Having the right amount of coverage is important, maybe the most important factor, in your insurance program. While there are detailed processes (here) we suggest to figure out what limit you need, here are four signs that you have too little malpractice coverage: 1) “Same limit as ten years ago” – Times have changed – […]
Archive for the ‘Professional Liability’ Category
It’s true. Managing partners are making some key mistakes that are costing the firm money and more importantly, imperiling their firm. They are pressed for time, so some of these mistakes are from a lack of attention, but it’s mostly from a piecemeal understanding of key decision points for their professional liability program. The four […]
If properly reported to insurance companies, your professional liability policies cover you for claims made against you for errors and omissions in your practice of law. While most claims are reported when you first are put on notice of an impending lawsuit, other times it is appropriate to report a claim when a circumstance arises […]
As old as the practice of law, the rare but always present need to deal with clients who do not pay their bill has persisted. There are the accounts receivable calls, the awkward reminder calls, the pressing deal-making December calls and every other follow up procedure that you have implemented in the firm to avoid […]
Lowering your professional liability premium: How to correctly answer the four critical application questions.
As the managing or administrative partner, you have the annual, painful task of completing the lengthy professional liability application. There are 30-100 poorly worded questions (10-20 pages) depending on which supplements are applicable to your practice areas. Although there can be other landmines, particularly in the supplements, there are four questions that have the largest […]
Having the right broker can be the most important decision in your firm’s insurance programs. The wrong broker can recommend the wrong coverage designs, wrong companies, and cause you to overpay by tens of thousands of dollars. Their expertise can assist you with valuable advice so that you have the right coverage and coach you […]
How your professional liability broker might be robbing you in broad daylight. Did you overlook this?
On this blog, we are dedicated to writing risk management and insurance advice for law firm Managing Partners. We teach you how to become better buyers and get the most out of your insurance programs. I feel that it is important to deviate from our normal method to call out an underhanded business practice that […]
The four methods to determine your professional liability insurance limits. The most important but least deliberated annual decision.
What is the most important part of your professional liability policy? Without exaggeration, the most important part of your policy is your limit. All the bells and whistles won’t protect your firm and personal assets if you don’t have enough coverage. We spend many days and hours negotiating with insurance companies over the fine print […]
Your law firm partnership agreement is a working document for the firm as well as a guide to what would happen should the partnership end. Most agreements lack direction when it comes to dealing with the professional liability insurance in the event of an ending to the partnership. It is well accepted by firm partners […]
There is a right way and a wrong way to save money on your professional liability insurance. Here are the Five Filthiest economic mistakes law firms make in their malpractice: 1) Area of Practice Misclassification – The professional liability application is the face of the firm. A key part of the application is the area […]