Am I Paying Too Much For Legal Malpractice Insurance?

 

Professional liability insurance is a major component of any attorney's long-term business strategy. Like other types of insurance, lawyers professional liability insurance manages risk by protecting you from potentially harmful cases that could harm your practice, and your business. Litigation costs in malpractice cases are often greater than the cost of legal malpractice insurance, and no practicing lawyer should ever be without legal malpractice insurance.

 

Average Cost of Legal Malpractice Insurance

The average cost of attorney professional liability insurance ranges anywhere from $400-$6000 a year based on a variety of factors. With Protexure Lawyers, a solo attorney firm seeking a policy with limits of 1 million /1 million  can expect a premium around $2,500 annually. 

Small law firms and solo attorneys do not have the same insurance needs as the larger firms. The risks and types of legal malpractice claims are much different, requiring alternative and specific coverage needs.

 

What do Small to Mid-size Law Firms Pay Per Year with Protexure?

How much does legal malpractice insurance cost

Average Cost by Policy Limit for Solo Attorneys 

Lawyers premium chart-5

 

 

Many factors influence premium for legal malpractice insurance. Insurance companies evaluate their loss experience to determine practice areas that impact the frequency and severity of losses. Some factors that influence the cost of lawyers insurance include: 

  • Areas of practice
  • Claims history
  • Number of individuals covered
  • Annual revenue
  • Length of time you have maintained coverage
  • Practice location
  • Coverage limits and deductible

While there is industry data that can assist you with determining where you might fall on the premium spectrum, the only true way to know what legal malpractice insurance will cost you, is by receiving a legal malpractice insurance quote.

 

We pride ourselves on being fair and affordable to any lawyer or practice that requires our services, and our professional liability insurance. We understand that small legal firms and individual practitioners of the law require protection that suits their needs, and that is affordable to them. 

 

At Protexure Lawyers, we tailor coverage per customer, so that you are getting the right coverage that your practice needs and deserves. We exclude large law firms from our program to keep  to keep premiums low and consistent. Trained, licensed, and experienced insurance professionals will partner with you to make sure you are getting exactly the affordable legal malpractice insurance you need, and nothing more.

 

Why are our rates competitive?

There is no catch. Legal malpractice insurance rates are typically determined by the loss experience of policyholders insured by an insurance company. Our program is designed to meet the needs of small law firms. Rates remain competitive because our underwriting philosophy excludes large firms which have higher risk and greater claims volatility. Those savings are passed along to you.

Our goal is to provide small law firms the professional liability insurance they need. The Protexure Lawyers program is designed with small firms in mind, coverage additions and changes are made regularly to serve the ever changing needs of the small law firm.

  • Focused on serving the unique needs of small law firms with comprehensive lawyer insurance
  • Streamlined process, shorter forms, easy renewal
  • 24/7 internet access to apply for coverage
  • On call licensed professional liability specialists