Articles with insights and tips to help attorneys and law firms improve their practice, adapt to market changes, explore tech, stay informed, and protect it all with tailored insurance solutions.
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Times have changed. We’re living in an era with more cyber threats. But we’re also in an era where small businesses and solo practitioners can have big-company IT expertise.
Invest in infrastructure including firewalls and business continuity. Money you invest in prevention is money well spent.
We’ve been shaken … disrupted … and thrown off balance. But most have risen to the challenge. But unfortunately, so have the malicious actors.
You can pretend they aren’t there or won’t go after your company. Many other small businesses had the same plan and regretted it. The future is in your control.
You’ve been hit with a cyberattack. Now what? Whitney Tabash, a Broker with All Risks, Ltd, recently sat down for an interview to answer questions on what to do after a data breach.
The complexity of cyberattacks will increase, so expect to see cybersecurity investments increase while countermeasures adapt. Ultimately, the human factor is key.
The days of small businesses ignoring cyber-attacks and data breaches are over. By volume, they are the primary targets.
The threats are increasingly complex and sinister. According to a major carrier, claims increased from $75,000 in Q1-2019 to over $350,000 by Q4-2019.
It may be hard to believe. But the data privacy laws hold you responsible if you’re the customer interface. You have financial liability.
Since they are often used interchangeably, many tend to confuse the two. Is there actually a difference? Yes.
Cyber liability insurance is one of the bargains of the insurance industry. Like an umbrella policy, it provides broad coverage at a low cost.
It is imperative for all lawyers and other business owners alike to remember: hackers only need to find one way in.
Stay informed with practical guidance on legal malpractice prevention, law firm management, and business insurance strategies.
From risk management and firm operations to emerging industry trends, these articles are designed to help you protect your practice, strengthen client relationships, and operate with confidence to level up your legal career.
Yes! Professional liability insurance (PLI) can provide your law firm with a defense in the event a claim is filed against you, whether an error was made or not. Should a claim occur, PLI coverage may provide you with access to a defense attorney seasoned in lawyer’s malpractice claims caused by:
Access to this type of support when dealing with a malpractice claim can help eliminate the loss of time and money (and not to mention stress) that defending a claim requires. Having someone on your side to offer advice and answer questions is invaluable.
Many states require lawyers to disclose whether they carry malpractice insurance. Some states may require clients to sign a written disclosure acknowledging that the attorney is practicing without professional liability insurance coverage. Requiring potential clients to sign these disclosures may cause them to question working with you. Or you may practice in a state that requires PLI. Oregon and Idaho, for example, currently require attorneys to carry professional liability coverage. Just more reasons why yes, you do need professional liability insurance.
Lawsuits can happen, frivolous or not. Without adequate coverage protecting your firm, a lawsuit could be so costly that it leaves your business in ruins.
Because professional liability insurance is written on a “claims-made and reported” basis, you will want to obtain coverage for your firm as early as possible in your legal career.
“Claims-made and reported” means the claim must occur and be reported during the policy period. Your retroactive date, or prior acts date, is the date upon which you first obtained coverage. When a lawyer has prior acts coverage, malpractice issues that occur after the retroactive date are usually covered* as long as the matter was reported in compliance with the policy. On the other hand, any alleged malpractice that happened prior to the retroactive date would be excluded from coverage, even if reported during a current policy term.
So, you will want to have coverage in place as soon as possible because you will need to have a policy in place when the error occurs and the claim is reported (or coverage may not apply).
Many factors can determine your annual premium, and rates may differ between carriers.
Some key premium factors are:
Price vs. Value: Making Informed Choices When Shopping for Lawyers Professional Liability Insurance
Looking for deeper insights? Explore our info papers, free CLE webinars, podcast, and Lawyer’s MBA.
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