Posts Tagged ‘malpractice’

Round Firms in Square Insurance Programs

Sometimes when we are asked to review a firm’s professional liability insurance programs, there is nothing wrong with the existing policy language but upon further review, we uncover that it’s COMPLETELY wrong for THIS firm.  This is the top 5 square insurance programs for round firms: 1)      It’s way too expensive.  The premium seems ok […]

Four Signs You Don’t Have Enough Malpractice Coverage

 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 – […]

Managing Partner Errors: The four common but correctable professional liability mistakes

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 […]

Suing for your fees: Three insurance considerations to safely collect what’s rightfully yours

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 […]

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 […]

How to fix your partnership agreement now so you don’t fight about insurance later

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 […]

Five Filthy Flaws in your malpractice insurance—How to avoid and clean them

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 […]

Surprise! Your professional liability insurance underwriter doesn’t understand the practice of law.

Have you ever felt that your professional liability insurance underwriter does not know how a real law firm works?  The shocking truth is that most are not lawyers, have never practiced law, and therefore are misguided as to how a law firm works and how legal services are provided.  This causes unnecessary questions, erroneous overpricing, and fewer options […]