If you don’t have legal malpractice insurance in Wisconsin and a client sues you, you could be personally liable. You may have to pay legal fees, settlements, and judgments out of your own pocket. In addition, the time and expense of defending the malpractice claim could lead to significant business loss.
Wisconsin Lawyers Mutual Insurance Company (WILMIC) was founded by Wisconsin attorneys in 1986 to provide quality professional liability insurance and legal malpractice coverage to lawyers and law firms across the state. We can help you select a comprehensive insurance plan that meets your needs.
How to Choose the Right Legal Malpractice Insurance for Your Practice
According to the State Bar of Wisconsin, attorneys are not legally required to have malpractice insurance. However, having a policy is considered a “best practice.” Not only does it protect you in the event of a malpractice lawsuit, but it also signals to clients that you are serious about correcting mistakes if and when you make them.
The right insurance policy for your practice will vary depending on your needs. Some things to consider when choosing your insurance provider and policy include:
- Location – Professional liability insurance can be jurisdiction-specific, meaning you must ensure your provider is authorized to cover claims in Wisconsin. WILMIC insures thousands of legal professionals across the state.
- Coverage – Malpractice insurance policies vary in the types of claims they cover. For example, coverage may include protection against negligent legal advice, missed deadlines, conflicts of interest, breaches of duty, and more. You must consider each policy carefully and purchase the coverages you require.
- Cost – Legal malpractice insurance costs and premiums can differ significantly from policy to policy and provider to provider. WILMIC can offer coverage that is affordable for your practice.
- Law firm size – Legal liability insurance can cover solo practitioners or large law firms. The size of your practice will affect your insurance needs. Some policies may offer specific discounts for independent attorneys, while others may cater to firms employing multiple lawyers.
WILMIC Offers Extensive Insurance Protection
WILMIC was built to insure legal professionals. We can provide legal malpractice insurance in Wisconsin that suits your needs and budget. We offer:
- Coverage up to $15 million for errors and omissions
- Deductibles ranging from $1,500 to $50,000
- Prior acts coverage from your first day of practice
- Coverage for part-time practitioners
- Individual “tail” coverage for attorneys retiring or leaving practice
As our president, Thomas J. Watson, says, “We are all part of the Wisconsin legal community…and it’s a contact sport.” We take a hands-on approach to assisting our clients with professional liability insurance and risk management. We get out of the office, form relationships founded on mutual trust and respect, and give you the support you need to safeguard your practice.
Contact WILMIC Today
WILMIC is legal malpractice insurance for Wisconsin lawyers, by Wisconsin lawyers. To learn more about our products and services, contact us online or call (800) 373-3839 today.