Professional Liability Insurance for Attorneys

No matter what the nature of practice, today's law firms and lawyers are increasingly the target of client claims and lawsuits. Professional Liability Insurance for Attorneys can be the result of unreasonable client expectations, frivolous claims or real errors.

While there are a lot of types of Professional Liability Insurance for Attorneys with varying regulations and benefits, the purpose of Professional Liability Insurance for Attorneys is all the same: to allocate the risks of a loss from the individual to a great number of people. In the absence of insurance, three possible parties bear the burden of an economic loss; the individual suffering the loss; the individual or entity causing the loss via negligence or unlawful conduct; or a particular party that has been allocated the burden by the legislature, (e.g., employers under workers' compensation laws and statutes). With insurance, individuals pay a "premium" into a pool, from which losses are paid out. Insurance companies are generally considered the safe keepers of this pool of premiums and they are the ones who pay the claims of the individual losses.