All businesses, including law firms, need to have insurance to provide coverage in cases of malpractice. Unfortunately, in many cases malpractice insurance must be taken out as a separate policy. To understand legal malpractice insurance in PA matters, there are a few points of interest to pay attention to.
A law firm always wants to have attorneys, especially the more inexperienced in the firm, to be covered. Not only is it important in the event of serious malpractice, but it also helps cover any expenses that might result from missed deadlines or smaller complications.
In the event of disciplinary action, legal malpractice insurance in PA can provide coverage for the expenses that might result. This insurance can also help cover any losses for firms that have to temporarily close due to a malpractice case.
The size of your firm does not matter. Whether a large firm with countless attorneys, or a small practice of just a handful of experts, malpractice insurance is essential. This coverage will provide a sense of comfort to your team, which can boost self-esteem and even decrease the odds of being involved in a malpractice situation.
No one wants to sacrifice financial gain for a small bump in the road. Do research, and see what type of legal malpractice insurance is right for your firm.