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Posted on: July 5, 2018 by Huntersure
Obtaining insurance may not be at the top of the list of things to do for new lawyers starting out. With the excitement of a new job or promotion, some things get put on the backburner. However, before professional steps are taken in the legal field, all lawyers, no matter the size of firm or area of practice, should take care of the crucial necessity of gaining attorney malpractice insurance.
If your attorney clients are without this coverage, they can be open to malpractice claims that can bury them in debt, cost them huge legal fees, and possibly end their career in the legal field. A lack of understanding around malpractice claims against attorneys is the major driving force behind costly professional miscues. Read on to see why it’s important to ensure your attorney clients are kept abreast of the importance of this coverage.
There are many different types of claims that can be made against attorneys in terms of malpractice. More often than not it comes down to miscommunication and lack of understanding of certain laws. In fact, the top claim made against lawyers is failing to apply the law under specific legal issues, making up about 11% of all lawyer claims.
More often than not attorneys are not exactly sure how professional liability insurance works. Some things may slip through the cracks and clients of attorneys suffer the consequences. It usually isn’t until after an error is reported that lawyers start to inquire about insurance, and then it may be too late.
If a claim is made against a lawyer due to malpractice, there is no concrete outline of how much it will cost and just what, and how severely, they will be affected. A large number of unwarranted malpractice claims are dismissed or abandoned, but just being given the label of a negligent attorney can leave legal professionals in tough spots to gain new clients or keep current clients, thus diminishing their livelihood.
The cost of your attorney client’s time can start with out-of-pocket expenses and then roll into incurring legal expenses, even if the claim is dismissed. Plus, the toll that anxiety and stress take on someone under scrutiny can have long lasting effects on overall self-esteem and belief in what they’re doing. Remember, while a lawyer is dealing with a legal malpractice claim they may still have other clients to handle, and the focus and attention to those other cases may lack.
It’s important to stress the significance of your attorney clients having malpractice coverage. Be sure to make it known how important it is that they invest in their future and career with this protection.
Huntersure LLC is a full-service Managing General Agency that has provided insurance program administration for professional liability products to our partners across the United States since 2007. We specialize in providing insurance solutions for businesses of all sizes. Our program features can cover small firms (grossing $2.5 million annually) to large corporations (grossing $25 million annually or more). We make doing business with us easy with our breadth and depth of knowledge of E&O insurance, our proprietary underwriting system that allows for responsive quoting, binding and policy issuance and tailored products to meet the needs of your insureds. Give us a call at (646) 751-3030 to learn more.
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