Lawyers are often the ones defending their clients in the courtroom, but making one mistake could land lawyers themselves into a lawsuit. This can happen after a client loses a lawsuit and a substantial amount of money. In order to protect your law firm, you should consider purchasing employed lawyers professional liability insurance. Here are several key reasons to do so.
One reason to consider implementing professional liability insurance is that it will help you address the high-risk nature of being a lawyer. You never quite know when you’ll encounter a disgruntled client. It is important to know that former clients can sue for legal malpractice. Fortunately, you can be prepared for this issue by having an insurance plan in place.
Another key reason to think about buying professional liability insurance is that it can protect you financially. If you were to get tangled up in a lawsuit without proper insurance, then you could end up paying a lot of money to settle the suit. Even one lawsuit could be enough to take a toll on your financial stability.
As you can see, the best way to address future or unknown professional risks is to be prepared. Employed lawyers professional liability insurance should be a necessity for you or your law firm.