The Importance of Legal Malpractice Insurance Cover
It is advisable as a lawyer or a law firm to have legal malpractice insurance. The legal malpractice insurance could contribute in huge ways to your legal malpractice cases.
Having a clue of the different legal malpractice covers will enable you to make an informed decision. With some legal malpractice insurance covers you could obtain partial coverage. The victims of legal malpractice may fail to have any legal recourse against a lawyer if that lawyer does not have legal malpractice insurance cover. If the lawyer accused of legal malpractice is found guilty hisher legal malpractice insurance cover will be used to compensate the victims of the legal malpractice.
Legal malpractice occurs when the attorney representing a client neglects or acts wrongfully to cause monetary damage to the client. If an attorney neglects the client or fails to properly pursue a case they may be liable for legal malpractice.
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More than six percent of legal professionals face legal malpractice charges every year. The cost of legal malpractice is often lower than the cost of litigation.
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It is almost impossible to get compensation for a client who has suffered a legal malpractice especially if the lawyer has no legal malpractice insurance cover. The client could be compensated though if they take the lawyer to court. The lawyer responsible may choose to represent themselves, in case they do not have legal malpractice insurance cover. The victims of the legal malpractice may get compensation when the lawyer in defense is found guilty.
The licensing of legal malpractice insurance companies is under the mandate of the insurance regulating authority.
It is, however, important for any lawyer or attorney who is in need of legal malpractice insurance cover to do a thorough research to establish if the legal malpractice insurance company that they tend to buy legal malpractice insurance cover from is in the right standing with the state insurance regulating agency.
Beverly hills have several insurance companies that offer lawyer’s malpractice insurance. Where you buy legal malpractice insurance cover matters a lot, so you need to be very careful.
To succeed with your legal malpractice cover you need to be cautious. It is also good to practice the law with some goodwill.
The benefits of the legal malpractice insurance coverage are many. As a lawyer in case you are accused of a malpractice you will not have to fork over the money required to pay the victims, in case you are found guilty. The malpractice insurance coverage company will provide you with legal professionals to defend you, you don’t have to go solo in such a case.
Get yourself legal malpractice insurance cover today.