Most legal professionals recognize the value and importance of lawyers professional liability insurance. However, many are unsure of when they need to acquire a policy and if one of these policies is really necessary.
Sooner Is Better Than Later
An accident can happen at any time, so many lawyers, despite their best intentions, may commit malpractice at some point and their client may suffer a loss. Since it is hard to determine when this might happen, legal professionals should acquire lawyers professional liability insurance as soon as they begin practicing.
However, those who have been practicing law for a number of years should remember that it is never too late to acquire a policy. For this reason, novice and veteran lawyers alike should acquire one of these policies as soon as they are able.
Having a professional liability policy in place can help legal professionals protect their career and finances. This is especially true since litigating a malpractice claim and potentially paying out damages to a plaintiff often costs much more than having insurance in the first place.
Lawyers in every field who do not yet have professional liability insurance should make getting a policy a priority. They should also contact an insurance professional in their area who can help with this process.