Insuring Litigation Costs
Perusing litigation always brings risk. The firm quickly loses money when there is a defense verdict. Those costs, or losses, can easily be in the tens or hundreds of thousands of dollars. Although there is always a risk, it appears there is a way of transferring some of that risk from you to someone else.
The solution comes via an insurance company. Level Insurance now offers up to $100,000 in coverage against costs incurred in the event of a defense verdict. These policies cover individual cases, not lawyers or firms in federal cases in all 50 states.
There are some additional cases it will include in particular states, but the protection is broad. Cases involving personal injury, malpractice, auto negligence and other liability claims can be covered. Some stipulations apply as to coverage for lawyers with past disciplinary track record.
As the company grows, it plans to expand the amounts of coverage and the types of firms it will work with.
No matter the size of the enterprise, the cost of litigation can be crushing. Insurance might be a viable option. Applying is simple. All that needs to be done is completed online via the company’s website. A copy of the complaint is submitted, and an amount of coverage is selected.
If the case goes to trial and no award is given to the plaintiff, the policy pays out. Expert witness fees, travel, court reporter, exhibit fees, and more are covered.
Taking a case to trial can be costly, but now it might not be as risky.