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Home > Blog > Legal Malpractice Insurance Average Cost
THURSDAY, DECEMBER 22, 2022

Legal Malpractice Insurance Average Cost

Sleeping Dog Lying on Back

Legal Malpractice Insurance premiums start at about the cost of a weekly trip to for coffee at your favorite café.

So, is the cost of a weekly cup of coffee worth it? Attorneys going bare are in the mistaken belief that their close relationship with clients makes them immune to claims. Chances of facing a claim may be low for any one year, but today over a career it is tough to not have at least been threaten with a malpractice claim. Consider that if an allegation goes to trial that the average cost of defending exceeds $80,000.

Legal malpractice insurance premiums vary. No two attorneys even with a “clean” record pay the same. The key factors affecting premiums are:

  • Number of attorneys in the firm
  • Claims history
  • Practice areas
  • Number of years maintaining continuous claims-made coverage
  • Limits
  • Location
  • Type of clients

Different practice areas premiums differ 5 to 10 times. Criminal law and insurance defense are low costs practice areas; with Securities Placement, Class Action Work and Intellectual Property being the highest cost practice areas.

Premiums start for as little as $200 to $500 for a claim free attorney without coverage in lower risk practice areas but expect premiums to rise over the first 5 to 7 years due to step-rating. With adequate limits the average costs for a fully rated attorney should be $1,200 to $2,500 per year. Attorneys in higher risk practice areas should expect to pay around $3,000 to $10,000 per year. These premiums vary by state and location in the state based on the insurer’s past claims experience. Law firms are insured as an entity and the cost is on a per-attorney basis. 

For attorneys, this cost is small versus the risk to one’s assets, just one coffee per week for that 1st year of coverage. Attorney Malpractice Insurance is Sleep Insurance.

CLICK HERE TO GET AN LEGAL MALPRACTICE QUOTE

 

 

Lee

 
 
   Contact Me Today
   Lee Norcross, MBA, CPCU
   California License # 0D87292
    L Squared Insurance Agency, LLC ® DBA in California as
   L2 L Squared Insurance Agency, License # 0L93416

    Managing Director, CEO
    Click here to contact Lee Norcross, MBA, CPCU, CPIA

     (616) 940-1101 Ext. 7080

 
Posted 12:07 PM

Tags: legal malpractice insurance, average cost
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