As a lawyer, you already know how expensive lawsuits are. You understand that a lawsuit can break a business if it is unprepared. Without business insurance, the company eats a lot of the costs. This can cut into a company’s profit. You should know that the same goes for a law firm, particularly smaller firms. Mid size law firm attorney professional liability insurance is necessary.
What Does Liability Cover?
First, consider what happens if someone slips and falls on your property. You are liable for the person’s medical bills and more. Smaller law firms aren’t usually capable of paying these large sums of cash. You can’t settle a case out of pocket. Without insurance, you may have to cut staff, take out a loan or file for bankruptcy. With mid size law firm attorney professional liability insurance, you may have coverage that pays for:
- Court costs
- Lawyer bills
The costs shouldn’t surprise you. As someone who practices law, you are probably well aware of the types of bills that lawsuits end in.
No matter the size of your firm, it’s crucial to have mid size law firm attorney professional liability insurance. If you are a mid size or small firm, it is particularly important because you may not have the money to cover all of the expenses as a large firm would.