No lawyer should choose to go without legal malpractice insurance. Some do, believing that if they work for small firm, they won’t have to. In reality, all lawyers should have malpractice coverage. How do you know what to expect from legal malpractice insurance quotes? Before you start shopping around, here is some basic information.
What Are the Lawyer Malpractice Costs?
When it comes to malpractice costs, you’re going to see a huge variation. No two attorneys pay the same premiums. Generally, a law firm is insured as a whole and they pay per attorney. An insurer will factor in claims history, areas of practice, limits and location.
What Is the Biggest Factor?
Often, one of the biggest factors is your practice. Different practices have different risks. For instance, criminal law firms will generally have the lowest costs when it comes to insurance. Whereas intellectual property firms and class action work have some of the highest costs.
When it comes to getting a legal malpractice quote, be prepared for your costs to be different from other attorneys. Every quote is custom. One thing that you can know for certain, however, is that going with legal malpractice insurance is a bad course of action. No matter the size of your firm, you have risks and liabilities.