Professional Liability Insurance For Lawyers And Why You Should Get It
Running a law firm is not an easy feat and in order to be fully protected against liability, you may have to buy different kinds of lawyers insurance. Some of these can include workers compensation insurance, general liability insurance, property insurance and many more. While these can give you the peace of mind you need to properly run your business, there’s one more type of insurance that you may want to consider: professional liability insurance for lawyers. With it, you can run your business without having to worry about putting your assets and practice at risk.
In terms of price, this type of insurance is the most expensive of the bunch, but finding affordable coverage is possible if you’re patient and do proper research.
How Much Does It Cost?
The rate for professional liability insurance for lawyers is determined by a few factors, such as the type of work you do. For instance, do you provide your customers with advice on matters such as partnership agreements, wills and similar types of documents? If so, then each of these services bears a different amount of risk, so the rates for the required coverage are adjusted accordingly by the insurer.
Before an insurance company agrees to have you as their client, they first of all need to learn more about the lawyers you’re working with and also have a look at your company’s track record. Do you have any procedures in place that can minimize the claims and overall risks against your company? How many people have filed a malpractice claim against you? Has any disciplinary action been taken by the state bar against your lawyers? Are your lawyers properly certified and experienced enough to provide high quality services to your customers?
Finding The Best Attorney Insurance Rates
If you’re looking for affordable lawyer insurance coverage, then it’s recommended that you contact us here at The Clausen Agency Inc. for quotes.