One of the more important decisions you make as an attorney pertains to your professional liability insurance. No matter how talented you are, you’re human and capable of making a mistake. When that happens, you’ll want to make sure you have adequate insurance coverage.
Liability insurance rates for legal professionals may be one of the more confusing aspects of practicing law. Understanding some key factors in determining rates may help ease your mind when it’s time to renew your coverage.
Professional liability insurance is essential for attorneys to operate a successful law practice and adequately protect their careers. An aspect of these policies that can be confusing is the prior acts coverage and retroactive date. Understanding every component of your policy and what to look for is the best way to ensure you are adequately covered.
As a new attorney or a small practitioner, you may wonder if the protection of professional liability insurance is worth the price. Even if you’re only practicing law part time, are only taking small cases, or are working for a small startup business, your best bet is to carry E&O insurance.
Topics: Lawyers Professional Liability
Having an errors and omissions insurance policy from the very moment you begin practicing law is the best way to protect yourself against professional liability issues throughout your career. Not all policies are the same, however. Before you purchase a policy, ask the following questions.
Not all mistakes that lawyers make rise to the level of “legal malpractice.” In fact, proving legal malpractice is no easy task.
If your malpractice insurance rates are rising even though you haven’t had a claim, several common factors may be involved.
It’s great to have professional liability insurance that covers your day-to-day work, and if you’re settled at a firm that provides coverage, you may feel like you’re safe and protected.
Errors and omissions (E&O) insurance policies cover professionals, including lawyers, for their losses or liabilities if they make a mistake or commit malpractice. Although it can be uncomfortable to think about needing this kind of protection, E&O insurance is a vital part of your overall professional plan.
Starting your own firm is a big step in your legal career. With all the start-up costs and decisions, there may be an impulse to defer purchases that you consider non-essential. Professional liability insurance shouldn't be one of those.