Understanding Your Needs With Malpractice Insurance

Understanding Your Needs With Malpractice Insurance

Running a law firm can come with a number of serious responsibilities. In order to best perform your services for clients, you need to stop and consider your risks. The more people you have working under your company’s name, the easier it is to be held responsible when something goes wrong. This is why you absolutely want to take time to think about your current malpractice coverage and what it includes. Failing to cover all potential risks can result in major problems for your business.

Review the Biggest Threats

One point to consider when it comes to coverage is who falls under your policy. Many business owners assume that in-house counsel is included, but this is not usually the case. Having a general idea of counsel malpractice insurance in advance can be incredibly useful when it comes to staying prepared. Whether you are seeing claims about falsifying documents, obstructing inquiries, or similar matters, the right malpractice coverage can reduce the odds of a major problem spawning from a simple misunderstanding. Other areas you should review when assessing insurance policies include: 

  • Workers’ comp for internal team and contractors 
  • Liability coverage in the event of contract omissions
  • D&O policies for board members and investors

Understand Your Options

By assessing your risks in advance, you will have a much easier time figuring out what insurance is best for your needs. Take time to think over the basics and discover a policy that reflects the hazards you’re likely to face.