[CONTENT PLACEHOLDER]

Liability insurance rates for legal professionals may be one of the more confusing aspects of practicing law. Understanding some key factors in determining rates may help ease your mind when it’s time to renew your coverage.

Every successful accounting practice needs professional liability insurance to protect the assets of the business and the personal assets and careers of those who practice there. Understanding the components of your policy and what to look for will help ensure you are adequately covered. One area that is important to understand is prior acts coverage and the retroactive date.

Professional liability insurance is essential for attorneys to operate a successful law practice and adequately protect their careers. An aspect of these policies that can be confusing is the prior acts coverage and retroactive date. Understanding every component of your policy and what to look for is the best way to ensure you are adequately covered.

Errors and omissions (E&O) insurance is a lawyer’s safety net against mistakes and malpractice claims. It is important to have sufficient coverage over the course of your career (and beyond) because everybody makes mistakes. Ensuring that you have adequate coverage begins with carefully completing the insurance application.

Not every client who walks through your door will be one you want to represent. Just because somebody is willing to pay for your services doesn’t mean it’s in your best interest to take their case.

Not every client who walks through your door will be one with which you want to do business. Just because somebody is willing to pay for your services doesn’t mean it’s in your best interest to take on their work.

In fact, your decision to decline a client may save you money (and a lot of trouble) down the line. From the high maintenance client to the truly malicious one, some people are just not worth the added stress and risk of an accounting malpractice claim.

A conflict of interest exists for an attorney “if there is a substantial risk that the lawyer’s representation of the client would be materially and adversely affected by the lawyer’s own interests or by the lawyer’s duties to another current client, a former client, or a third person.” Understanding how to spot potential conflicts can help reduce the chance that you’ll face a professional complaint or malpractice lawsuit.