Before purchasing professional liability insurance, it is necessary to do your research, but with so many reputable options how are you to choose a fitting carrier for your specific needs?
Every law firm should consider their specific needs and what they are looking to get out of their coverage. We believe that all lawyers should be as informed as possible when choosing a professional liability carrier.
We have gathered a list of lawyers professional liability carriers that have a solid reputation in the insurance industry.
1. ALPS
Specialty: Specializes in, but not excluded to, law firms with 1 – 25 attorneys.
Availability: ALPS offers professional liability insurance in all states except for Oregon.
A/M Best Rating: A- (Excellent)
Awards/Recognition: The Nation’s Largest Direct Writer of Lawyers Professional Liability Insurance
Coverage Highlights: ALPS provides coverage for solo firms up to 2mm/4mm aggregate with deductibles ranging up to $25k and multi attorney firms up to 10mm/20mm limits with deductibles ranging up to $100k. In addition to coverage for Full-time attorneys, part-time practice coverage is also offered.
ALPS provides three different tiers of coverage; ALPS Basic, ALPS Preferred, and ALPS Premier. Each tier offers a variety of options to meet the needs of the firm, including but not limited to:
-Defense expenses outside of the limits
-Reduced deductible for voluntary formal mediation
-Reduced deductible if engagement letter is used,
-Annual Deductible cap of twice the per claim amount
-Coverage for professional services to related organization
-Supplementary par for subpoena assistance for public relations events
2. CNA
Specialty: Coverage available for firms of any size.
Availability: Coverage is offered for large firms of any size in all 50 states and small firms of 1 – 25+ attorneys in all states except for Alaska, Oregon, West Virginia, and Wyoming.
A/M Best Rating: A (Excellent)
Awards/Recognition: CNA is the bar-endorsed carrier in AK, CO, CT, IA, LA, MA, NY, PA, and WA.
Coverage Highlights: CNA offers coverage up to 10 million per claim and aggregate with deductibles ranging from $0 - $2 million. Part-time programs and policy add-ons including cyber coverage and mutual selection of counsel is available upon request.
Four experienced attorneys assist the CNA team in focusing on all risk control services and continuing education for lawyers that are part of the CNA program.
3. Berkley Select
Specialty: Coverage available for firms of any size.
Availability: Coverage for solo or small firms ranging up to large global firms.
A/M Best Rating: A+ (Superior)
Awards/Recognition: Berkley holds an A+ rating by both A.M. Best and Standard & Poor’s Financial Rating
Coverage Highlights: Coverage of up to 5mm/5mm aggregate with deductibles ranging from $2,500 to $25k are available. Berkley advertises their efficient claim handling and flexible underwriting.
There is a risk management hotline and loss prevention website that is always available for resources.
4. The Bar Plan Mutual Insurance Company
Specialty: Coverage available for firms of any size.
Availability: Coverage is available exclusively in Indiana, Kansas, Missouri, New Mexico, and Tennessee.
Rating: A.M. Best has withdrawn the rating of The Bar Plan Mutual insurance company at their request.
Awards/Recognition: The Bar Plan is the only legal malpractice carrier endorsed by The Missouri Bar and the Tennessee Bar Association and also has a Demotech Rating of A Exceptional.
Coverage Highlights: A firm may choose to purchase coverage up to 5mm/5mm with a deductible ranging from $1k - $100k. Cyber coverage of $50k is automatically included in all policies.
Coverage for part-time attorneys is an option with The Bar Plan, as well as coverage for attorneys who also work as a judge. One unique feature is the claims counsel and the majority of the Board of Directors is made up of all attorneys.
5. Hanover
Specialty: Hanover provided coverage for 1 – 50 attorney firms
Availability: Professional liability coverage is available in all 50 states.
A/M Best Rating: A (Excellent)
Coverage Highlights: Hanover offers coverage up to 10mm/10mm aggregate. Coverage is flexible and can be tailored to meet specific needs of a firm with add-ons including: duty to defend, title agency coverage, reimbursement for income lost by attendance at claim hears, hammer clause, worldwide coverage if a claim/suit is brought in the US or Canada, etc.
6. Travelers
Specialty: Coverage is available for small to mid-size law firms.
Availability: Travelers writes policies in all states except Oregon and California.
A/M Best Rating: A++ (Superior)
Coverage Highlights: Limits of up to 10mm/10mm are available with deductibles ranging from $1k - $100k per claim. Policies automatically include network and information security coverage, acquisitions coverage, and crisis event expense coverage.
7. Zurich
Specialty: Zurich provides coverage for firms ranging from 1 to 100 attorneys.
Availability: Professional liability insurance can be written in the following states: AL, AZ, CA, CO, CT, FL, GA, HI, IL, KS, KY, ME, MD, MA, MI, NV, NH, NJ, NM, NY, NC, OH, PA, RI, SC, TN, TX, UT, VT, VA, WA
A/M Best Rating: A+ (Superior)
Awards/Recognition: Winner of the Strategic Account Management Excellence Award
Coverage Highlights: Zurich offers coverage up to 20m/20m. Cyber coverage is available as an add-on to any policy. Part-time attorney policies are available upon request. Zurich has a strong financial rating of A+ from A.M. Best.
How To Choose Which Carrier is Right For Me
Being that there are so many reliable professional liability choices on the market, choosing one may seem overwhelming. There are several factors to consider when beginning your search; reliability, size of firm, pricing and if there is any specific coverage your firm needs (limit size, additional endorsements, what type of work your firm handles, etc.)
At Protexure Lawyers, we encourage you to take the time to research each company and affirm that the policy offered is right for you.
To help you in your search, you may also like to take a look at some of these great resources:
5 Reasons To Shop For Professional Liability Insurance?
6 Tips for Choosing the Right Professional Liability Carrier?
How Much Does Professional Liability Insurance Cost?
Looking for a place to start your search for a professional liability carrier?
