Legal malpractice insurance isn’t something most lawyers want to buy, but it’s a necessity. There are things that lawyers can do wrong, like missing important deadlines or showing up in court unprepared, however, most lawyers try to put their clients’ best interests first. However, some clients will sue if they don’t get the outcome they expected, regardless of whether they feel the lawyer did anything wrong. Factors lawyers should consider when purchasing a legal malpractice policy include the following:

1- Work with the Right Agent

Lawyers should always use an experienced legal malpractice agent who can offer policies from highly rated companies. Agents know which companies are best for solo practitioners and law firms of all sizes. Personal agents can ensure their clients get the policy they need to protect their assets. Agents typically also sell other insurance you may need, such as cybersecurity insurance and property insurance if a client gets hurt in your office or outside of it.

2- Make Sure Your Legal Malpractice Policy That Takes Your Risks Factors Into Account

Lawyers who practice in certain areas, like real estate, family law, and representing plaintiffs in personal injury cases are at the highest risk according to the American Bar Association. These risky practice areas are the most expensive for carriers to defend. They also make up the cases with the highest damages paid by the defendant. Risk factors affect the premiums, so lawyers should take advantage of any resources their carrier offers to mitigate risks, such as advice, webinars, and more.

3- Price

Solo practitioner lawyers are always concerned about their overhead. Nevertheless, it’s too risky to choose a legal malpractice policy based solely on price. Factors to look at besides the price are the deductible and the claim or lifetime limits. Besides these factors, excellent customer service is essential. You need an agent who can get you the most affordable legal malpractice policy while answering your questions and being available to help when you need it.

4- Claims Processing

Look the policy over carefully. Learn how you report a claim and when you should report a claim or potential claim. Will you be able to talk to an agent after filing a claim or will you have to call a call center? This should be spelled out in the policy. Also, consider how your carrier will typically handle your claim. Read reviews from other lawyers and look for mentions of efficient claims processing. If other lawyers were not happy with how their claim was processed, you probably won’t be either. Superior customer service shouldn’t end once you choose a policy and start paying your premiums. It should continue throughout the claims process and beyond.

Legal malpractice policies are not all the same. You may be able to customize the policy, so you will have to spend time doing your research to get the best policy for you. Lawyers will also have to find a way to determine the amount of coverage they need with what they can reasonably pay in premiums.