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 […]
Posts Tagged ‘law firm insurance’
The 5 step Lawyer’s guide to a financially successful surgery
June 25th, 2014
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After law school, lawyers know big bills. But nothing unnerves the seasoned litigator more than getting exorbitant vague notices of funds due after a traumatic surgery. Their own surgery or a family member’s, no one is in a state of mind to deal with this mound of paperwork filled with insurance and medical jargon. Use […]
Managing Partner Errors: The four common but correctable professional liability mistakes
June 11th, 2014
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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
April 17th, 2013
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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.
March 29th, 2013
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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 […]
Five questions to determine if you need a new insurance broker
March 13th, 2013
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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?
January 7th, 2013
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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 top three office insurance errors for law firms. The fix is simple and inexpensive.
December 28th, 2012
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Business insurance packages for law firms are the least examined policies at law firms. Since Superstorm Sandy, we have seen a small change in this, but over the years, this is an area of exposure that is significantly under-analyzed for law firms. Lots of reasons for this – claims are less common than professional liability […]
The four blunders that law firm partners make in buying health insurance. Are you guilty as charged?
August 7th, 2012
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When it comes to health insurance, and benefits in general, law firms frequently make crucial errors that result in significantly overpaying for their insurance policies. Although law firms must be generous to retain their best assets (their employees), these common four mistakes while looking like generous strategies, do not provide any benefit to the employees. […]
How to fix your partnership agreement now so you don’t fight about insurance later
July 25th, 2012
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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 […]
