Lawyers’ Insurance 101

/Lawyers' Insurance 101

ALPS In Brief Podcast-Episode 2: Insurance as an Investment, Not Just a Line Item

Mark sits down with Julie Patterson, a longtime ALPS Business Development Representative, bringing with her two decades of experience helping law firms across the country understand the importance of selecting the right coverage to protect their law firms. In this episode Mark and Julie discuss legal malpractice insurance costs in terms of what a firm [...]

ALPS In Brief Podcast-Episode 1: A Cyber Breach – It’s Not If, It’s When.

ALPS In Brief, The ALPS Risk Management Podcast, is hosted by ALPS Risk Manager, Mark Bassingthwaighte. While in Missoula, Libby Benet, U.S. Lead for Beazley Product Solutions took the time to sit down with Mark to talk about the latest trends in cybercrime, including the rise of industrialized ransomware, and how prevention paired with protection [...]

Ask an Expert: Why Legal Malpractice Insurance Rates Go Up Every Year

DEAR INSURANCE CARRIER: I am a sole practitioner who started a law firm a couple of years ago.  I have been claims free, yet my legal malpractice insurance rates go up every year. This makes it hard to budget for my small business. The first year it went up 25%.  The second year it almost [...]

How Much Professional Liability Insurance Coverage Do I Really Need? Part II – Deciding What Policy Is Right For Your Firm

In Part I of my blog, I went through the issues you should consider when deciding how much insurance your firm needs. Part II will go over the features and benefits you should understand as you evaluate your existing insurance policy or shop for a new carrier. First and foremost, take advantage of your legal community [...]

By | 2017-11-17T11:47:37+00:00 October 10th, 2016|Lawyers' Insurance 101|0 Comments

The Basics of Buying Malpractice Insurance

I have yet to read an insurance policy that I would consider a great read. So let’s admit it, insurance policies are rather boring. I suspect few of you have ever really taken the time to read completely through your homeowners or auto policy. There’s nothing necessarily wrong with this as long as your various [...]

By | 2017-11-17T12:39:16+00:00 September 29th, 2016|Lawyers' Insurance 101|0 Comments

How Much Professional Liability Insurance Coverage Do I Really Need? Part I – Looking At Your Firm From A Claims Perspective

The practice of law has evolved dramatically over the last 25 years with the explosion of technology.  Technological advances have made the practice of law easier and increased its complexity. Society, firms, and attorneys are behaving radically differently. Associates rarely stay at a firm longer than a few years, requiring firms to install and manage [...]

By | 2017-10-26T13:35:36+00:00 September 20th, 2016|Lawyers' Insurance 101|0 Comments

How To Best Fill Out A LPL Policy Application

Filling out applications for Lawyers’ Professional Liability Insurance is about as appetizing as eating that fruit cake your great Aunt Reitha sent you for Christmas. While well meaning, and a “good” source of fruit, for me at least, it’s never what I was hoping for. Regardless of fruit cakes, applications are a necessity. Below are [...]

By | 2017-10-26T13:37:19+00:00 May 3rd, 2016|Lawyers' Insurance 101|0 Comments

Never Minimize The Significance Of Client Driven Indemnity Provisions!

I recently took yet another call from a lawyer wanting to know my thoughts about a new business opportunity. It’s the call that starts out with so and so company wants the lawyer to be their exclusive local point person and the lawyer so wants to say yes to this wonderful new opportunity. This type [...]

Even Solo And Small Law Firms Are Vulnerable To Cyber Crime

Databases of many law firms house the financial information, intellectual property data and trade secrets of their clients, making rich targets for cyber criminals. In recognition of October being National Cyber Security Awareness Month (NCSAM), this post seemed timely to share. Particularly with the recent meeting with President Barack Obama and China's President Xi, the [...]

Why You Should Never Say Never To Malpractice Insurance – The True Cost Of “Going Bare”

I will admit I honestly don’t understand why a lawyer would ever decide to not buy a malpractice policy; but many lawyers do just that and the reasons I hear are many. Some try to justify their decision by declaring that malpractice premiums are beyond affordable. They’ll tell me “just look at what Docs have [...]

By | 2017-10-26T13:44:12+00:00 July 7th, 2015|Lawyers' Insurance 101|0 Comments