As an Illinois attorney, you know that your practice is your livelihood. You also know that you are exposed to a variety of risks that could lead to a malpractice lawsuit. That’s why it’s so important to protect your practice with malpractice insurance.
Malpractice insurance is designed to protect attorneys from financial losses due to professional negligence or errors. It covers the cost of defending a malpractice lawsuit, as well as any damages that may be awarded to the plaintiff.
In Illinois, attorneys are required to carry malpractice insurance in order to practice law. The minimum coverage required is $100,000 per claim and $300,000 in aggregate. However, many attorneys choose to purchase higher limits of coverage to protect their practice from more serious claims.
When shopping for malpractice insurance, it’s important to consider the type of coverage you need. Different policies offer different levels of protection, so it’s important to understand the differences between them. For example, some policies may cover only certain types of claims, while others may provide broader coverage.
It’s also important to consider the cost of the policy. Malpractice insurance can be expensive, so it’s important to shop around and compare rates from different providers.
Finally, it’s important to make sure that your policy is up to date. Malpractice laws can change over time, so it’s important to make sure that your policy is still providing the coverage you need.
By taking the time to shop around and compare policies, you can ensure that you have the right coverage to protect your practice from malpractice claims. With the right policy in place, you can rest assured that your practice is protected.
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