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Malpractice Insurance, Cheap

by Carolyn Elefant on October 20, 2005 · 13 comments

in Ethics & Malpractice Issues, Malpractice Insurance

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The new Practice blog has some good tips on purchasing malpractice insurance, with the best for lawyers who practice in California.  Apparently, there’s a malpractice insurance prgoram that starts at $500 a year.  That’s the cheapest quote I’ve every heard – and it’s great news for those just starting out.

  • Mike

    Mainstreet Financial Services [www.mainst-fin.com] also has very competitive rates for new solos and small firms. Their rates start low and move up, so expect them to climb at a regular rate over the first several years of practice. It does help the cash-flow during the early stages of practice. They offer policies to attorneys in the following states:
    Arizona
    Colorado
    Georgia
    Iowa
    Illinois
    Indiana
    Kansas
    Kentucky
    Massachusetts
    Maryland
    Michigan
    Minnesota
    Ohio
    Pennsylvania
    Tennessee
    Washington
    Wisconsin
    North Carolina
    A new solo in Colorado could expect to pay in the $500 – $600 per year range for a 100/300 policy.
    I have been very pleased with their friendly and professional service.

  • Mike

    Mainstreet Financial Services [www.mainst-fin.com] also has very competitive rates for new solos and small firms. Their rates start low and move up, so expect them to climb at a regular rate over the first several years of practice. It does help the cash-flow during the early stages of practice. They offer policies to attorneys in the following states:
    Arizona
    Colorado
    Georgia
    Iowa
    Illinois
    Indiana
    Kansas
    Kentucky
    Massachusetts
    Maryland
    Michigan
    Minnesota
    Ohio
    Pennsylvania
    Tennessee
    Washington
    Wisconsin
    North Carolina
    A new solo in Colorado could expect to pay in the $500 – $600 per year range for a 100/300 policy.
    I have been very pleased with their friendly and professional service.

  • Jeremy

    Can anyone out there give a ballpark for 100/300 coverage for solo w/ 2 yrs. exp in CT and NY?

  • Jeremy

    Can anyone out there give a ballpark for 100/300 coverage for solo w/ 2 yrs. exp in CT and NY?

  • http://www.gotbrandy.com Brandy Karl

    I wanted to add Prolegia/MLM(http://www.mlmins.com/) as a good provider for attorneys in states/practice areas where it is difficult to find insurance!

  • http://www.gotbrandy.com Brandy Karl

    I wanted to add Prolegia/MLM(http://www.mlmins.com/) as a good provider for attorneys in states/practice areas where it is difficult to find insurance!

  • Betsy Markum

    I can’t believe it, my co-worker just bought a car for $80170. Isn’t that crazy!

  • Betsy Markum

    I can’t believe it, my co-worker just bought a car for $80170. Isn’t that crazy!

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  • Bayhorsetwins

    Where can an attorney get a malpractice policy for $500?  Thanks.

    Laura

  • http://twitter.com/NielsenGeenty Nielsen and Geenty

    I realize this article is pretty old, but since it still comes up in searches (it came up in mine), I do want to caution lawyers about taking the cheapest possible policy. Just like a health insurance policy or a homeowners policy, the first question you need to ask is whether or not it provides adequate coverage. Only then do 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!

    Every lawyer in solo practice should have a chat with his or her broker every year and make sure of two things:

    1) that the attorney has adequate coverage. This can change from year to year as an attorney takes on different types of cases, cases with a higher monetary value or simply has more personal assets she wants to protect. A broker can help with this, but it’s also up to the attorney to decide what level of insurance makes allows her to sleep well at night.

    2) that she’s getting the best price for that coverage. That’s primarily the broker’s job to shop it around and your broker should do this for you annually.

    The reason this is important is that 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 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 it the policy needs to be shopped around at least every few years.

  • http://www.facebook.com/angela.walker.5283 Angela Walker

    LOL it starts at $500, then goes to $1000 the second year, $2000 the third year, etc. It’s a scam.

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