Even the most ethical attorney should carry malpractice insurance in Austin because a lawsuit from an unhappy client can be expensive. Legal malpractice suits can occur in all fields of law, and professional liability insurance may partially or fully cover liability damages to a client if you are found guilty of negligence.
Attorneys Required to Carry Legal Malpractice Insurance
Licensed attorneys are required to carry legal malpractice insurance on a state-by-state basis. However, you should consider the potential costs of a malpractice lawsuit in terms of damages and defense costs when deciding to buy protection against that risk. Professional liability coverage is typically required by:
- Solo practitioners
- Partners in small, boutique firms
- Any attorney in a position likely to be personally sued
If you are unsure whether you are required to carry malpractice insurance in Austin, check with the State Bar Association.
Determining the Right Amount of Coverage
Depending on the field of law and your firm, insurance coverage amounts will vary. Make sure to research the options that can fully protect you and your firm from malpractice claims. Also, research various deductibles and exclusions, such as insured versus insured and intentional acts. Talk to a trusted insurance agent today about malpractice insurance in Austin to help select the right amount of coverage for your firm.