After finishing law school, going into practice by yourself feels liberating. This bold move can also be a little scary when you consider all the things that could go wrong. Solo attorney malpractice insurance is just what you need to increase your confidence and safeguard against unforeseeable risks.
What It Is
Legal malpractice insurance is a type of professional liability policy that agents customize just for lawyers. As an attorney, you know how expensive legal claims can be and how damaging they are to a person’s reputation. This coverage protects you from lawsuits claiming that you were negligent or otherwise provided sub-par legal advice or representation.
What It Covers
Professional liability insurance takes care of legal fees and pays for personal injuries if you are found guilty. Here are just a few examples of allegations that legal malpractice insurance covers:
- Failing to adequately represent a client in court
- Overcharging for services
- Missing deadlines
- Asking for settlements at a value less than a client’s expectations
- Not including certain individuals as beneficiaries in a will
Don’t put off purchasing malpractice insurance until your firm is more well-established. Feeling like you can’t afford the premium is a good indication that you could not afford a claim, either, and that you need this type of insurance to protect your future.