When deciding to open a law firm, lawyers professional liability insurance may not the first topic that comes to mind. It can be, however, an important part of your business risk management strategy. Attorneys may consider the following topics when evaluating malpractice insurance options.

• Liability Limits. Policies may set limits per claim, plus an aggregate for all claims made during the policy coverage period. Weigh the policy cost against the coverage limits to determine the best value for your firm.
• Deductible. The size of the deductible per claim may vary depending on the coverage, and may directly impact the cost of the insurance coverage.
• Claim Expenses. Expenses such as reasonable fees for the attorneys defending the case may be included in the coverage.
• Prior Acts. The policy may cover acts that occurred before the policy start date, making it important to maintain coverage with no time gaps between policies.
• Worldwide Coverage. Insurance may cover suits filed around the world.
• Disciplinary. Coverage may include matters that are brought in front of the bar rather than through a lawsuit.
• Subpoena. The policy may cover expenses associated with responding to subpoenas.

Tailoring a Policy That’s Right for Your Firm

Every practicing lawyer may be sued by a client. Evaluating lawyers professional liability insurance coverage options can be an important part of managing your firm’s risk and potential liabilities.