Attorneys need insurance coverage to protect themselves from malpractice claims and find solutions to help reduce their liability in their law practice. One of the most significant questions even seasoned attorneys ask is how much legal malpractice coverage they need to protect themselves and their practice.
How Much Coverage is Necessary?
No one wants to pay for coverage that they don’t need. How do you determine how much malpractice coverage you need and how much is too much? Legal malpractice insurance policies are highly specific, and while some providers offer “standard” options, an attorney will need to review the options on offer and make choices to ensure they have a comprehensive policy that addresses their needs and concerns. The amount of coverage you need is directly tied to your specific practice. Things to consider include:
- How risky is your practice – Choosing adequate coverage means assessing the relative risk of your practice. The higher the risk, the more coverage you should seek. High-risk areas include intellectual property, trusts and estate planning, real estate, employment law, and personal injury work. If you practice in many different, unrelated areas, even if each area is relatively low risk, you may need more coverage than other practices.
- Consider your business and personal assets – Evaluate your personal and professional assets. Understand that if you are liable for malpractice, in some cases, your personal assets may be subject to collection following a judgment. You want ample coverage to protect your business and yourself.
- Policy structure – When evaluating your coverage options, you must also consider policy structure. Some policies have a per-claim limit per policy period for multiple claims.
Find Quality Professional Legal Liability Insurance and Legal Malpractice Coverage
At WILMIC, we help attorneys and law firms find policies and malpractice coverage that fit their needs and protect them from malpractice claims. Call our office today at (800) 373-3839 or contact us online and let our experienced team help you find coverage solutions.