Legal Malpractice Insurance: What It Covers

Legal malpractice insurance is insurance that helps to protect a lawyer. So, it is used to assist lawyers with professional liability risks like legal damages that might be held against them and paying for the costs associated with the defense of any claims against them. They can also be used to avoid or mitigate the costs of a full-blown lawsuit or claim as well. This is great protection for a lawyer, and if you want to protect your practice and your integrity as a lawyer, it can do a lot of good to have legal malpractice insurance as a safeguard. In case you do not happen to have it, you can check out Balsiger Insurance located near downtown Corpus Christi.

Now in order for your claim to be covered under your insurance policy, it should have to do within the realm of legal services. Now, legal services include all those tasks that are done by lawyers on their client’s behalf including business transactions, criminal defense, real estate contract representations, litigation work, guardianships and other advice regarding legal liability and the law. Most lawyer malpractice insurance coverage is not affected by claims that come out of pro bono services, or claims when you have been paid for your services. So, in both cases, you are liable to the same amount of coverage, which is an important point to know. However, it is still necessary that you go through different insurance plans so that you have a better idea of what comes under your coverage.

Now, it is really important that you understand whatever comes under the term legal services, because there are a lot of things that do not come under these definitions like acting as a financial planner for a company, or developing a comprehensive state plan, or tax-filing or bookkeeping services. So, you have to educate yourself enough to know what comes and does not come under your coverage.