Many lawyers think of malpractice insurance as a necessity they’d rather not spend a lot of time with when they think about it at all. While no one likes to dwell on the need for it or the circumstances that lead to a claim, it’s a vital part of a profession that deals with people at their most emotional and confrontational. It is important to spend some time thinking through coverage, too, because as www.huntersure.com points out, the costs of malpractice are a lot higher than you first think when you look at the dollar numbers on a policy’s coverage sheet. That’s because there are so many things it covers, things that really go beyond what most people think of when they think of the scope of these policies.
- Cyber attacks and data breaches
- Hiring and training issues for firm employees
- Merger and acquisition disputes
Contending With Escalating Causes
As the cost of coverage continues to rise, it’s vital to remember that the number of claims being filed and the industry’s perceived likelihood of claims both feeds into your quote. If you feel like your policy costs are increasing but you’re not actually at higher risk, though, then it’s time to get a quote and have a conversation. Working with an insurance agent who really understands NSO malpractice insurance is a great way to connect to as many carriers as possible, giving you a chance to get the best rate possible for your next policy renewal.