Deciding on where to purchase your legal malpractice insurance (E & O or Professional Liability Insurance) can be difficult, especially when looking at all the associated costs that come with. I think it's a safe assumption that premiums dictate what coverage you get and where you get it.
Do you know what to do if you are faced with the likelihood that you made a mistake that could result in a professional liability claim being made against you or the possibility of one? Most professional liability insurance policies have very specific requirements for the reporting of claims and potential claims.
Has your email address ever been hijacked by a spoofing scam? Are you prepared for the inevitable data breach or the day your network is held for ransom? Network security alone cannot entirely protect your business’ data.
Please stop sweeping your Professional Liability Insurance under the rug. At tax time, financial realities jump out from under the rug. Last year’s business decisions discover their long-term financial implications. Time spent looking back makes for better decisions moving forward.
Threats that used to spring up only in fiction and on movie screens are now real-life high-level security breaches happening across the country and within well-known, big-name companies. What cyber threats should you be aware of? What legal requirements and risk management strategies can you implement?
For a long-time practitioner, your retro date usually coincides with the date you first purchased liability insurance probably close to the date you first started practice. For many, your retro date starts the legacy of many years of continuous insurance coverage representing an entire career.
Lawyers must understand that in today’s business environment, professional liability insurance provides a necessary component for any risk management strategy. Even groundless claims can cost thousands of dollars to defend. When looking to purchase professional liability coverage, one decision always comes first. Is it better to work with a Direct Writer or an Independent Insurance Broker?
It is important to know the limitations of a Legal Malpractice or Lawyers’ Professional Liability Insurance (LPL) policy. Most Legal Malpractice Insurance Policies have three components in common. The key to avoiding the unexpected is to have a good understanding of all restrictions, provisions and costs at the time of purchase or renewal.
Cybersecurity requirements are continually increasing, as are the questions regarding what to do about them. If you’re wanting to keep you and your company off cybersecurity enforcers' radars and stay ahead of the game if or when cybersecurity becomes law for your industry, this article is for you.
Lawyers, accountants, and doctors all fall under the term “information fiduciary” because they collect personal information and have a responsibility to protect that information. They are liable if that information were to fall into someone’s hands that could pose a threat to the individuals they collected it from.
Despite best efforts, dissatisfied clients sometimes file legal malpractice suits. Although there are no guaranteed methods preventing suits from being filed, there are tried and true ways that often reduce the risk of being sued, or minimize exposure once suits are filed.
To avoid a potential uninsured career, lawyers practicing in a group setting, need to be prepared to buy Tail coverage should the “group” split up and there is no successor to continue to insure the former firm, and its lawyers’ prior acts.
To be sure that you’re getting the best out of your professional liability insurance policy in terms of cost and coverage, it’s best to shop your coverage once every three years. You can do it yourself, or save a considerable amount of time and effort by having an independent professional liability insurance broker do it for you.
Ask any busy professional for their most hated business process, 9 out of 10 will say filling out those darn malpractice insurance applications. I have to agree, they're inconsistent, unclear, repetitive, too long and oh-so-tedious.
Iowa-Polk County computers fell victim to a malicious code by a CryptoLocker (trojan virus) Friday the 13th, May 2016, infecting 20% of the county’s servers ultimately forcing the remaining servers to be shut down by IT staff to stop the virus from spreading.
Professional Liability Insurance is a specialty insurance that is not typically available from your neighborhood insurance agent. In fact, it’s an entirely separate insurance “genre” requiring specialized knowledge, relationships and familiarity with non-standardized policy forms.
None of the information provided in the website is a guarantee that insurance will be provided or that the agency is obligated to procure insurance for the website visitor. Misstatements or omissions of relevant information by the applicant can lead to price variation or even declination or rescission of coverage. Brokers can make your life easier in buying an insurance policy that best suits your needs, but working with a broker is not a substitute for your independent review of the policy being considered. In the end, the decision to buy or not buy one policy over another is the buyers decision.