Insurance Insights from The Bar

Why You Need Professional Liability Insurance as an Attorney

The legal profession is inherently risky, and attorneys are no exception. As a lawyer, you're constantly exposed to potential lawsuits and financial losses due to malpractice or other errors. Without professional liability insurance, also known as Errors and Omissions (E&O) insurance, you'd be putting your entire career at risk. This type of coverage protects you in the event that a client claims you've made an error or omission that's caused them harm.

In fact, the American Bar Association recommends that all attorneys carry E&O insurance to protect themselves and their clients from financial losses. With this insurance, you'll have peace of mind knowing that you're prepared for any situation that may arise.

How Professional Liability Insurance Can Help You Recover from a Claim

If you're unfortunate enough to face a claim or lawsuit due to alleged malpractice, having E&O insurance can help you recover financially. This type of coverage typically covers defense costs, settlements, and judgments against you. Without it, you'd be responsible for paying these expenses out-of-pocket, which could lead to financial ruin.

Additionally, many professional liability insurance policies offer additional benefits such as mediation services, arbitration, and even crisis management support. These resources can help you navigate the claims process more efficiently and effectively.

Why You Shouldn't Wait to Get Professional Liability Insurance

Don't wait until it's too late! As an attorney, you never know when a claim might arise. Even if you're confident in your abilities and have a spotless record, accidents can happen. Without E&O insurance, one mistake could ruin your career and financial stability.

It's essential to prioritize your professional liability insurance needs as soon as possible. The sooner you secure coverage, the better protected you'll be against unexpected events.