Question from Attorney:
I am a full time employee at a large company. I do an occasional will or trust on the side. Probably less than 5,000 a year in revenue. Is there a minimal coverage for that? Should I get coverage for when i did have a practice? I sold it in December 2014.
We can get you a lawyers professional liability insurance quote for the work you do on the side, at a relatively minimal cost, which should be less than $1,000 per year depending on the size of the will or estate that you are doing (it could be 50% of that, but cannot answer with information currently have.) All Lawyer Professional Liability Insurance policies are Claims-Made policies, so this would only provide coverage for acts after the policy is in place and would only continue to provide coverage as long as coverage is kept in force. If you stop the coverage you would likely need to either purchase an Extended Reporting Period (ERP) endorsement or you may qualify or a non-practicing ERP at little or no cost.
As to addressing your past acts, this normally is an expensive proposition. Assuming no claims you are looking at an annual premium to start of at least $5000 per year.
If you wish to get a firm quote for your ongoing activities please complete the attached application and send back along with a copy of your firm letterhead.
Let me know if you have further questions.
Lee E Norcross MBA CPCU