What You Need To Know Before Buying Legal Malpractice Insurance
I have been purchasing legal malpractice insurance for the last 25 years from Professional Liability Services, Inc. out of Solon, Ohio. This business is run by Ray Sadd, The Founder and Chairman, and Ryan Sadd, the President. They are a trusted team to thousands of Lawyers, CPAs and Business Professionals. They deliver for hard-to-place cases, and only work with A rated providers. Their competitive advantage is fantastic customer service, knowledge of the industry, and individual attention. I give them the highest recommendation and their contact information is (216)-447-5001.
In my conversation with them, we discussed the most important considerations an attorney should have when purchasing malpractice insurance:
â– Do professional liability policies include coverage for disciplinary matters? All policies Ray and Ryan sell contain coverage for grievances in varying degrees. You need to discuss the specifics and costs.
â– How do attorneys cover their past once they retire or close their practice? If full retirement and an extended reporting period endorsement (tail) must be in place. They can be purchased or might be free with full-limits coverage through a solid carrier.
â– Why do premiums increase even if no claims? All claims-made policies go through a step-rating increase as insureds get closer to the fully mature level, which is typically 7 years. After 7 years, firm changes or economic conditions are to blame for increases.
â– Do professional liability policies include coverage for cyber-attacks? Yes, but this coverage will pale in comparison to the stand-alone coverage cyber liability policies firms can purchase separately.
â– What type of policy enhancements are available? The most popular ones are Claims Expenses Outside of Limits (CEOL) which prevents the policy from being overly eroded by defense costs and First Dollar Defense (FDD) which prevents deductible payments on frivolous lawsuits.
â– How much coverage should you carry? With which company? Their agency only uses highly rated carriers with long track records. The amount of coverage is a personal conversation based on case size and quantity.
As an independent agency, they have a variety of top-rated carriers at their disposal, which allows them to find nearly the perfect fit for everyone. Cost alone should never be the overriding consideration. Remember, you get what you pay for. Contact them by phone (888) 475-5001 or their website professionalsliability.com
