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Posted on: March 29, 2018 by Huntersure
Lawyers and other legal professionals know the potential risks their clients may be vulnerable to. But what they should also be on the lookout for are potential risks and threats against themselves as professionals in the legal field. Small, mid-sized, and large firms alike all face exposures to credibility including malpractice lawsuits.
Having the right coverage in store, like Lawyer’s Liability Insurance, is helpful when it comes to covering assets and taking steps to keep reputations intact. But before a firm invests in a policy it’s good to know the differences in price between coverage for small and large firms.
Firms of any size will want to know the cost of liability insurance upfront. Professional liability coverage is most often based upon the size of a firm in terms of number of employees. Large firms actually get a better deal here as the cost typically decreases per lawyer. The idea is that the limit of liability is shared by all lawyers in the firm, under one policy, under one roof. An annual premium attached to this kind of coverage can be as little as 2% or up to 30% depending on the insurance company’s claim results.
Some insurance companies may charge a certain minimum premium of around $3,500; some can go for more. Additionally, the devil is in the details as far as what is offered. For small firms, an emphasis on a certain area, such as errors and omissions, needs to be made clear from the start. This will help the insurance company craft a personalized policy with a bundled amount charged.
It’s always a good rule of thumb to be aware if a small firm is ineligible in any way from receiving certain coverage or benefits. Brokers and insurance agents should have the best interest in mind for their small firm clients, but sometimes things fall through the cracks.
Depending on the state, some eligibilities may include:
Check with an insurance agent or broker first to make sure and make sure everything is lining up. Heading into coverage without up-to-date licenses and/or current claims can not only make getting a policy even harder, but may completely restrict coverage from being installed.
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 specialize in providing insurance solutions for businesses of all sizes. Our program features can cover small firms (grossing $2.5 million annually) to large corporations (grossing $25 million annually or more). We make doing business with us easy with our breadth and depth of knowledge of E&O insurance, our proprietary underwriting system that allows for responsive quoting, binding and policy issuance and tailored products to meet the needs of your insureds. Give us a call at (646) 751-3030 to learn more.
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