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.
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.
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.
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.
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.
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 broker who specializes in professional liability insurance 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.
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.
Busy professionals very often have a herd mentality when it comes to buying professional liability insurance. They buy from the same insurance company that everyone else buys from. The same is not always good, however.
Your professional liability claim history is the number one testament to your professional credibility and key to maintaining affordable professional liability insurance. If you have had claims or disciplinary actions made against you in the last five years, any new Insurer you apply to for coverage is going to require a loss run from the insurance company that you reported the matter to.