Call Us 866.940.1101 ☰ ˟
866.940.1101
Logo
  • Home
  • About Us
    • About Us
    • Employee Directory
    • Partners Page
    • Event Calendar
    • Refer a Friend
  • Get A Quote
  • Products
    • Lawyers Malpractice Insurance
    • Accountants Professional Liability
    • Dentist Malpractice Insurance
    • Business Owners Policy
    • Cyber Liability Insurance
    • Workers Compensation Insurance
    • Title Agents E&O Insurance
    • Paralegal Malpractice Insurance
  • Testimonials
  • Common Terms
    • Common Terms
    • Frequently Asked Questions
  • Blog
  • Contact
Home > Blog > Key Considerations for Choosing Your Attorney Malpractice Insurance Provider
THURSDAY, AUGUST 18, 2016

Key Considerations for Choosing Your Attorney Malpractice Insurance Provider

Lee NorcrossChoosing lawyers professional liability insurance is one of the most important decisions you can make for your firm. The following are some helpful tips:

 

1.   Evaluate the whole program

Keep in mind the carrier is a very important piece, but not the only piece. You need to evaluate the entire program. Coverage and price aside are not the only consideration.  Make sure to consider the insurance broker’s and insurance carrier’s track record, stability, risk control programs and long-term commitment.

 

2.   Assess the financial stability / A.M. Best Rating

You are buying “sleep insurance”.  So to be able to sleep well you need to know the insurance malpractice carriers continued ability to pay claims.

 

3.   Consider the agent or broker’s relative experience

Is the broker or agent an insurance generalist? Or is the broker a specialist immersed in serving the lawyers malpractice insurance? What are they doing to stay involved in the legal community?

 

4.   Look for a commitment of malpractice insurance carriers

With claims-made coverage business it’s easy for new malpractice insurance carriers to enter the marketplace. Many new carriers target specific markets to collect as much premium as possible. They’ll write business until the claims start coming in and then leave the law firm high and dry.

 

Beyond the A.M. Best rating, research the carrier’s track record and length of time in the lawyers professional liability insurance business. Is this company going to be around when the going gets tough?

 

What is the carrier’s claims philosophy?  Do they fight to the death or do they settle without a fight.  Does the carrier have specialized knowledge of attorney malpractice claims? Or, is the person handling a law firm’s’ claim a generalist handling other claims such as homeowners, personal auto or other types of malpractice claims.

 

5.   Weigh Your Options from a Relevant Coverage Standpoint

The policy needs to fit the needs of your law firm based on your areas of practice and other relationships. Does it match up with the specific exposures you face? Does the carrier or agent offer other needed coverages such as Crime Insurance or Cyber/Data Breach Coverage?

 

6.   Seek Out a Trusted Advisor

Even though you are concerned about the stability of the malpractice insurance carrier, the agent can be a very important component.  An independent insurance agent/broker can provide addition insight as to which carrier best fits your needs and maybe if it is time to change carriers.  Many agents have outlasted most lawyers professional liability insurance carriers' comings and goings.

 

7.   Allow time to make your decision

Making this decision on the 11th hour of the 11th day does not always result in the best decision.  It is important to take the proper time to complete all of the needed information for the application process and to make sure that the underwriter is as comfortable with you as you are with the carrier.  Last minute surprises can be expensive.  Surprises can cause premiums to change and coverage to be declined.

Posted 12:21 AM

Tags: legal liability, attorney malpractice insurance, lawyers professional liability insurance, attorney malpractice, accountant e&o, title agency e&o, buyers guide
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

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
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2013
  • 2011

  • lawyers professional liability insurance(429)
  • attorney malpractice insurance(333)
  • attorney malpractice(320)
  • legal malpractice(223)
  • legal liability(134)
  • data breach(92)
  • cyber insurance(91)
  • ethics(87)
  • erp(53)
  • malpractice insurance(46)
  • claims(39)
  • title agency e&o(36)
  • accountant e&o(34)
  • extended reporting period endorsement(29)
  • tail(26)
  • phishing(25)
  • claims made coverage(19)
  • extended reporting period(18)
  • accountant errors & omissions(17)
  • claims reporting(17)
  • prior acts(17)
  • cyber security(16)
  • legal malpractice insurance(16)
  • cyber liability(16)
  • ransomware(16)
  • claim prevention(16)
  • crime insurance(15)
  • attorney protective cle(14)
  • the hartford weekly newsletter(14)
  • professional liability insurance(12)
  • business owners insurance(11)
  • legal liability insurance(11)
  • retirement tail(10)
  • full prior acts(10)
  • fee suits(9)
  • bop(9)
  • title agent errors & omissions(9)
  • cyber crime(9)
  • accountant errors & omissions insurance(9)
  • prior acts date(8)
  • webinar(8)
  • non-practicing erp(8)
  • cyber liability insurance(8)
  • lawyers(8)
  • claims made(8)
  • employment practices liability(7)
  • attorney protective 2019 free cle webinar(7)
  • non-practicing extended reporting period endorsement(7)
  • malpractice claims(7)
  • policy exclusions(7)

View Mobile Version
Logo
Quick Links
Home Our Products Customer Service Payment Options Common Terms
About Us Refer A Friend Our Carriers Blog Contact Us
Location
2430 Camelot Ct SE
Grand Rapids, MI 49546

Local: 616.940.1101
Toll Free: 866.940.1101
Email: info@L2ins.com
Facebook Twitter Social LinkedIn
© Copyright. All rights reserved.
Powered by Insurance Website Builder