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Best Legal Malpractice Insurance Companies

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Life is unpredictable, and even in the most meticulous of professions, mistakes are bound to happen. For those in the legal profession, these errors can result in expensive lawsuits. This is where legal malpractice insurance comes into play. But choosing the right insurance company can feel like looking for a needle in a haystack. So, let’s put on our Sherlock Holmes hat and shine the spotlight on the best legal malpractice insurance companies. You can learn more about legal malpractice insurance here!

“How many lawyer jokes are there? One, the rest are true stories.” – Thomas F. Shubnell

Photograph: Pavel Danilyuk@pexels

Why Legal Malpractice Insurance Matters

You’ve heard the saying, “Even the best laid plans of mice and men often go awry,” right? Well, it applies to the legal profession too. Even the most experienced attorneys can make mistakes. And when they do, legal malpractice insurance becomes their saving grace.

A study by the Lawyers’ Professional Liability Insurance survey revealed that the highest number of malpractice claims in 2021 came from lawyers practicing in trusts and estates, business transactions, and corporate and securities. These incidents stress the importance of having a safety net in the form of legal malpractice insurance.

Choosing the Right Legal Malpractice Insurance Company

Choosing the right legal malpractice insurance company can be as challenging as preparing for a bar exam. There are so many providers, each offering a myriad of options. So, how do you make an informed decision?

Fear not, we’ve done the heavy lifting for you. We’ve evaluated various companies based on factors that matter most to legal professionals. So, buckle up as we take you through this journey of finding the best legal malpractice insurance companies.

ALPS Insurance: The Best Overall Legal Malpractice Insurance Provider

First up on our list is ALPS Insurance. Known as the largest direct writer of legal malpractice insurance, ALPS stands out for offering three comprehensive policies that cater to private practice firms. These include Legal Practice Liability, Cyber Breach Response Insurance, and Employment Practices Liability Insurance.

ALPS provides coverage for solo firms up to $2,000,000 per claim/$4,000,000 aggregate, with deductibles as high as $25,000. For multi-attorney firms, the coverage goes up to $10,000,0000/$20,000,000 limits with deductibles as high as $100,000.

What sets ALPS apart is its commitment to customer service. They’ve garnered 4.9 stars out of 5 on Trustpilot, which testifies to their excellent customer satisfaction ratings.

Pros of ALPS Insurance

  • Online application, payment, renewal, and claims filing
  • Discounts for law firms that use Clio Suite
  • Excellent customer satisfaction ratings
  • Ideal for solo or small firms
  • Coverage for part-time practice

Cons of ALPS Insurance

  • Not available in Oregon
  • May not be suitable for corporate or large firms

AdvisorSmith Rating for ALPS Insurance

  • Overall rating: 4.9/5
  • Coverage options: 4.9/5
  • Cost: 4.9/5
  • Ratings and complaints: 5/5
  • Digital experience: 5/5
  • Customer service: 5/5

360 Coverage Pros: The Cyber Liability Champion

In the digital era, cyber threats pose a significant risk to law firms. 360 Coverage Pros understands this and offers a Cyber Liability and Data Breach Insurance program that starts at a budget-friendly $199 annually.

360 Coverage Pros’ plans are backed by the Swiss Reinsurance Company, a renowned insurance provider with an A+ rating from AM Best.

Pros of 360 Coverage Pros

  • Coverage limits of up to $10 million
  • Affordable plan
  • Good reputation
  • Simple quote process
  • Team of legal analysts

Cons of 360 Coverage Pros

  • Only offers claims-made coverage
  • More suitable for smaller firms
  • Cyber liability coverage comes at an additional cost

AdvisorSmith Rating for 360 Coverage Pros

  • Overall rating: 4/5
  • Coverage options: 4/5
  • Cost: 4/5
  • Ratings and complaints: 4/5
  • Digital experience: 4/5
  • Customer service: 4/5

Embroker: The Best for Directors and Officers Insurance

Embroker offers a quality D&O policy that protects your board of directors from lawsuits related to misuse of company funds, misrepresentation of company assets, breach of fiduciary duty, and general non-compliance, to name a few.

Embroker’s D&O policy contains three insuring agreements, known as Side A, Side B, and Side C, providing comprehensive coverage to both the company and its directors and officers.

Pros of Embroker

  • Instant quotes and online purchase
  • Industry-specific coverage
  • Expert advisors
  • Real-time claims tracking
  • Low premiums
  • 24/7 customer service

Cons of Embroker

  • Not as long-established as other companies
  • No official ratings available
  • No mobile app

AdvisorSmith Rating for Embroker

  • Overall rating: 4.8/5
  • Coverage options: 5/5
  • Cost: 5/5
  • Ratings and complaints: 4.5/5
  • Digital experience: 4.5/5
  • Customer service: 5/5

Chubb: Best for Employment Practices Liability Insurance

Chubb, a major insurance provider, offers a standalone EPL Insurance for Law Firms specifically designed for the law firm community.

Pros of Chubb

  • Extensive network of agents and brokers
  • Wide variety of commercial insurance policies for numerous industries
  • Superior ratings indicating financial stability
  • Discounts for home-based businesses
  • Good customer service

Cons of Chubb

  • Some businesses may find Chubb’s coverage options to be too extensive and expensive
  • Limited online quoting system
  • No live chat support on the website
  • Not BBB-accredited

AdvisorSmith Rating for Chubb

  • Overall rating: 4/5
  • Coverage options: 4.5/5
  • Cost: 3/5
  • Ratings and complaints: 4/5
  • Digital experience: 3.5/5
  • Customer service: 4.5/5

The Takeaway: Best Legal Malpractice Insurance Companies

As we unravel this journey, it’s clear that finding the best legal malpractice insurance companies requires careful consideration of your specific needs. ALPS Insurance and Embroker stand out for their comprehensive policies, while 360 Coverage Pros is a great choice for cyber liability coverage. Chubb, on the other hand, is known for its EPL insurance tailored for law firms.

Remember, choosing the right insurance company is just as important as acing your court arguments. So, make sure you do your due diligence before making a decision.

Happy hunting!

Photograph: August de Richelieu@pexels

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