As a lawyer, you are always subject to lawsuits from previous clients. This could be because of various errors, your failure to get your client a successful outcome with their case, or other attempts by clients to improve their financial loss because of your services. No matter the case, you need to be covered in these cases.
And that’s where professional liability insurance comes into play. No one wants to be caught off guard if your client decides to file a suit against you and your firm. Even if there’s nothing to back up their case, it will cost you in money and time to deal with this problem. So, make sure to get some great malpractice coverage in the form of professional liability insurance, and read on to learn more about why that’s such a great idea.
- Choice of Limits
The first feature that should come with all liability insurance is the choice of limits. Depending on the type of insurance you choose, you will have the ability to choose what kinds of limits you want. Limits start at $100,000 and range all the way to $10,000,000.
This is completely dependent on your needs as a firm. But the choice is there and should be a regular feature of any high-quality insurance.
Depending on the insurance that you choose, you will have a range of deductibles to choose from. This is also depending on what the needs and budget are of your specific firm. You will be able to choose a deductible from nothing to around $1,000, in most cases.
- Disciplinary Defense Reimbursement
When it comes to this next feature, it’s a super important one for any insurance to have. Disciplinary defense will cover all court proceedings, up to a certain amount. This is going to be crucial if you are brought to court by a previous client and need to front the costs of said hearings. You wouldn’t want that money to come out your firm’s hard-earned profit.
- Extra Claim Expenses
In most high-quality insurances, you will also be allotted extra claim expenses if needed. This going to come in handy if you need to submit extra claims or get more money for an existing claim. Ensure that the insurance you are looking into has this feature offered to be safe.
- Subpoena Assistance
Next up, we have subpoena assistance, which is another really crucial feature that comes with professional liability insurance. This will cover the costs of legal counsel when you need advice concerning legal documents when you’ve been served a subpoena. This will also cover any necessary representation at the deposition.
If the insurance that you’re looking at doesn’t have this coverage, it may be a good idea to shop around a bit more to find one that does.
- Privacy Breach Coverage
Right, so next up we have coverage that’s going to be important in really specific cases. Any professional liability insurance should come with coverage for you in the case of privacy breaches – when client’s confidential information has been leaked that could be personally damaging. If you’re in a case like this, it’s in your best interests to have an insurance that covers it.
- Title Insurance Agency Coverage
When necessary, insurances will come with title insurance agency coverage. This basically means that coverage is given as a title agency when it’s completely owned and operated by the person who is insured.
When it comes to professional liability insurance, you’ve got to have it if you want to be safe when it comes to lawsuits. You don’t want to spend your firm’s hard-earned money and the time you don’t have on your hands on unnecessary lawsuits.