Do I really need malpractice insurance?
Defending a lawsuit can be very expensive even if you settle. Your business practice inherently puts you at risk of being sued for malpractice. Although you trust your good intentions and solid risk mitigating capabilities, a lawsuit can surface at any time and sometimes for no good reason. According to the ABA Standing Committee on Lawyers' Professional Liability, both the numbers of claims being paid and the amount being paid are on the rise. Given the current economic conditions, the ABA and others are expecting even more increases in field claims and suits.
Protecting your assets is one of the most important things you can do for yourself and your family. Clearly, everyone recognizes the importance of insurance in our everyday lives. We protect ourselves against many personal risks by purchasing coverage that protects our homes, our automobiles, and our lives. Your reputation, and the business built upon it, is the asset that supports all other aspects of your life. As such, it needs insurance protection as much or more than the other assets you insure. Call your broker today to discuss your legal liability insurance options and best interests. If you do not have a broker, contact us at (877) 728-8778 and we can direct you to one.