(Newswire.net — December 2, 2023) — Becoming an attorney can be a lucrative, rewarding career that allows you to help others exercise their legal rights, defend themselves against frivolous lawsuits, or even ensure that they receive fair compensation. That being said, as it is with any high-performance, high-paying job, minor mistakes can open you up to a world of problems. This is where legal malpractice insurance comes in. If you don’t currently have this kind of coverage, let’s take a look at three vital reasons every attorney needs to have malpractice insurance.
1. It Gives You the Necessary Protection to Navigate Your Career With Confidence
No attorney goes into their career planning on making mistakes that could put them or their clients in jeopardy. Every attorney wants to make sure they get everything right along the way so that they establish a positive reputation. That being said, it can be easy to make mistakes if you’re taking on a host of work and feeling overwhelmed or overburdened. Having legal malpractice insurance gives you the peace of mind you need knowing that you’re covered in the event you do make a mistake along the way.
2. You Need Protection No Matter Whether You Made a Mistake
Statistics reveal that the bulk of claims made against lawyers are actually claims where the legal team made no mistake. As a lawyer, you may feel as though you would likely not need legal malpractice insurance, especially if you’re diligent about going over everything carefully as you manage each of your cases. The problem? Even if you haven’t made a mistake, you can still end up spending a fortune trying to defend yourself against claims with no real support. Malpractice insurance helps you afford these bills so that you can come out on the other side victorious and financially stable.
3. Your State May Actually Require It
If malpractice insurance is required, you don’t need to get it, correct? While this is a logical line of thinking, you may not have a choice. There are many states that require attorneys to have malpractice insurance if they plan on practicing in the state. Some states requiring malpractice insurance include Idaho, New Hampshire, Oregon, and beyond. While the requirements may differ, you will need some form of coverage if you meet certain eligibility requirements. That being said, even if you don’t necessarily need it to practice law in the state, it’s still essential to have due to the reasons listed above.
Having malpractice insurance is a must for all attorneys who want to make sure that they’re protected against lawsuits claiming they’ve made a mistake. Regardless of whether you have made a mistake, you will be able to feel more confident that you’re able to pay for the legal costs and the potential payout if you were found to be negligent. Use the reasons listed above as an incentive to find the right policy now before you find yourself at the receiving end of a lawsuit from a past client.