There are certain steps attorneys must take when establishing a new law firm, such as obtaining legal malpractice insurance. It can be easy, however, to lose track of the upkeep on insurance plans once a firm begins to take on substantial amounts of work. To ensure that your firm’s malpractice policy remains relevant, it is necessary to revisit it regularly.
Stay Ahead of Emerging Liability Trends
With new trends-particularly in technology-come new avenues for liability. Firms house extremely sensitive client data in their information systems, so any data breaches can result in serious litigation. Because of this, it is vital that law firms remain on top of cyber security issues and adapt their malpractice policies as necessary. Regularly consulting with an insurance underwriter or representative can help to accomplish this.
Identify Issues Caused by Expansion
Expanding law firms require additional staff, office space and perhaps even added locations. These changes may trigger new liabilities, and the best way to get in front of such issues is to review them with an insurance advisor. This can help firms ensure that their business expansions do not leave them vulnerable against unforeseen liabilities.
Legal malpractice insurance is not static. Maintaining a policy that adequately protects against liabilities requires regular reviews and consultations with insurance advisors. Because of this, firms may want to set aside a time to assess their policy needs on an annual basis.