Your small firm needs insurance coverage as much as a large firm does. In fact, it needs it more. A large practice has the operating cash flow to handle the claims filed against it. A smaller firm needs its operating cash flow to grow its practice. Work with a company experienced in small law firm legal malpractice insurance to ensure you have the best coverage.
The Right Policy for Your Firms Size
One of the primary things you will need is Errors and Omissions insurance to protect your firm against claims and possible legal action. There are many companies that provide this coverage, but do they work specifically with firms that staff 10 to 49 lawyers? This is what you want to look for when seeking out your policy provider, as these agents work just as hard for you as they would for a larger firm.
Other Things to Consider
Other things consider when looking for your insurance coverage are
- Are the underwriters themselves former lawyers?
- Do they have a proactive claims policy to mitigate frustration and loss?
- Do they have a history of claims processing experience?
When insuring your firm, you aren’t just insuring yourself; you’re insuring your partners and staff, too. Look for an A.M. Best A XV rated company for your small law firm legal malpractice insurance.