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Home > Blog > 4 Essential Reasons for Attorney Malpractice Insurance
TUESDAY, DECEMBER 13, 2022

4 Essential Reasons for Attorney Malpractice Insurance

Dawning of a new Day

Attorney malpractice insurance provokes a love/hate relationship with attorneys. Attorneys should know what attorney malpractice insurance coverage they have, when it covers them and when it does not. While getting it as cheaply as possible it is even more important to get the proper coverage. It is easy to get contradictory information depending on who you listen to.

Protect Your Assets

Attorney malpractice insurance protects the insured from themselves, their clients, and the people that work for them. The worst probable reason to buy insurance is when a client says that you need it.

Attorney malpractice insurance protects professionals when they make a mistake, have an error or omission, or fail to live up to professional standards. It is sleep insurance.

Mistakes Happen

So why do attorneys need attorney malpractice insurance? Attorneys are people and people make mistakes. As much as we think that we are right all the time, it turns out that all of us make mistakes and much more frequently than we care to admit. Mistakes are avoidable, but no one is 100% infallible.

Mistakes come from untrained staff using poor processes or procedures. Incorrect calendaring resulting in blowing a statute or poor client intake are examples. Taking on a client matter without the needed experience can get an attorney in quick trouble.

Reduce The Risk

It’s wise to reduce the loss potential. Proper risk management starts with education, changes in procedures, standardization, and constant review. Do not accept that claims will just happen take proper steps to minimize risk and mitigate them before they happen.

Risk Mitigation

Recognizing that the risk is real because people make mistakes, but you simply cannot by fiat declare that no mistakes will happen. Systems procedures and internal controls are essential for risk mitigation. Educate staff about the external threats such as cybercrime. Once you've done all this you still have exposure.

This is where attorney malpractice insurance comes into play. It is one piece of the needed protection puzzle to properly protect your assets. In addition to attorney malpractice insurance you also need cyber insurance, business owners coverage, and workers compensation at a bare minimum.

CLICK HERE FOR AN ATTORNEY MALPRACTICE INSURANCE QUOTE

Lee

 
 
   Contact Me Today
   Lee Norcross, MBA, CPCU
   California License # 0D87292
    L Squared Insurance Agency, LLC ® DBA in California as
   L2 L Squared Insurance Agency, License # 0L93416

    Managing Director, CEO
    Click here to contact Lee Norcross, MBA, CPCU, CPIA

     (616) 940-1101 Ext. 7080

 
Posted 12:20 PM

Tags: attorney malpractice insurance, reasons to buy
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