When it comes to the legal profession, there are two known facts: claims against lawyers tend to increase in an economic downturn; and small firms (with fewer than five attorneys) are extremely vulnerable to legal malpractice and damaging lawsuits.
To address these issues, AmerInst Professional Services Ltd. has partnered with Crum & Forster insurance group (C & F) to offer a professional liability insurance program specifically tailored to the needs of small law firms. Rates are competitive because the underwriting guidelines exclude writing large firms that tend to have higher risk and greater claims severity.
“According to the American Bar Association, over 70% of professional liability claims are driven by firms of less than five attorneys,” said Kyle Nieman, president and chief executive officer of AmerInst Professional Services Ltd. “Solo practitioners and small firms have fewer resources at their fingertips and will appreciate having insurance protection that speaks to their needs.”
AmerInst Professional Services Ltd. offers a claims made professional liability policy with limit and deductible options to meet the needs of the small firm. A full range of benefits include: defense expense options, full prior acts coverage to qualified firms, personal injury and advertising liability coverage, client discrimination claim coverage, disciplinary defense, regulatory inquiry and defendant reimbursement, deductible credit for mediation, first dollar defense option and subpoena assistance.
Source:
Topics New Markets
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