Lawyers know better than any other occupation the devastating impact that a lawsuit can have on a person. The same goes towards a business. In running a law firm, you deal with many different clients. These clients may not like the outcome of a trial; they may believe that you didn’t represent them properly.
If you need a reason to invest in mid size law firm professional liability insurance, here is are your reasons.
Lawsuits Can Happen
Some lawyers like to think a lawsuit won’t happen to them. The truth is, whenever you work with a client, there are risks for claims against you.
Firms Don’t Have the Funds
Most small to midsize firms do not have the right funds to fight their own legal battles. With less money on hand, it’s more difficult to fight any claims set against you. Without insurance, your firm is liable for all of those funds.
Legal Fees Are Devastating
Legal fees will cost you quite a bit of money. Additionally, if you lose the case and owe damages, then you have to pay that out of the firm’s cash flow or your own pocket. You may not have enough money for that coverage. Without the money, your firm can go under fast.
If you have your own law firm, then it’s time to invest in mid size law firm professional liability insurance for lawyers.