In the world of lawsuits and malpractice, lawyers are also targets. This is why most firms choose to have malpractice insurance. Having substantial coverage protects attorneys against paying legal feels and dealing settlements out of their own pockets. If you’re a small firm, however, you might not think that small law firm attorney malpractice insurance is affordable. Here is why you need it.
Peace of Mind
As a small firm, you are more likely to go bankrupt if you end up involved in a lawsuit. This is because most small firms don’t have as much money lying around to pay off settlements. While larger firms may also be in trouble, a small firm is particularly vulnerable. Even if you are diligent, you still may end up in a legal battle. Having small law firm attorney malpractice insurance gives you peace of mind. You have fewer worries about potential suits.
At the end of the day, insurance protects you in the case of any type of legal battle. Sometimes you may make an error or lose a case that a client thinks wrongfully hurts him or her. In this case, you have to be able to pay the fees to fight it. If it settles out of court, you need insurance to pay.