LPL Calculator: How Much Is Legal Malpractice Insurance?
As a lawyer, you’re wondering: how much is legal malpractice insurance? You are aware that you need to have malpractice insurance in the event something goes wrong with a case or a client sues for malpractice.
You also know that the American Bar Association finds that 80% of attorneys get sued at some point in their practice of law, making legal malpractice insurance for lawyers a smart idea.
So how much is legal malpractice insurance for lawyers? And is it worth the price? Here’s a quick guide to help you understand legal malpractice insurance and how much it might cost your law firm.
Use this LPL calculator to determine how much is legal malpractice insurance and estimate the costs.
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What Is Legal Malpractice Insurance for Lawyers?
Legal malpractice insurance is coverage that protects you and your law firm in the event that you are sued for professional negligence.
For instance, you may be sued by clients for over-billing them on time, for not delivering on services, or in some cases, for an unhappy result in court that a client blames on you.
While that may sound far-fetched, it’s better not to underestimate a displeased client. Legal malpractice insurance can cover things like settlements or judgments, as well as legal fees and expenses to defend yourself.
Legal malpractice insurance means that you protect your firm, your assets, and your reputation.
How Much is Legal Malpractice Insurance?
While the cost of legal malpractice insurance for lawyers will vary depending on a number of factors, such as the size of your law firm and the area of law that you practice, legal malpractice insurance can be quickly calculated with our legal malpractice insurance calculator.
For example, annual revenue, area(s) of law, number of attorneys and support staff, and past claims are all considered in calculating the cost of legal malpractice insurance for lawyers.
Further, most policies have an LPL step rating system, which means that the premium will increase each year as the lawyer’s experience increases.
For example, a policy for a lawyer with three years’ experience will be less expensive than a policy for a lawyer with eight years’ experience. This is because a more experienced lawyer is more likely to have experienced legal malpractice claims, and as the history of lawsuits increases, so does the cost of legal malpractice insurance for lawyers.
You can use our Legal Malpractice Insurance Calculator to get started. Just enter in some basic information about your law firm and we’ll provide you with tailored quotes. Get started today to find out how much is legal malpractice insurance and be sure that you and your law firm are protected.
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How many lawyers are employed by your law firm?
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What Types of Insurance Do I Need for My Law Firm?
Beyond legal malpractice insurance for lawyers, it’s wise to consider additional insurance policies that will protect you and your law firm in the event of a lawsuit, crime, cyber attack or data breach, and many other circumstances you can’t predict. Law firms of all sizes and areas of practice should consider:
LPL insurance
Cyber insurance
Directors & Officers
Crime
Employment Practices Liability
How Can I Get Legal Malpractice Insurance?
Legal malpractice insurance is available through Embroker. Submit your application to get a quote in minutes, not days. Many law firms purchase legal malpractice insurance as part of a package policy that also includes other coverages.
For instance, while a solo attorney may only want a standalone LPL policy, law firms with two or more attorneys and support staff should consider protection like employment practices liability, workers comp, and even cyber insurance. Speak to a broker or submit an application today to get a quote and find out how much is legal malpractice insurance for lawyers.
What is Claims-Made Legal Malpractice Insurance?
Claims-made legal malpractice insurance is a type of professional liability insurance that protects lawyers from claims arising from their professional services. This type of insurance is typically purchased by law firms and individual lawyers.
What Does Claims-Made Legal Malpractice Insurance Cover?
Claims-made legal malpractice insurance can cover a variety of claims, including:
Negligence
Breach of contract
Violation of fiduciary duty
Professional misconduct
More
Claims-made policies may also provide coverage for disciplinary proceedings and investigations arising from the lawyer’s professional services. Some policies may provide coverage for civil RICO claims, depending on how you customize your coverage.
What Is Occurrence Legal Malpractice Insurance?
Occurrence legal malpractice insurance is a type of insurance that offers protection in the event that you are accused of professional negligence. This type of policy can provide coverage for damages awarded to the claimant, as well as your legal fees and expenses incurred in defending the claim.
Occurrence policies are designed to protect you from claims that arise out of your professional services rendered while the policy was in force. These policies are usually written on a claims-made basis, which means that the policy will only cover claims that are made during the policy period.
Overview: How Much Is Legal Malpractice Insurance?
While it’s difficult to succinctly answer how much is legal malpractice insurance for lawyers without a full understanding of your firm, you can get a strong estimate using the above LPL calculator. Considering factors like area of practice, state, number of attorneys, and more will give you an idea of how much you can expect to pay for an LPL policy, along with other coverages you may want to consider depending on the size and location of your firm.
Of course, no one wants to have to use their malpractice insurance. However, it’s always better to be safe and have peace of mind that you are protected. If you are ever faced with a lawsuit, having this type of insurance can help you protect your business and your livelihood.
To learn more about the coverage that meets your business need, check out Embroker’s digital insurance platform.
