What is legal malpractice insurance?

Malpractice Insurance

According to a study in the United States, “Medical malpractice lawsuits are divided into three categories: 26% are connected to an inability to diagnose; 24% are related to surgery; 28.5 percent are related to incorrect treatment, and 5.1 percent are related to adverse medication events (data for 2017-2021). The remaining allegations usually concern anesthetic responses, injection site damage, a lack of informed consent, or poor monitoring.”

Malpractice LawsuitsPercentage
Failure t diagnose health26%
Surgery24%
Incorrect treatment5.1%
Others44.9%
legal malpractice
Kansas Attorney Malpractice Insurance

What is legal malpractice insurance?

One of the most important types of liability coverage for a law company or practicing attorney is legal malpractice insurance. Any faults or errors made when dealing with a customer might result in malpractice or negligence claims being filed against a person or organization, resulting in more litigation.

The purpose of malpractice insurance is to cover financial burdens from claims a client can make against any attorney in the process of practicing law. It is a normal occurrence in the legal environment.

Legal malpractice insurance may not be necessary for every state but a Kansas attorney malpractice insurance is a must due to the number and size of malpractice. Claims against attorneys are on the rise the economy has taken its toll on all businesses and law firms are no exception downsizing and other cost-cutting measures are leading to a rise in claims and lawyer’s liability. Legal malpractice insurance can be very expensive. A solo attorney’s premium malpractice insurance costs $2,300.

Just like in other professions, every mistake done can cost the firm millions or billions of dollars in penalties and compensation, the same rule also applies in practicing law. Legal malpractices keep surging up in Kansas and other states in the United States. It is hard to keep up with trends and updates in a profession but as hard as it can be sometimes, it is a must to constantly be updated. This is no different from getting yourself in penalty before closing on a case in Kansas due to the evolving nature of its legal environment.

Whether you practice criminal defense, bankruptcy, or reals estate, no attorney is free from becoming the target of malpractice while on a case. There are a lot of bad clients any legal practice is likely to come across. The number and size of malpractice incidents raised against attorneys are alarming. A client is likely to make social media judge an attorney should there be any claim of malpractice.

Legal malpractice claims mostly come up as a result of wrong filing dates, errors in typography, spelling mistakes, missing documents, and other basic things likely to cause harm when overlooked.

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