Do You Need Attorney Malpractice Insurance?

How much does attorney malpractice insurance cost

If you’re a lawyer, attorney liability insurance might seem like just another thing on your to-do list. What with cases to prepare, meetings to attend, and trying to balance the rest of your life with your career, attorney liability insurance rates often seem like just another thing to research, and as such, easy to set aside for another day. After all, your firm has survived so far without lawyers professional liability insurance, right? What’s a little while longer, until you have some free time? Of course, another thing always takes priority, and you keep putting it off. Before long, weeks have passed and you still haven’t researched the cost of attorney malpractice insurance, and naturally are still uninsured.

But the fact is that a legal malpractice case can arise at any time. Of course, you hopefully have faith in your firm and your coworkers, but the fact remains that legal malpractice lawsuits can be filed under any section or jurisdiction of the law, whether you practice family law, real estate law, criminal law, or specialize in another area. For example, around 16% of legal malpractice lawsuits are brought against real estate law firms.

Attorney malpractice insurance can be an important factor in an attorney malpractice case. The attorney malpractice insurance rates help cover defense costs incurred by lawyers and law firms during legal malpractice lawsuits. This helps to ensure that a firm- and its employees- are not subject to unnecessary financial stress during this already trying time.

Now that you’re hopefully convinced as to the importance of attorney malpractice insurance and are beginning to regret putting off researching attorney malpractice insurance rates, it is important to know that attorney malpractice insurance rates and other factors vary by state. Because different states have different regulations for attorney malpractice insurance, it is important to research these state regulations before you purchase the insurance. As you research, you will notice that a lawyer malpractice insurance quote will differ depending on location: lawyer malpractice insurance in Philadelphia, for example, will differ in price and in other ways from California attorney malpractice insurance. Just remember that this insurance is extremely valuable when it comes to protecting your livelihood against the threat of a malpractice lawsuit. So don’t put it off any longer! Research attorney malpractice insurance rates today.

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