“Cheapest Attorney Malpractice Insurance” Isn’t the Best Way to Shop
Searching the Internet for the cheapest attorney malpractice insurance can be a potential pitfall. Yes, malpractice insurance is a necessary evil, but you don’t want to make the mistake of getting the wrong coverage because of price or not having any coverage at all.
Even if you are a highly experienced and successful attorney, eventually there will be a client who is dissatisfied and will want to sue you. It’s an unfortunate fact of life for a practicing attorney. Allegations of malpractice can cost an attorney and their law firm tens of thousands of dollars to defend. Proper malpractice insurance coverage can act as a financial buffer for you and your firm.
Comparison shopping is a must if you are looking for the best coverage for the best possible price. Rather than going directly to an insurance company where you’ll get one price, we recommend speaking to a professional malpractice insurance broker (like Nielsen Professional Insurance Services) who will work with top insurance companies and provide you with the proper coverage for your practice and situation AND the best price for that coverage.
Just like a health insurance policy or a homeowners policy, the first question an attorney needs to ask about attorney malpractice insurance is whether or not it provides adequate coverage. Only then should you look at the price. If a health insurance policy only covered, say, communicable disease, but not traumatic injury, the price is pretty much irrelevant, isn’t it?
Shopping Malpractice Insurance Is Important
There is no one insurer that is “always cheapest.” Depending on your coverage needs, one insurer might be cheaper than another for Lawyer A, but more expensive for Lawyer B and that can change from year to year as insurers decide to move out of certain markets.
A good malpractice insurance broker will have a decent idea of which insurers will best fit a given attorney, but even the best broker can’t know for sure until a quote comes back. That’s why the policy needs to be shopped around at least every year or so.
Some coverage options are more important than others (deductible amount for example), and each attorney and firm must decide what options are the most critical to protect themselves.
We recommend that you have a discussion with your broker every year and make sure of two things: 1) That you have adequate malpractice insurance coverage (adequate, not the cheapest attorney malpractice insurance). This can change from year to year as you take on different types of cases, cases with a higher monetary value or simply if you have more personal assets that you want to protect. A professional malpractice insurance broker can help with this, but it’s also up to you to decide what level of malpractice insurance makes allows you to sleep well at night.
2) That you are getting the best price for your malpractice insurance coverage. It’s primarily the broker’s job to shop around for the best malpractice insurance coverage and your broker should do this for you annually.
Why Nielsen Professional Insurance Services?
Here at Nielsen Professional Insurance Services, we have solid relationships with many malpractice insurance carriers (not because they carry the cheapest attorney malpractice insurance) which allows us to offer you and your firm the most comprehensive and affordable professional liability coverage in the unfortunate case of a malpractice lawsuit.
The insurance carriers we utilize provide the best coverage at competitive premiums. We have the expertise and the years of experience to make this a simple process for you. We assist you every step of the way – from quote to policy comparisons – and get you back to work knowing that you have the right coverage at a competitive premium that you can live with.
That’s not where our service ends, of course. Our client is you, not the insurance carrier. We give you professional and personal service throughout the year, alerting and counseling you if and when changes occur and assisting you and your firm should a malpractice claim arise.
The Bottom Line
Don’t make the potentially major financial mistake of buying a policy that came up when searching for the cheapest attorney malpractice insurance plan. Fill out our Request A Quote form now or call us toll-free at (877) 856-9231 for more information on our services.