Attorneys purchase lawyer’s professional liability (LPL) insurance for the same reason- protection in the event of a claim. But do you know about your LPL insurance before you need to know about it?
JoAnn L. Hathaway is a Practice Management Advisor with the State Bar of Michigan and a Registered Professional Liability Underwriter. She is also the founder and president of OnPoint Practice Solutions, LLC,.
In Legal Malpractice Insurance in One Hour for Lawyers, Ms. Hathaway takes you through twelve lessons to better understand different types of LPL insurance and its implications. Throughout the lessons Ms. Hathaway presents factors to consider when choosing the right LPL insurance and urges attorneys to avoid solely focusing on the premium cost. This comprehensive guide discusses how LPL insurance operates and other topics such as:
- The importance of filling out the LPL insurance application properly
- What factors impact the premium and coverage limits
- Understanding “step increases”
- Avoiding gaps: changing firms and carriers
- The advantages of policy coverage enhancements
- How your LPL insurance may be impacted when filing suit against clients for non-payment of fees
It also provides straightforward definitions for LPL insurance terms, a guide for office sharing and practice management software, and discusses the importance of cyber-liability insurance. In sum, do your homework and know what you are getting before you need it.
The Lawyers Mutual Lending Library is a free service provided to all insureds and their support staff. We offer a wide range of titles from subject matters including: marketing, networking, starting a law practice and social media. Please visit Lawyers Mutual Lending Library on our website to browse our selection.