The growing number of malpractice cases against lawyers call for their need to protect themselves and their interests. Lawyer’s malpractice insurance, also known as lawyers professional liability policy, is a tool with which they can ensure the security of their lives and livelihood. Lawyers are sued in various forms of malpractice including negligence, breach of contract, breach of trust, breach of fiduciary duty, violation of laws, etc. There is no specific pattern for this insurance and as such, the policy plans may vary significantly in different insurance companies.
The main features of legal malpractice insurance are as follows:
- Lawsuit Protection: This feature helps to protect the lawyer in case of a lawsuit. A client may wrongfully blame a lawyer on the grounds of malpractice. This feature helps cover a lawyer in the event of the occurrence of such a lawsuit.
- Frivolous Lawsuits: A client may file a lawsuit against a lawyer solely on the grounds that the lawyer did not yield an outcome that would satisfy the client. As such, the client filing a lawsuit can cost the lawyer a lot of money. Malpractice insurance helps to protect the monetary interests of a lawyer.
- Negligence lawsuits: If the client feels that the lawyer did not work properly or showed negligence of some kind, he may file a lawsuit against the lawyers, costing him a large amount of money. Legal malpractice insurance would cover the lawyer against such suits.
- Attorney Provisions: The legal malpractice insurance provides lawyers with an attorney in case a suit is filed against him, thereby reducing the lawyer’s need to find an attorney on his own.
- Employee Coverage: The Lawyers malpractice insurance does not necessarily have to be for one. If a lawyer has employees working for him, he can extend the malpractice insurance plan so as to cover his employees too.
- Prior Acts Coverage: A person may sue a lawyer at any time before or even after the suit has been dealt with. The lawyer’s malpractice insurance protects the lawyers in cases where he is being sued for something he did years ago.