There is this common belief that only a big law firm needs to hold lawyers liability insurance in California. That is not actually the case. This type of coverage is necessary for both small and large companies and it is really important that you understand this fact. You need to work with an insurance provider that knows exactly what you need and will offer products that are especially designed in order to protect a legal professional and even his assets when faced with the possibility of loss because of errors, omissions or negligence.
Features To Find In Your Insurance
A lawyers liability insurance policy in California can come with different coverage included. What is really important is to work with an insurance company that can adjust to the needs of your firm. Any law firm needs to grow and the coverage offered has to grow with it. You cannot stay bound to the same policy every single year. Every single feature that is included has to protect the law firm against emerging exposures and potential losses that might appear in the future.
There are various features that can be highlighted and that are possible. However, you will not need all of them. It is important to take a look at the current state of the law firm and understand exactly what you should opt for.
A very good idea is to include a feature that would cover all expenses linked with mitigation and evaluations of potential claims. Liability limits or even deductibles would not apply to a pre-claim expense that is necessary.
If your law firm currently uses many computers and files are stored on hard drives, you would have to consider cyber coverage. This would protect your firm in the event that you are hit by a cyber attack or you would be faced with problems caused by a computer virus.
These are just 2 examples of features that can be included in lawyers liability insurance policies issued by California companies. It can be quite difficult to choose those that you need. It is recommended to talk with a representative of the insurance firm so that someone from the firm can look at your law firm and make recommendations. It is better to rely on what the insurance company sees as important as you might not actually know what you can expect in the future. The representative of the insurance firm has seen many liability problems in the past and understands the problems that you can expect.
The Biggest Mistake That You Can Do
The biggest mistake that a law firm can make is not to not get insurance against liability. The biggest problem appears when the insurance policy does not properly cover the needs of the law firm. It is imperative that you take the time to look at coverage options and read everything related to the policies that you have access to. The final choice that is made needs to cover as many parts of your company as possible so that you would not end up losing money because of liability problems.
