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Posted on: June 21, 2018 by Huntersure
This blog was originally published on January 25, 2017. It was updated and re-published on June 21, 2018.
For lawyers and other law professionals, insurance may not necessarily be the first thing that comes to mind when getting everything in order. However, making sure to have coverage in place, such as attorney professional liability insurance, will help provide peace of mind.
Attorney professional liability insurance is a tailor-fit insurance option that provides protection for lawyers in times of malpractice lawsuits and errors & omissions claims. But instead of diving into buying the first insurance package you see, it’s important to ask a few questions and consider just the right kind of coverage is needed. Here are a few questions that attorneys often have when seeking professional liability insurance.
This is always an important factor to consider, of course, because it’s coming out of pocket. Like all insurance policies, insurers will take into account several variables that can affect the overall cost of a premium. What are they looking at exactly? They run down everything from what state you’re in, areas of practice you offer, past claims history, risk management processes from your firm, how many attorneys need coverage, etc.
Just like car insurance or health insurance, the overall premium will vary based on these components. Another firm may see a lower price, another may see a higher price. What the insurer is really focused on is how risky your firm is in the end.
Good question. While some insurers throw out certain packaged deals, it really comes down to what exactly you need. Don’t just go for the best value (i.e. bundle of options you don’t need), go over exactly what will need coverage and lay everything out. Keep in mind that there is no one-size-fits-all packages that can cover any and all firms. Think about the costs related to defense costs, indemnity for liability and billable hours when it comes to a lawsuit. All this should be lined up when looking to buy insurance. The more risk you have, the more coverage you should buy.
Will you need indemnity payments or defense costs? You’ll probably need both in reality. Ask your insurer about this because it’s important to know just what will be applied to a coverage. And like other insurance options, having a higher deductible means the lower your premium will be. Some lawyers and law firms feel that their chance of being sued it low and they may decide to have a higher deductible. But it may be in your best interest to go the safer route and consider a low-deductible policy that can helper protect better against lawsuits.
Was this blog helpful? Take a look at parts 1 and 2 here:
Common Questions about Professional Liability Insurance For Lawyers
Common Questions about Professional Liability Insurance For Lawyers (Part 2)
Huntersure LLC is a full-service Managing General Agency that has provided insurance program administration for professional liability products to our partners across the United States since 2007. We aim to provide exceptional, creative, and personalized insurance solutions to all members of the business world. Whether you need Lawyers Professional Liability Insurance or any other professional coverage, give us a call at 646-751-3030 to learn more about the professional liability products and protection we offer.
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