Lawyer malpractice insurance, also called attorney liability insurance, covers things such as errors and omissions which can cause damages to clients and others. You will probably need this type of insurance to open a practice, but you will certainly need this coverage to stay in business after an incident causes financial damages which you are liable for. You can find plans designed to cover almost any size of law firm by looking online at reputable companies.
Professional liability insurance for lawyers will often focus on covering the damages you may face from a civil suit based on the advice you have given clients. If the civil court finds you liable for those damages, it is better to have insurance to help cover them than doing it all yourself. It may also be required by local, state or federal regulations to have a minimum amount of coverage to stay in business. You can find these requirements yourself or go over them with your insurance agent when you are designing your coverage plans.
Attorney liability insurance can help you pay the damages caused by errors and omissions. Giving advice to your clients can be risky business and if you are found guilty of negligence in a civil suit, having the right insurance coverage can help you cover the damages without going out of business.