lawyers need protection too. Providing professional advice and defending clients legally can be a risky business and comes with a host of dangers. It is easy to make costly mistakes with large consequences so it is important to be protected. This is where attorney malpractice insurance comes in.
Insurance Considerations for Lawyers Who Own Their Own Practice
If you are a lawyer who owns your own practice, you need a type of insurance called errors and omissions insurance, or E&O insurance. This is a type of professional liability insurance and it protects you from damages that can be caused by mistakes such as malpractice. In case something goes wrong, this type of insurance will cover any consequences that stem from bad advice or improper procedures.
Making Sure Your Law Firm Provides Enough Coverage
If you are a lawyer who works for a firm, you need to ensure that you have adequate protection in case something goes wrong. Law firms have varying amounts of coverage and you may need to pick up the slack on your own if you are not provided the necessary amount of insurance.
Being a lawyer comes with an inherent amount of risks. Whether you own your own practice or work with a law firm, you need to make sure you are properly covered. Having the right type of insurance can make all the difference.