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View the latest blog posts from L Squared Insurance Agency.
Wednesday, April 5, 2023 Data breaches are becoming increasingly costly for companies. In fact, the average total cost of a data breach grew from $3.86 million in 2020 to $4.24 million this year. The increase in expenses coincides with a significant upswing in ransomware attacks—today’s average weekly ransomware activity is 10. READ MORE >>
Tuesday, April 4, 2023 Extended Reporting Period Endorsements (ERP or Tail) are truly a limited time offer. Claims-made insurance policies that give the insured the right to purchase an ERP have very specific deadlines and requirements. Only very limited circumstances permit the insurer to not honor the right to purchase an ERP. READ MORE >>
Monday, April 3, 2023 2023 will bring many positive changes to the Alta Pro Lawyers RPG program. We are excited to announce Chapter One of these changes: CorePointe Insurance Company Transition Some background: Seven years ago, AmTrust Financial, rated A- XV(Excellent) by A.M. READ MORE >>
Friday, March 31, 2023 We have blogged on this before. US Mail delays continue to cause insurance coverage issues. Letting your malpractice insurance lapse has consequences. Insureds sometimes see the ‘Automatic’ Extended Reporting Period Endorsement section in malpractice policies thinking there is a grace period. READ MORE >>
Thursday, March 30, 2023 A Business Owners Policy (BOP) is essential insurance coverage for almost any small business. Whether a Law or Accounting firm rents, owns a building or works out of their house; the firm needs a BOP. While firms may understand how important malpractice insurance is. READ MORE >>
Wednesday, March 29, 2023 Berkshire Hathaway’s AmGuard Lawyers Professional Liability Insurance policy provides data breach coverage as an additional coverage. Few other malpractice insurers provide this as part of their base policy. Other malpractice insurers specifically exclude this coverage. READ MORE >>
Tuesday, March 28, 2023 Beginning March 21, 2023, SafeLaw Cyber Insurance Program Insureds began receiving non-renewal notices via the mail for their cyber insurance policies. All SafeLaw policies with effective dates after June 1, 2023, received this notice. SafeLaw Cyber Insurance focused on providing coverage to law firms. READ MORE >>
Tuesday, March 28, 2023Dentistry requires a great deal of precision and personal trust between the patient and dentist. There isn’t often a lot of room for error. If a dentist makes a mistake because he or she fails to properly access risks, there could be a lot of costly damage. READ MORE >>
Tuesday, March 28, 2023 THIS SCAM CONTINUES Law firm doing collection work for a new client was able to collect over $100,000 for this client. Firm waited until they thought the check had cleared. Turned out it had not. By the time firm found out check was fraudulent, they had sent a wire transfer to the new client. READ MORE >>
Monday, March 27, 2023 Attorney malpractice Insurance policy normally contain closely held ownership exclusions. If this is the insured’s 1st policy or the insured is changing malpractice insurers finding and reading this exclusion may save the insured a denied claim. Law firms members may own another entity, or their spouse may own another entity. READ MORE >>
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