5 Key Reasons Attorneys in South Carolina and Georgia Need Lawyers Professional Liability
1. Your main priority as an attorney is to protect and defend your client. It is your responsibility to realistically manage their expectations in order to prevent attorney/client relations from turning sour. Should this happen—and a client then pursues a legal action against you claiming misrepresentation, lack of due diligence, or misappropriation of time or funds—it is imperative to have a Lawyers Professional Liability (LPL) policy to protect yourself.
2. When you are purchasing your lawyer’s malpractice insurance, review the coverages to ensure your policy does, in fact, include First Dollar Defense Cost. As an attorney yourself, you know the price of a good defense team. With First Dollar Defense you’re not charged the policy’s deductible unless a claim is paid. The cost of defending you often carries a deductible but with first dollar defense, you’ll save on this unexpected expense.
3. This is your malpractice policy! You are more than likely required to carry this coverage, especially for certain clients. You’re a lawyer—you know that we live in a culture that a small mistake can result in a larger than life lawsuit. You need the appropriate coverage to protect your business and your reputation.
4. Many lawyers professional liability policies provide risk management services to mitigate your liability exposures. If your policy offers this service—take advantage of it! The best way to protect yourself is preventative. Avoid the risk, and you will lessen the probability of having a claim!
5. A lawsuit can destroy your company. You need this valuable coverage to ensure your financial security, to avoid defamation of character, and to preserve the stability of your business. There is potential that one wrong move could completely destroy your livelihood. Protect your assets, purchase the coverage. Even the most confident lawyer knows that the cost to hire a lawyer to defend a lawyers malpractice claim can be extremely expensive and he/she knows that the lawyers professional liability policy will pay the attorney fees. Its doesn’t take much to accrue tens of thousand in attorney’s fees when you need a seasoned lawyers malpractice defense attorney.
Bonus: You’re under attack! You are handling a high profile case and the media wants to expose the details. It is your duty to protect your client from this exposure, but you have been hacked. When this negatively effects the outcome of your case, you can be sure their will be a lawsuit coming your way. The Cyber Liability coverage will provide the coverage you need to cover damages resulting from this growing threat. This is an optional coverage, so make sure you have it endorsed on to your policy.