Attorneys must be prudent business people. It is important not to waste time dealing with potential catastrophes, but rather utilize our time and energy to deal with issues in our practices. One healthy approach is to purchase adequate insurance to address the various coverage issues we may face. In purchasing insurance we have to consider how much risk we are comfortable living with.
Every attorney should have a professional liability policy to respond to allegations of potential malpractice. Consideration must be given to the limits of liability and the amount of the deductible the firm will pay. Each affects the policy premium. Obviously, the higher deductible and lower the limit of liability the lower the premium. In addition, evaluation must be given as to whether the defense is included in the limit of liability.
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