss how coverage that includes law firm malpractice insurance can be helpful to you.