If you’re a small firm, you’ll most likely hear that you need small law firm attorney liability insurance, no matter what. If you do not have many clients, you may be wondering why you need it. Here is what you need to know.
Why You Need Coverage
Small businesses still run risks and as a law firm, you there are still protections you need in place. Nowadays, clients are more aware of legal issues and will be able to pinpoint errors more readily. This means that you have a narrow margin of error and if you go beyond that, you could face a suit.
What Liability Insurance Protects Against
Small law firm attorney liability insurance is important for your business. If you’re still on the fence, here is some of what the insurance does for you:
- Protects against professional negligence claims
- Protects associates and staff members
- Provides you with outsourcing risk management
- Fulfills professional and ethical obligations
- Might cover legal counsel representation
It doesn’t matter if there are legitimate or frivolous claims against you. To go without insurance leaves you unprotected. Most firms don’t want to think about how easily a client might sue them. Keep in mind that when dealing with clients, now and then, you will get a disgruntled client that may end up suing you for malpractice. Insurance helps you in these situations.