Do You Need a Litigation Insurance Policy?
Litigation attorneys are not necessarily called that for nothing. They are not mere gardeners that push, pull and weed plants. These lawyers are experts in various aspects of the law.
In some states, it is mandatory to have a lawsuit insurance policy to ensure that your clients can receive their money and also that you are protected financially in case of any liabilities. However, this is not a must.
Always read the fine print when you receive a lawsuit from your client. Read the fine print closely to find out whether you need to purchase a litigation insurance policy. When you get your second mortgage in cash, don't you think it would be wise to make sure that your house is insured?
A good lawsuit insurance policy will provide coverage if you are sued. It will cover all expenses, legal fees and costs that you may incur. It will also give you the security that you and your client are covered when you and your client face off against each other.
You may wonder how you are supposed to know whether you need a litigation insurance policy? There are several ways to determine whether you need one. By consulting with an attorney who has knowledge of litigation insurance, you will be able to determine whether you need one or not.
One way to determine whether you need a policy is to consult with the company that you are considering working with. Check their company name. If they are listed as the defendant on any lawsuits or proceedings, then you may need a litigation insurance policy. If you are working with a law firm, check to see if the firm or the law firm has a policy with a liability carrier.
Liability coverage includes everything you may need to pay for when you are sued. With liability coverage, you will be covered for any injury or damage to property caused by the fault of another party. You will also be covered for the cost of medical costs, costs for lost wages and other costs associated with a lawsuit.
You will also have liability coverage for business vehicles. This will protect you and your client from any future lawsuits against your business, which could have been caused by your client's client having an accident on your client's company vehicle.
Liability insurance policies do not cover all of your expenses. You may still have to pay for non-economic damages, such as pain and suffering and future lost income. In addition, you may have to pay for the legal fees incurred if you lose a case.
When you get a lawsuit from your client, and you decide to purchase a litigation insurance policy, you should be aware that the coverage will expire if the case is settled out of court. However, it will remain in effect if you choose to retain a lawyer. An experienced lawyer can continue to protect your interests and you can retain him or her as needed.
If you decide to retain a lawyer, ask your lawyer about whether you need a lawsuit insurance policy. Sometimes, you can still save money by obtaining a separate policy. Some lawyers allow you to buy into a specialty policy that will cover many of the same claims as your regular policy.
Don't forget to get professional liability coverage. With this, you can be assured that your attorney will be able to protect your interests and keep you and your client happy.
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