How the Attorney Benefits from Using a Specialized Professional Liability Insurance Broker

When a prospective client has a divorce or custody issue they turn to a family law attorney for guidance. The family law attorney has expertise in the field and knows the law in this area. The same principal should apply when purchasing professional liability insurance. You should seek out a professional that understands the intricacies of a claims-made insurance policy.
No two professional liability polices are created equal. They have subtle nuances and fine print that can make the difference if you ever have an incident or claim. Endorsements and exclusions can apply differently to every policy. You want a broker who studies these polices, sells them on a regular basis and has a familiarity with their distinctions. Their value should extend well beyond the sale of the policy. They should help educate you and your staff and provide the very best skilled service possible.

Think beyond just purchasing the policy:

  • What happens if there is an actual claim?
  • Who will you turn to?
  • What will they know about the policies reporting procedures?
  • What about raising the policy limits or adding an attorney to the policy?
  • How about complex issues, such as, purchasing an extended reporting period (tail) policy in case the firm dissolves or splits?

Professional liability brokers can help answer these questions and many more. They can help answer and assist in filling out complex applications that can make the difference in the underwriter’s evaluation of the risk and the eventual determination of the premium.

The specialized broker has relationships with specialty insurance carriers who only underwrite lawyers’ professional liability policies and the broker can in-turn advocate on the firm’s behalf. Over time, they develop these relationships with specific underwriters and they can discuss your application and submission on a one-on-one basis. If your firm has a complex claims history, this advocacy can be a determining factor in whether an admitted or non-admitted carrier will accept your application. This ultimately can be the difference in thousands of dollars and what is actually covered in your firm’s policy.

Hirsch Insurance Brokerage has dedicated itself to professional liability insurance for lawyers. We’ve spent the last decade listening and getting to know our lawyers and law firms, while continuing to educate ourselves. We have built strong underwriting relationships and pride ourselves in providing a hands-on approach. We understand what’s at stake. Your professional reputation and business needs protection. Why not treat your firm to the guidance and counseling it needs when purchasing professional liability insurance? We believe in relationships, reliability and results.