Lawyers Professional Liability
Lawyers professional liability insurance is a specialized type of coverage that
protects the attorney and their clients. It does not protect against personal injury, property damage, or assault
as other types of insurance do. Rather, it protects the delivery of the professional services of the attorney. If a
claim of malpractice is brought against the lawyer, such insurance can help pay legal defense fees and also help
them pay a settlement or judgment, if one is decided against them.
In most places, lawyers are required to purchase such insurance coverage, and statistics
suggest that there are good reasons for this requirement. Each year an approximate 55,000 attorneys will be faced
with professional liability claims. Some estimates suggest that a lawyer in practice for a term of 25 years has a
50% probability of being accused of malpractice at least once in their career. No attorney, regardless of knowledge
or experience, is immune to this threat.
Lawyers Professional Liability Insurance - An Asset
Without a doubt, some areas of practice are more susceptible to allegations of
malpractice than others, yet this never means that an attorney should be without lawyers professional liability
insurance. When such allegations are made, emotions run high and the ensuing months are often filled with anxiety.
The lawyer’s future hangs in the balance and they are likely to miss a good deal of time at work and be distracted
from family commitments as well.
Having the right insurance coverage makes this encumbrance more manageable. The
coverage affords the lawyer the ability to hire an adequate defense team and strategize a workable solution to the
dilemma. Considering that in some cases, the lawyer’s license to practice may actually be on the line, having
suitable insurance coverage seems like an obvious asset.
Lawyers Professional Liability Insurance - Why Do You Need It?
Still, some attorneys question the necessity of having lawyers professional
liability insurance. They should, however, consider the possible consequences of not having such coverage. Each
lawyer must ask themselves whether their personal finances, and the finances of their practice, can withstand the
onslaught of a current or former client suing for damages. Ultimately, such insurance is a necessity for every
lawyer because it protects the clients toward whom they owe an unquestioned duty.
Responsible adults do not think twice about purchasing health and life insurance,
or even insuring their house or car. It stands to reason that a lawyer would also wish to protect their reputation,
career, and clients by having adequate liability coverage.