Purchasing attorney insurance can be an overwhelming task. As specialty insurance policies, there’s much to consider before making a decision. Before embarking on a journey to purchase attorney insurance, here are six things to consider in order to make sure you have the most comprehensive coverage:
1. Understand Coverage and Limitations. Purchase attorney insurance that will provide broad coverage which will suit your needs and be able to manage the range of claims that could arise. Consider the scope of coverage and what limits and exclusions might apply.
2. Preparing for the Unexpected. No one likes to think of tragic events occurring in their life, but it’s important to protect yourself from the unexpected. Make sure to consider this when purchasing attorney insurance.
3. Price and Coverage Comparisons. Compare the various policies that offer attorney insurance to make sure you get the most bang for your buck. Consider what is included in coverage, and whether the price is within your budget.
4. Choosing the Right Provider. Be sure to select a provider who is reliable and has experience in providing attorney insurance. Also, look for feedback from other attorneys who have used the insurance provider to ensure coverage in a timely manner.
5. Read Reviews and References. Read reviews and references of the provider to ensure that the company is reputable and experienced, as well as financially stable to be able to pay out claims.
6. Ask Questions. Make sure that your questions are answered in full before deciding on a policy. Have the answers written out and submitted for clarification if necessary.
These are just a few things to consider before making a decision about legal insurance. Here are four additional topics for further consideration:
Responsibilities of the Attorney/Insurer Relationship: It’s important for both the attorney and insurer to have an understanding of each other’s roles. The insurer should know what sorts of claims are covered, as well as the attorney’s expectations of the insurer. The attorney should understand the insurer’s requirements for making a claim and any other terms and conditions.
Claims Process: Be sure to read and understand the claims process. Make sure that you know how to initiate a claim, and if there any restrictions or time limits that apply.
Umbrella Insurance: Consider an umbrella insurance policy to provide additional coverage above and beyond the primary policy. This additional coverage would extend to other entities such as other attorneys, clients, and businesses, and provide more protection to the insured.
Risk Managment Strategies: Make sure that you have up-to-date, state-of-the-art risk management strategies in place. These help to reduce risk and provide additional coverage for unforeseen, unexpected events.
Oversight and Monitoring: Make sure to take all necessary steps to maintain oversight and monitoring of the policy. Have a system in place for periodic reviews of the insurance provider to make sure the coverage is in compliance with the prevalent laws, as well as any changes in or additions to the policy.
Finally, make sure that you are familiar with the different types of coverage available, such as professional liability insurance, malpractice insurance, errors and omissions insurance, and directors & officers insurance. There are different levels of coverage for each type, so it’s important to read the fine print and determine which type best fits your needs.
Purchasing attorney insurance can be a complicated and intimidating process. But with an understanding of the various aspects of attorney insurance, and the willingness to ask plenty of questions and seek opinions from other attorneys, you can make sure you have the most comprehensive coverage to fit your particular needs.