As claims filed against mid-sized law firms increase, it is becoming necessary that mid-size law firm lawyers professional liability insurance be in place. You, however, likely have some questions about why this type of coverage is recommended.
First, you may be wondering whether it is even necessary to carry professional liability insurance for your firm. The answer is a clear, Yes! Claims filed against attorneys have increased over the past few years and are expected to continue to do so. In fact, it is estimated that 6% of all attorneys in the U.S. will face allegations of professional liability in any given year, and this number is expected to rise. This suggests that mid-size law firm lawyers professional liability insurance is necessary.
Second, you may wonder what kinds of allegations can lead to claims against an attorney or a firm. Although claims may be brought for a number of alleged activities, most claims hinge on allegations of simple errors and oversights on the part of an attorney. Additionally, claims often allege that an attorney neglected to appropriately address a clients needs. Remember that, of course, a claim may be filed even when an attorney is completely in the right and only behaved appropriately. Yet, in some ways that doesnt matter, and appropriate liability coverage can save the attorney and firm much stress and financial hardship.
The reasons claims may be filed against attorneys and firms are as varied as the clients themselves, but carrying appropriate liability insurance can make dealing with the situation much easier.