Blog | Understanding LPI

Learn how to manage your professional liability insurance and cyber insurance policies, keeping premiums low and value high.

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Legal Malpractice Insurance Deductibles: How to Save Serious Money

April 14, 2022

Deciding on where to purchase your legal malpractice insurance (E & O or Professional Liability Insurance) can be difficult, especially when looking at all the associated costs that come with. I think it's a safe assumption that premiums dictate what coverage you get and where you get it.

When to Report a potential claim in Professional Liability Insurance Policies

October 3, 2019

Do you know what to do if you are faced with the likelihood that you made a mistake that could result in a professional liability claim being made against you or the possibility of one? Most professional liability insurance policies have very specific requirements for the reporting of claims and potential claims.

Professional Liability Insurance for RIAs

April 5, 2019

Please stop sweeping your Professional Liability Insurance under the rug. At tax time, financial realities jump out from under the rug. Last year’s business decisions discover their long-term financial implications. Time spent looking back makes for better decisions moving forward.

How Much Does Legal Malpractice Insurance Cost?

February 5, 2019

Your professional liability insurance premium is most often based upon the number of full time lawyers in your firm. As the size of the firm increases however, the cost per lawyer actually decreases.

How to Preserve Your Professional Liability Insurance Policy Badge of Honor

January 8, 2019

For a long-time practitioner, your retro date usually coincides with the date you first purchased liability insurance probably close to the date you first started practice. For many, your retro date starts the legacy of many years of continuous insurance coverage representing an entire career.

Are there limitations in your Malpractice Insurance coverage?

October 10, 2018

It is important to know the limitations of a Legal Malpractice or Lawyers’ Professional Liability Insurance (LPL) policy. Most Legal Malpractice Insurance Policies have three components in common. The key to avoiding the unexpected is to have a good understanding of all restrictions, provisions and costs at the time of purchase or renewal.

Take Advantage of Legal Malpractice Insurance Tail Coverage When You Part Ways

August 18, 2016

To avoid a potential uninsured career, lawyers practicing in a group setting, need to be prepared to buy Tail coverage should the “group” split up and there is no successor to continue to insure the former firm, and its lawyers’ prior acts.

Professional Liability Insurance Applications Ruined By Too Many Cooks

July 18, 2016

To be sure that you’re getting the best out of your professional liability insurance policy in terms of cost and coverage, it’s best to shop your coverage once every three years. You can do it yourself, or save a considerable amount of time and effort by having an independent professional liability insurance broker do it for you.

Professional Liability Insurance Renewal: 6 Tips to Save You Money This Time

July 5, 2016

Remember these tips the next time your professional liability insurance policy is due to renew.

3 Legal Malpractice Insurance Fallacies That Could Change Your Thinking

June 16, 2016

Ask any busy professional for their most hated business process, 9 out of 10 will say filling out those darn malpractice insurance applications. I have to agree, they're inconsistent, unclear, repetitive, too long and oh-so-tedious.

Get Professional Liability Insurance: 7 Actionable Tips

May 16, 2016

Professional Liability Insurance is a specialty insurance that is not typically available from your neighborhood insurance agent. In fact, it’s an entirely separate insurance “genre” requiring specialized knowledge, relationships and familiarity with non-standardized policy forms.

This Isn’t Your Granddaddy’s Legal Malpractice Insurance

May 3, 2016

As in life, change in the insurance business is inevitable. That is certainly true looking back over the development of Lawyers’ Professional Liability Insurance in America.

Do You Have the Wrong Professional Liability Insurance Policy Features?

April 4, 2016

Busy professionals very often have a herd mentality when it comes to buying professional liability insurance. They buy from the same insurance company that everyone else buys from. The same is not always good, however.

Professional Liability Insurance Loss Runs and Knowing Terminology

February 15, 2016

Your professional liability claim history is the number one testament to your professional credibility and key to maintaining affordable professional liability insurance. If you have had claims or disciplinary actions made against you in the last five years, any new Insurer you apply to for coverage is going to require a loss run from the insurance company that you reported the matter to.

Reliably Simple.

Disclaimer

None of the information provided in the website is a guarantee that insurance will be provided or that the agency is obligated to procure insurance for the website visitor. Misstatements or omissions of relevant information by the applicant can lead to price variation or even declination or rescission of coverage. Brokers can make your life easier in buying an insurance policy that best suits your needs, but working with a broker is not a substitute for your independent review of the policy being considered. In the end, the decision to buy or not buy one policy over another is the buyers decision.

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