Lawyer Professional Liability Insurance is a useful tool for attorneys at all different levels. For many, it is a "safety net" for risky clients and cases; while for others, it is a constant reminder that one should serve clients ethically in order to reduce and/or eliminate the possibility of higher premiums. However, the wrong insurance company can prove to be a detriment for the attorney as well.
Insurance for any attorney can be extremely helpful. For example, it can ensure that the attorney's firm and/or career stays afloat regardless of how disgruntled former clients may be. In addition, it can provide new attorneys with the confidence they need to venture out into the world of courts, laws, and clients.
Insurance for the attorney can also be extremely helpful to the client. For one, it provides the client with a second opinion and possibly another route to explore before investing funds into another attorney.
Insurance can prove to be a problem for an attorney as well. Should an attorney belong to an insurance company that is inept, it can create problems for the attorney and/or client. A good insurance company will review cases and defend the attorney's interests, but simultaneously be able to review the client's file without bias. A poorly managed insurance company can hurt the attorney's reputation, financial status, and even his client's file.
Should an insurance company provide less than ethical service, problems could result for both of its clients. For one, the client may not receive a full evaluation of his/her claim. Should this happen, the client could end up suing the insurance company and losing a case that may have been a strong win. Additionally, the insurance company could hurt the law firm by increasing their premium and risk level, when a different outcome may have happened with due diligence.
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