There are so many types of lawyers, legal practices, and legal issues out there today. Fortunately, there is also a range of attorney professional liability insurance policies to suit every need.
Legal Practices Vary, but the Need for Liability Insurance Does Not
All types of private attorneys face some degree of professional risk, but the particular types of risks can vary with the style of legal practice. There are solo practitioners and small firms of five or fewer attorneys. There are medium-sized firms and there are large corporate-style firms that may have multiple offices in multiple cities. In all of these settings, lawyers must protect themselves against the professional risks they face by purchasing attorney professional liability insurance.
All Private Practice Attorneys Face Professional Risks
It is important that all private lawyers have insurance coverage from day one. Claims filed against private attorneys have steadily risen over the last 20 years. Today it is estimated that as many as 6% of U.S. attorneys will face a professional liability allegation at one time or another.
There Is Coverage Tailored to Every Practice
There are several factors that should be considered when selecting attorney professional liability insurance, including:
- The size of the legal practice
- Whether the attorneys perform litigation or transaction work
- Any history of claims against the practice or its attorneys
- The need for extended coverage dating back to when a prior policy ended
- Risk factors for the type of law practiced
With these issues in mind, lawyers should be able to select attorney professional liability insurance that is appropriate for their needs.