Although lawyers are usually found in the courtroom on behalf of an individual or group, they are not exemptfrom facing stressful and trying lawsuits themselves. No matter what size your practice, or in what area of the law you focus on, you’re at risk of a lawsuit. Even if found not guilty, the costs associated with a lawsuit, as well as the time spent on them can be a very costly endeavor. Professional liability insurance for lawyers is one way to ensure your financial protection in this situation.
Who can Apply
While companies will provide and alter insurance for most fields, some insurance providers will specialize in certain areas. Real estate, collections, patent attorneys are some of the most popular. There is usually a minimum revenue income required for the attorneys that apply, as well as a number of attorneys in your firm. Multi-million dollar coverage, SEC compliance assistance, as well as Innocent Insured coverage is included in some policies and provide relief and assistance in a difficult time.
Choosing to purchase professional liability insurance for lawyers may not seem like a necessary step in moving your firm forward, but it could end up being what keeps your company afloat in the event of a lawsuit. Whether you’re at fault or an innocent party, liability insurance can help cover the costs and time associated with your defense. Having a reliable policy on your side can be a simple way to protect your future.