When it comes to legal malpractice insurance, you might have heard the saying, “There’s no such thing as a free lunch.” While it’s true that nothing in life is entirely free, your legal malpractice insurance policy may include valuable features known as ancillary coverages. These are not “free” in the traditional sense, but they are part of the package you’re already paying for — and they can provide significant benefits. Here’s why you should take full advantage of these offerings.
Continuing Education (CE) Classes: Boost Your Credits at No Extra Cost
One of the most useful ancillary coverages included in many legal malpractice policies is access to free Continuing Education (CE) or Continuing Legal Education (CLE) classes. These classes are typically available online, making them convenient and flexible for your schedule. Even better, in states like Pennsylvania, these classes often qualify for ethics credits.
Think about it: If you’re currently paying out-of-pocket for these courses, why not save that money? Whether it’s $10, $20, or even $50 per credit, those savings add up quickly. This is an excellent example of utilizing the resources already available to you within your policy to keep your hard-earned money where it belongs — in your pocket.
Disciplinary Coverage: Protection When You Need It Most
Another key feature of ancillary coverages is disciplinary coverage. No attorney wants to receive that dreaded letter notifying them of a disciplinary charge, but if it happens, it’s reassuring to know that your policy may help cover some of the costs associated with hiring legal representation. Having access to a lawyer who can help you navigate the disciplinary process and prepare a defense is invaluable. This support can make a challenging situation a bit less stressful.
Risk Management Resources: Tools to Help Prevent Claims
Risk management websites provided by your insurance carrier are another great resource you might be overlooking. These websites offer a wealth of information, including sample engagement and disengagement letters, updates on legal trends, and best practices for minimizing your risk of malpractice claims. By tapping into these resources, you can stay informed about the latest industry developments and enhance your practice management — ultimately helping to reduce your exposure to potential claims.
Don’t Miss Out: Review Your Policy Today
Your legal malpractice policy likely includes a highlight sheet listing the various ancillary coverages and resources available to you. Take a moment to review it. You might be surprised at the number of valuable tools and services you already have access to, all included in your policy.
In conclusion, while there may be no such thing as a free lunch, there are plenty of beneficial features baked into your legal malpractice policy. Make sure you’re taking full advantage of them to save time, reduce costs, and protect your practice.