Malpractice insurance is a necessity for all business types, including law firms, and one of the first questions attorneys ask when reviewing their insurance options is, How much is legal malpractice insurance? Instead of viewing insurance premiums as a simple series of payments, however, it may be more beneficial to consider them in terms of their impact on a law firms assets.
Consider the Worst-Case Scenario
Lawyers are intimately familiar with how the high costs of unchecked liability. A single instance of professional negligence, for example, could result in damages that collapse the assets of a firm that took years of hard work and sacrifice to build. It is important to keep this worst-case scenario in mind when deciding what should be included in a legal malpractice insurance plan. By considering the costs of an adequate policy in terms of the protections it provides, attorneys can see more clearly that they are purchasing a safeguard for their firms.
Protect Against Unknown Liabilities
While attorneys may understand many forms of liability, it is likely that there are some aspects of malpractice insurance coverage with which they are not familiar. Cyber liability, for instance, is highly complex; in some situations, even identifying areas for potential security breaches can only be done with the help of computer experts. Purchasing a quality malpractice policy comes with the assurance that the insurance companys underwriters and consultants will be able to help firms create plans that identify and protect against all significant liabilities.
The question of How much is legal malpractice insurance? might be better posed as, How can I ensure my firms assets are protected? Reframing your perspective this way can bring the costs of malpractice insurance into their proper context.