Call Us Today For A Free Quote | 866.940.1101
Professionals Insuring Professionals

Sleeping Like a BabyLawyers that choose to go without malpractice insurance believe that because they work for a small firm and maintain close relationships with their regular clients, that they are immune to claims. Other attorneys believe that the chances of them facing a claim aren’t great enough for them to purchase an Attorney Malpractice insurance policy. The flaw in this logic is that small firm lawyers are just as likely to have a malpractice claim as some of their more high profile peers. Many small firm lawyers believe that they will have to pay just as much as their large firm peers.

Attorney malpractice insurance costs vary widely.  No two attorneys are going to pay the same for their coverage.  Law firm attorney malpractice insurance is written for the entity.  The cost is on a per attorney basis.  The key rate factors are:

1.       Number of Attorneys and how long they have been with the firm

2.       Claims History

3.       Disciplinary History

4.       Areas of practice

5.       Number of years with continuous claims made coverage

6.       Liability Limits

7.       Deductible  options

The costs for different areas of practice can be 5 to 10 times from one area for practice to another.  Criminal Law and insurance defense generally on the lowest end of the spectrum; with Securities Placement, Class Action Work and Intellectual Property being on the high end of costs paid.

Premiums for an attorney without insurance coverage can start out for as little as $300 to $500 for the 1st year of coverage.  Expect premiums to rise over the 1st 5 to 7 years until the attorney is fully rated.  The average costs for most fully rated attorneys should be $1200 to $2500 per year depending upon limits per attorney.  Attorneys that practice in the higher risk areas can expect to pay around $3000 to $10,000 per year per attorney.  This varies widely by state and location in the state based on the carriers past claims experience in that state.

For most attorneys this cost is small versus the risk to one’s assets.  For Attorney Malpractice Insurance is Sleep Insurance. 


Share |

No Comments

Post a Comment
Required (Not Displayed)

All comments are moderated and stripped of HTML.
Submission Validation
Change the CAPTCHA codeSpeak the CAPTCHA code
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2013
  • 2011

View Mobile Version
Quick Contact
We love referrals! And thank you even more for your continued business.
Customer Service
Self policy service any time of the day, directly from our website.
Join Our Newsletter
Stay in touch with the latest events, news and offers we have.
From Our Blog From Our Customers
Read More Read More
Facebook Twitter LinkedIn Google Maps
Stay In Touch With Us Helpful Site Links Contact Us
Sign up now to receive new and updates 5075 Cascade Rd. SE, Ste. E
Grand Rapids, MI 49546

Local: 616.940.1101
Toll Free: 866.940.1101
We have the expertise to find you the right coverage at the right price 
Powered by Insurance Website Builder