Lawyer’s Learning Center with DHIA Podcast Season 03
Season 03:
Insurance Awareness Series
In this episode, listen to learn about:
- why Lawyers Professional Liability Insurance has been written on a claims-made and reported policy form since 1970,
- what a Retroactive Date is and why it makes continuous coverage crucial, and
- how to avoid gaps in your liability insurance coverage.
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More Resources:
Listen to this episode to discover five ways gaps in coverage occur and four tips on how to avoid gaps in your liability insurance coverage.
TIP: Know your Prior Acts Coverage or Retroactive Date.
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More Resources:
Understanding Lawyers Professional Liability Insurance will allow you to make confident decisions in protecting your practice.
Industry statistics show that lawyers starting their career in private practice today are likely to have one to three claim matters during their professional career. This could be more if the legal work involves high-risk practice areas such as plaintiff’s personal injury or real estate matters.
Not all claims have merit, but all are time-consuming. The fear and anxiety of a claim can be debilitating and put a strain on relationships with other lawyers and staff. Having an insurer and defense counsel on your side can be priceless in the face of a claim.
Finding a reliable and knowledgeable agent can help you to evaluate all of your potential options for professional liability insurance and come up with a plan that fits your unique practice.
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More Resources:
Download our Professional Liability & Legal Malpractice Ebooks
Want to better understand professional liability insurance coverage? In this podcast we will break down for you:
- What is a Claim?
- Claims-Made and Reported vs. Occurrence Policies
- Claim Reporting and Policy Renewal
- Pricing
The more you know, the more confident you can be in your decision-making.
Finding a reliable and knowledgeable agent can help you to evaluate all your potential options for professional liability insurance and come up with a plan that fits your unique practice.
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More Resources:
Download our Professional Liability & Legal Malpractice Ebooks
Should You Use Professional Liability Insurance for Cyber?
Let’s weigh your options for cyber coverage:
- Pay out of pocket
- Use your professional liability policy
- Use a cyber liability policy
The more you know, the more confident you can be in your decision-making.
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More Resources:
Be careful when switching your professional liability insurance policy. There can be dangers if you don’t know what to watch out for. It is important to identify changes in your coverage that could limit your protection.
In this episode, we are going to discuss some key things to understand and look for when considering switching your professional liability insurance to help you avoid any loss in coverage.
- Ensure your firm retroactive date matches [exactly]
- Review the endorsements to be attached to your policy
- Read the exclusions in the policy form
- Extended Reporting Period Options (AKA ‘Tail’ Coverage)
Understanding professional liability insurance helps you navigate your purchase and renewals with confidence. It also helps you ask the right questions.
Partner up with a knowledgeable agent who is well-versed in professional liability insurance so you can thoroughly discuss and weigh all the options available to you.
#themoreyouknow
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More Resources:
Ask the difficult question: Will my law practice be adequately protected with the insurance coverage and limits I have chosen?
While professional liability insurance is unique to other lines of insurance, it still holds true to what insurance is. Your policy will be there to financially protect your law firm and can help alleviate the frantic stress of dealing with a claim, especially frivolous ones.
In this episode, we’ll go over:
- Calculating “Adequate Coverage”
- What Limits of Liability are enough?
- Why $100/$300 Limits may not be sufficient
- The power of having a team on your side
- Being intentional with your insurance selection
Understanding professional liability insurance helps you navigate your purchase and renewals with confidence. It also helps you ask the right questions.
Partner up with a knowledgeable agent who is well-versed in professional liability insurance so you can thoroughly discuss and weigh all the options available to you.
#themoreyouknow
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More Resources:
In this episode, we are going to touch on a few cost drivers of professional liability insurance to give you a better understanding of why it costs what it does, and what affects the cost. Pieces of the pricing puzzle include:
- Your area of practice
- The state where you are located
- Coverage limits and deductibles
- Claims history
- How long you’ve been in practice
- Whether you’ve been covered all, some, or none of that time
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More Resources:
Download the Professional Liability Checklist
Don’t purchase (malpractice) insurance until you read these books: https://hubs.ly/Q01VGkSl0
Discover how to minimize potential liability when making referrals to other attorneys: https://hubs.ly/Q01VGklX0
In this episode, we are going to tackle the following questions as they pertain to lawyer’s professional liability insurance:
- Why Is It Important to Fully Disclose Areas of Practice (AOPs) and Prior Claims on Your Professional Liability Application?
- How Does Practice Management Software Make a Firm More Attractive to Carriers?
- How Can Attorneys Use Their Calendaring Process to Reduce Claims?
- What Documentation and Onboarding Procedures Do Carriers Prefer?
- How Much Can Attorneys Reduce Their Premiums?
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More Resources:
Download the Professional Liability Checklist
Don’t purchase (malpractice) insurance until you read these books: https://hubs.ly/Q01VGkSl0
Discover how to minimize potential liability when making referrals to other attorneys: https://hubs.ly/Q01VGklX0
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