Regardless of what area of law you practice, you’ve undoubtedly noticed a heightened level of competition in your profession. Firms are becoming meaner and leaner. Data from the Bureau of Labor Statistics shows that more than a quarter of a million legal jobs have been lost over the past 8 years. With fewer people doing more work, having and ironclad Legal Malpractice Insurance policy is essential. Beyond that, what can law firms do to protect themselves from malpractice claims? Read on for some helpful tips.
Do Not Skimp on Your Malpractice Coverage
There are some occasions when it’s smart to save money. If you can get a less-expensive flight to a conference, or a better deal on a rental car, that’s all upside. Going with the cheapest liability policy for your law firm is not smart. Quality and knowledge should absolutely trump price.
Be Honest With Your Insurer
To make sure you are fully covered from professional liability claims, you must disclose all of your firm’s activities. Adding areas of practice to your policy will not necessarily increase your premium. Making sure all of your practice areas are included will ensure that you are protected from malpractice claims.
Don’t Let Your Guard Down
As a lawyer, you’re subject to a professional liability lawsuit any time you’re practicing your trade. Even something as simple as a phone conversation, an e-mail, or a document submission can result in a lawsuit from a disgruntled client. Be mindful that each and every interaction you have or task you complete exposes you to risk.
Being a lawyer today means multitasking and doing more with less. It’s probably not a question of if you will encounter a professional liability complaint, but when. Walker & Associates Insurance can provide you the peace of mind that you are fully protected with a comprehensive lawyer’s professional liability policy. Contact us at (888) 760-7292 to get started.