Whether you are purchasing your firm legal malpractice insurance policy, or you are renewing your policy for the 100th time, there are alot of moving parts to keep track of. 


Just like with any big decision for your business, you want to make sure you are doing your due diligence and getting the answers to all your questions before you make the final call. 


The team at Protexure Insurance Agency has put together a list of 44 questions you should ask your potential legal malpractice insurance carrier to help determine if they are the right choice for your law firm.


Insurance Carrier

1. Who is the insurance carrier?
2. What is the carriers AM Best Rating?
3. How long has the carrier been in business? 
4. How long have they been writing professional liability coverage?
5. How many law firms do you insure?
6. Is the Insurer admitted or non-admitted?



7. Have your rates remained stable?
8. Will my premium increase if I have a claim with your company?
9. Can I finance my policy?
10. How much does financing cost?
11. What, if any, premium credits does your company offer?
12. What factors are considered in your pricing?
13. How much does tail coverage cost?
14. How can I pay my premium to you? (Online, check, etc)
15. Why is pricing different from what I’m paying now?



16. Does the policy cover my prior acts?
17. How is your policy better than what I have?
18. How is your policy different than what I have?
19. What doesn’t your policy cover?
20. Does your policy have a hammer clause?
21. Does the coverage provide disciplinary/regulatory matters?
22. Does the policy have any provisions about a free extended reporting period?
23. Does this policy cover cyber security matters?
24. Who is covered under my policy?
25. What optional coverage options do you offer?
26. How much coverage do I need?
27. Is it mandatory to have coverage in my state?
28. How many years of step rating are there with your company?


Risk Management

29. What risk management services does the carrier provide?
30. Does the company provide sample engagement letters?
31. Do you have online resources available?
32. Is there someone who can provide advice for a potential claim?


Claims Handling 

33. How do I report a claim?
34. When should I report a claim?
35. What is considered a claim?
36. How are claims handled?
37. Do I get to choose my own law firm for a claim?
38. How is the claim handling team picked?



39. How long does it take to complete your application?
40. What is the renewal process?
41. Do you have agents available to call if I have questions?
42. How quickly can you provide me with coverage?
43. Do you shop coverage with multiple carriers?
44. How long does it take to get a quote?