Lawyer’s Learning Center with DHIA Podcast Season 07
Season 07:
Business Insurance Awareness & Education
Sharing office space with other attorneys can lead to unexpected complications and problems, which can result in your name being mentioned in a lawsuit unrelated to your legal services.
Office sharing is common, and many attorneys make it work. Which is why today, we’re going over some tips to reduce your legal exposure.
Like most matters, focus on reducing risk and exposure. Your vigilance is necessary to protect your practice.
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More Resources:
Lawyers Professional Liability eBooks
Suggested Documentation Best Practices
Download the Client Relations Checklist
It is not uncommon for disgruntled clients of attorneys to list everyone in the building in a lawsuit. If you share office space with another attorney or law firm, you are susceptible to the same fate… Dealing with a lawsuit.
In this episode, we discuss the challenges of shared office space, how the IRS can cramp your style, and how shared office space is relevant to professional liability insurance carriers.
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More Resources:
Listen to last week’s episode on reducing exposure and responding to a suit.
Understanding a carrier’s thought processes regarding risk is not always straightforward. However, it’s important to make an effort to understand areas of practice (AOPs) from a carrier’s perspective.
In this episode, we are shedding light on how a high claim frequency can impact a specific area of practice across the board, view high-severity AOPs through an underwriter’s lens, and explore how attorneys should think about their areas of practice.
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More Resources:
Lawyers Professional Liability eBooks
Don’t allow a lapse in communication to jeopardize the protection of your law practice. A continuously updated policy will save you time at renewal and will protect your law firm from any loss of coverage that can occur from an outdated policy.
In this episode, we are going over some key changes you’ll want to promptly report to your agent or carrier and what makes the urgency so essential to your coverage.
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More Resources:
Lawyers Professional Liability eBooks
Understanding the differences between occurrence and claims-made policy forms can empower you to confidently purchase insurance that meets your unique needs.
In this episode, we are going to break down what you need to know about these two different policy forms to
- give you the knowledge and confidence to ask the right questions,
- help you understand which policy form you need, and
- understand how to better protect your policy according to its form style.
Daniels-Head deeply believes that the more you know, the more confident you can be in your decisions, especially in the wild world of insurance.
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More Resources:
Lawyers Professional Liability eBooks
How soon should you involve your carrier when you’re faced with a malpractice claim?
Immediately.
In this episode, we explain why immediate reporting is necessary and in your best interest. We also discuss whether there’s ever a time that an attorney should represent themselves in a malpractice suit.
After listening, go download your checklist to Navigating Your Professional Liability Policy & Reporting Claims – https://hubs.ly/Q02wCglr0
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More Resources:
Lawyers Professional Liability eBooks
No one likes unpleasant surprises, especially in business. An unwelcome surprise specific to a law practice is a legal malpractice claim. Some attorneys protect their practice with Lawyers Professional Liability Insurance in preparation for potential claims, but many assume a lawsuit won’t happen to them.
In this episode, we cover a few common scenarios of how a good situation can turn into horror by not preparing for the possibility of a claim and how you can take preventive steps to protect your law practice.
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More Resources:
Professional Liability Insurance Checklist
Claim Preparedness Response Plan [Checklist]
Many factors can contribute to law firms being attractive to admitted insurance carriers. The good news is you can control some of them.
One of our seasoned agents, Stephen Dimiceli, who is well-versed in attorney malpractice insurance sat down for an interview and talked through how attorneys can navigate their way back to the admitted market after having been placed in the non-admitted (surplus lines) market
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More Resources:
Professional Liability Insurance Checklist
Claim Preparedness Response Plan [Checklist]
If you think not reporting a potential claim is helpful or wise, this episode can help you avoid this common mistake!
Attorneys purchase a Lawyers Professional Liability Insurance policy for various reasons. No matter your reason, understanding the rights you have under your policy and how not exercising your rights can be detrimental to your insurability is crucial. You are purchasing the right to report a claim or potential claim and expect your carrier’s claims team and defense counsel to step up and defend the allegations against you.
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More Resources:
Professional Liability Insurance Checklist
Claim Preparedness Response Plan [Checklist]
While it is essential to have a budget for Lawyers Liability Insurance, price should not be the sole determining factor. Law is dynamic, and your professional liability insurance should be tailored to fit your practice. If it’s not, the money you spend on insurance is wasteful.
In this episode, we want to help you understand why this common practice could be detrimental when it comes to securing Lawyers Professional Liability Insurance for your law practice.
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More Resources:
Navigating Your Professional Liability Policy & Reporting Claims
Professional Liability Insurance Checklist
In this episode, we are going over a few tips to help protect yourself when your professional liability insurance carrier offers an automatic renewal.
As we talk about and often say here, Lawyers Professional Liability Insurance is a unique line of insurance. Its complexities require your vigilance. If your carrier offers an automatic or expedited renewal, it’s important to understand the responsibility that comes with this great time-saving benefit. You don’t want to allow the time saved to deprive you of securing quality coverage that is tailored to the needs of your law practice as it evolves.
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More Resources:
Professional Liability Insurance Checklist
In this episode, we answer over a dozen questions commonly asked by attorneys and law firms about Professional Liability Insurance.
Insurance policies differ. There are different types of insurance, forms, and carriers, and each carrier will be different.
It’s important to understand the policy you’re purchasing. Ask questions and stay curious about what matters to you and your law firm to ensure you get what you need.
Partnering up with a knowledgeable and resourceful agent can be one of the best insurance decisions you can make for your business.
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More Resources:
Tailored Business Insurance Portfolio
Professional Liability Insurance Checklist
Cyber Liability Self-Assessment
Lawyer’s Path to Prosperity Newsletter
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