Author Archives: INF_WP_U53r

Why Lawyers Need to Plan for Retirement Tail Coverage

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Today I want to share something important: tail coverage. No, not the wagging kind—but retirement tail coverage for lawyers.

Retirement is supposed to be a time to relax and enjoy the rewards of your hard work. But for lawyers, retirement can come with lingering risks. Even after stepping away from the profession, retired attorneys can still be sued for legal malpractice—sometimes even 2, 3, or 5 years after retirement.

What Is Retirement Tail Coverage?

Retirement tail coverage, also known as an extended reporting period endorsement, is a provision in your professional liability insurance that protects you from malpractice claims made after you retire. The good news? If you have an active policy, most insurance providers will offer a free retirement tail—provided you meet their qualifications.

Do You Qualify for Free Retirement Tail Coverage?

Here’s where planning ahead becomes crucial. Most insurance policies require that you:

  • Have continuous coverage with the same provider for at least three consecutive years before retirement.
  • Officially retire from practicing law.

If you meet these requirements, your insurer may grant you a free retirement tail. But if you don’t qualify, purchasing tail coverage can be expensive—typically 250% to 300% of your last premium. For example, if your final premium was $2,000, you could pay $6,000 or more for retirement tail coverage.

What Should You Do Next?

If retirement is on your horizon—whether in the next few years or further down the road—make sure you check your policy at least three years in advance. Talk to your broker, review your coverage, and ensure you qualify for free tail coverage.

Need help navigating your options? Call me at 412-563-2106! I’d be happy to review your policy and make sure you’re set for a stress-free retirement.

Remember, planning ahead means you can truly enjoy your retirement—without constantly chasing your tail. 😉🐶

Don’t Gamble on Your Legal Malpractice Insurance—Get the Coverage You Need

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Hey, Don Ivol here—stepping away from my desk for a moment to enjoy some unseasonably warm weather. It must be at least 50 degrees out! If you ask Punxsutawney Phil, we should be preparing for six more weeks of winter, but you wouldn’t know it from today’s forecast.

Speaking of our furry weather predictor, I recently read that Phil is right less than 50% of the time. That might be acceptable for a groundhog—or even a meteorologist—but when it comes to your legal malpractice insurance, less than 50% just doesn’t cut it.

If you’re renewing or purchasing a policy this year, whether through me at Integrity First Corporation or another broker, take a moment to make sure you have the coverage you truly need. Here are a few key questions to consider:

1. Are Your Policy Limits Right for You?

Your limits should align with the scope of your practice and the clients you serve. If they’re too low, you may be leaving yourself exposed. Too high, and you could be overpaying.

2. Is Your Deductible Still the Right Fit?

In today’s economy, reassessing your deductible is a smart move. Does it need to be adjusted—higher to lower your premium, or lower to reduce out-of-pocket costs in case of a claim?

3. Is Your Broker Looking Out for You?

A good broker doesn’t just sell you a policy; they walk you through the application process, ensure you understand your coverage, and stay in touch with the carrier on your behalf. If your broker isn’t providing that level of service, it might be time to reevaluate.

Don’t Leave It to Chance

The last thing you want is to take a gamble with your coverage, relying on guesswork like Punxsutawney Phil. Instead, take control and make sure your legal malpractice insurance protects you properly.

Have questions? Need guidance? I’m Don I—your insurance guy. Let’s make sure you’re covered. Give me a call at 412-563-2106.

How an Arctic Blast of Unexpected Legal Claims Could Freeze Your Law Firm—And How to Protect It

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Wow, is it cold outside! This Arctic freeze has really taken us by surprise, freezing everything in its path. Hopefully, you’ve been able to take some precautions, like dressing warmly and leaving a drip running from your faucet to prevent frozen pipes. But as I stand here thinking about how the weather can catch us off guard, I realized that something else can freeze your law practice just as suddenly—unexpected legal malpractice claims.

Just like bad weather, legal malpractice claims can come out of nowhere. However, there are steps you can take to protect your firm and avoid getting caught in a legal storm. Here are a few essential strategies that will help prevent your law firm from freezing under the pressure of a malpractice claim:

1. Implement a Dual Calendar System

Much like the need to bundle up when temperatures drop, having a dual calendar system in place will help you stay organized and ensure that nothing slips through the cracks. This system helps you manage deadlines and appointments more efficiently. Using a computerized calendar makes this process even easier, allowing you to keep track of all your important dates at a glance and avoid potential scheduling conflicts.

2. Use a Conflict of Interest System

Just as you would avoid stepping out into a blizzard unprepared, avoid taking on cases with potential conflicts of interest. Establishing a robust conflict of interest system ensures that your firm is not inadvertently engaging in cases that could result in a legal malpractice claim down the line. Regularly reviewing and updating your system will help ensure you are always ahead of the game.

3. Keep Clients Informed with Engagement and Disengagement Letters

Clear communication is key, especially when dealing with clients. Much like you’d keep an eye on the forecast during an Arctic blast, you need to keep your clients informed about what’s going on with their case. Use engagement letters at the start of a relationship to clarify expectations and disengagement letters when ending a case to officially document the conclusion of your involvement. This helps prevent misunderstandings and ensures that your firm is protected.

4. Maintain Constant Contact with Clients

Speaking of communication, regular updates with your clients are crucial. Let them know exactly what you’re working on and where things stand with their case. This will help minimize any surprises and reduce the chances that your clients will feel frustrated or abandoned. If they understand what’s happening, they’re less likely to feel the need to take legal action.

5. Stay Prepared—Like You Would for Bad Weather

Just as you prepare for cold weather by having the right gear and precautions in place, you should stay vigilant about protecting your practice from potential legal malpractice claims. By implementing these systems, staying organized, and communicating effectively with your clients, you’ll be far less likely to find your law firm caught off guard by a claim.

Stay warm, stay safe, and remember: I’m Don, your insurance guy. If you need help protecting your practice from potential risks, don’t hesitate to reach out.

Beware of SMishing (SMS Phishing) This Holiday Season

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As the holiday season approaches, it’s not just Santa Claus and jingle bells we need to watch out for—there’s also a growing threat called SMishing, or SMS phishing. While phishing through emails has been around for years, SMishing operates through text messages, attempting to deceive you into providing sensitive personal information.

What is SMishing?

SMishing is a form of phishing that targets your mobile phone through text messages. Just like phishing emails, these messages aim to trick you into clicking on links or answering questions that divulge personally identifiable information (PII). Once scammers obtain this information, they can use it for fraudulent activities, potentially ruining your holiday cheer.

How Does SMishing Work?

One of the most common SMishing tactics involves fake delivery notifications. You might receive a text claiming that your package is on its way, with a request to confirm your address or answer a few questions. These messages often include a link that, when clicked, leads to a site designed to collect your personal details.

These scams are particularly effective during the holiday season when many of us are expecting packages and might not think twice about a message from a delivery service.

How to Spot a SMishing Attempt

To avoid falling victim to SMishing, keep an eye out for these red flags:

  1. Unknown Numbers: If you receive a text from a number you don’t recognize, especially one with a foreign area code, proceed with caution. SMishing messages often originate from unfamiliar numbers.
  2. Poor Grammar: Pay close attention to the grammar and formatting of the message. SMishing texts frequently contain typos, unusual capitalizations, or improper sentence structure, signaling their fraudulent nature.
  3. Unsolicited Links: Never click on links from unknown senders. If you receive a suspicious message, delete it immediately. Clicking on these links could expose your personal information or infect your device with malware.

Stay Safe This Holiday Season

The holidays should be a time of joy, not stress. By staying vigilant and recognizing the signs of SMishing, you can protect yourself and your loved ones from falling victim to these scams.

If you’re unsure about a text, it’s better to err on the side of caution. Reach out to the purported sender through a trusted method, such as their official website or customer service line, to verify the message’s legitimacy.

Enjoy the holidays, stay safe, and don’t let SMishing spoil your festive spirit. Remember, protecting your personal information is one of the best gifts you can give yourself this season!

Make the Most of Your Legal Malpractice Policy: Don’t Overlook Ancillary Coverages

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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.

Beware the Phishing Scams: Staying Vigilant in the Digital Age

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In today’s digital age, phishing schemes have become rampant, with scammers becoming increasingly sophisticated in their tactics. These malicious activities pose significant risks, including financial loss and identity theft. Understanding how these scams operate and knowing how to protect yourself is crucial in safeguarding your personal information.

How Phishing Schemes Operate

Phishing scams typically involve fraudulent emails that appear to come from legitimate sources. These emails often contain urgent messages designed to trick recipients into providing sensitive information such as social security numbers, credit card details, and login credentials. Common tactics include:

  • Impersonating Trusted Entities: Scammers often masquerade as banks, credit unions, internet service providers, or even government agencies. They create emails that look convincingly real and request verification of personal details.
  • Creating a Sense of Urgency: Many phishing emails claim that immediate action is needed, such as verifying account details to avoid suspension or confirming payment information due to a system update.
  • Using Familiar Branding: Fraudulent emails often incorporate logos and branding elements from legitimate companies to enhance their credibility.

Potential Risks and Damages

Falling victim to a phishing scheme can have severe consequences, including:

  • Financial Loss: Scammers can quickly rack up charges on your credit cards or drain your bank accounts.
  • Identity Theft: Providing personal information can lead to identity theft, causing long-term damage to your credit and financial standing.
  • Data Breaches: Sharing login credentials can compromise your online accounts, resulting in data breaches and unauthorized access.

Importance of Vigilance

Given the increasing frequency and sophistication of these scams, it’s essential to remain vigilant. Here are some tips to help you identify and avoid phishing schemes:

Tips to Identify and Avoid Scams

  1. Verify the Sender: Always check the sender’s email address carefully. Look for slight misspellings or unusual domain names that may indicate a fraudulent email.
  2. Be Skeptical of Urgent Requests: Be wary of emails that create a sense of urgency or pressure you to act quickly. Take the time to verify the request through official channels.
  3. Avoid Clicking on Links: Do not click on links or download attachments from unknown or suspicious emails. Hover over links to see the actual URL before clicking.
  4. Use Two-Factor Authentication: Enable two-factor authentication (2FA) on your accounts to add an extra layer of security.
  5. Educate Employees: If you manage a team, ensure that your employees are aware of these scams and know how to handle suspicious emails.
  6. Consider Cyber Liability Insurance: Cyber liability insurance can provide coverage in the event of a data breach or cyberattack, helping to mitigate financial losses and recovery costs.

Phishing schemes are a growing threat, but by staying informed and cautious, you can protect yourself and your personal information. Remember to verify email senders, be skeptical of urgent requests, and avoid clicking on suspicious links. Educating yourself and others about these scams is the first step towards safeguarding against potential risks.

Take the time this summer to enjoy some real fishing—the kind that lets you relax and maybe even catch a meal. Stay safe and vigilant online.

I’m Don I, Your Insurance Guy!

Have any questions about the topic discussed in this blog post? Contact us today! 412.563.2106

Celebrating 18 Years of INtegrity First Corporation!

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It’s hard to believe that 18 years have already passed. We often say, “My, how time flies,” but this year, it really hit home for me. June came and went in a flash, and with it, our 18th anniversary. Amidst the hustle and bustle of daily operations, it’s easy to let important dates slip by. But this milestone is too significant to overlook.

Over these years, we’ve grown, adapted, and continually strived to serve you better. I look at the color of my hair now, and it’s a clear sign of the time that has passed! Yet, despite the changes, one thing has remained constant: our unwavering commitment to you, our clients.

A Heartfelt Thank You

Whether you’ve been with us from the very beginning or joined our family of insured just recently, I want to extend a heartfelt thank you. Your trust and support are the foundation of our success. We are grateful for the opportunity to serve you and meet your insurance needs.

Each one of you plays a vital role in our story, and we are honored to be a part of your journey. We strive to treat all our customers like family, providing personalized and dedicated service.

Looking to the Future

As we celebrate this milestone, we’re also looking ahead to the future. The past 18 years have been incredible, but we are committed to making the next 18 years even better. We will continue to innovate, improve, and ensure that our services meet your evolving needs.

Enjoy the rest of your summer, knowing that Integrity First Corporation is here for you. And remember, I’m Don I, your insurance guy, ready to serve you for many more years to come.

The Essential Guide To Password Managers

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Passwords – it’s a topic that gets discussed a lot, but surprisingly, many people still don’t use effective methods to manage their passwords.

A Common Mistake: The Post-It Note Dilemma

Let me tell you about an experience I had recently. I was at a client’s office, helping him complete an application that required access to his bank account. He turned around, grabbed a yellow Post-It note from his credenza, and handed it to me. I was taken aback. He had his banking password scribbled on that little piece of paper!

I didn’t say anything at first; we completed the application without a hitch. But before I left, I couldn’t help but bring it up. “You know,” I said, “there’s a much better way to keep track of your passwords.” He shrugged it off, saying it was no big deal and that he only wrote down the passwords he used the most.

The Risks of Traditional Password Storage

Storing passwords on Post-It notes or in a notebook in your desk might seem harmless, but it’s fraught with risks:

  • Easy Access for Intruders: Anyone who gains access to your office can easily find your passwords.
  • Loss or Damage: A Post-It note can fall off, get thrown away, or simply be misplaced, leaving you locked out of your accounts.
  • Lack of Security: Physical notes don’t offer any encryption or security features, making it easy for anyone to steal your information.

The Solution: Password Managers

That’s where password managers come in. A password manager is a digital tool that securely stores and organizes your passwords. Here’s why you should consider using one:

Benefits of Password Managers

  1. Security: Password managers use strong encryption to keep your passwords safe.
  2. Convenience: You only need to remember one master password to access all your accounts.
  3. Password Generation: Many password managers can generate strong, unique passwords for each of your accounts.
  4. Accessibility: Access your passwords from any device, anywhere.

How It Works

You enter all your accounts and passwords into the password manager, and it keeps them securely stored. The best part? It can create complex passwords for you, significantly enhancing your security. All you need to remember is one master password, and the password manager does the rest.

My Personal Experience

I use a password manager myself, and it has been a game-changer. No more scribbling passwords on sticky notes or worrying about losing access to my accounts. It’s a great tool, and I genuinely believe everyone should look into it.

So, if you’re still using Post-It notes or notebooks to store your passwords, it’s time to make a change. A password manager is a small investment for a huge payoff in security and peace of mind.

Stay safe online, and remember, I’m Don Ivol, your insurance guy.

Personally Identifiable Information (PII) and Its Importance In Protecting Small Firms

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In today’s digital age, protecting Personally Identifiable Information (PII) is not just a necessity for large corporations but a critical task for small firms as well. The rise in cyber threats has made PII protection paramount for businesses of all sizes. But what exactly is PII, and why is it so crucial for small firms to safeguard it?

Understanding PII

PII refers to any data that can be used to identify a specific individual. This includes names, addresses, phone numbers, social security numbers, and more. For small firms, this information is often collected from customers, employees, and even business partners. The protection of this data is essential in maintaining trust and ensuring compliance with various regulations.

The Growing Threat of Cyber Attacks

Cyber threats are becoming increasingly sophisticated, and small firms are not immune. In fact, small businesses are often seen as easy targets by cybercriminals due to their sometimes lax security measures. A single breach can lead to significant financial loss, legal repercussions, and a damaged reputation.

Why PII Protection is Crucial for Small Firms

  1. Trust and Reputation: Customers trust businesses with their personal information. A breach can shatter this trust and damage the firm’s reputation.
  2. Compliance: Various regulations require businesses to protect PII. Non-compliance can result in hefty fines and legal issues.
  3. Financial Protection: Data breaches can be costly. Protecting PII helps prevent financial losses associated with cyber attacks.

Engaging and Informative Resources

To illustrate the importance of PII protection, we’ve created a video featuring “Don I, Your Insurance Guy!” Don breaks down complex insurance topics into simple, easy-to-understand segments, making it clear why PII protection is a must for small firms.

Don’s engaging explanations and real-world examples will help you understand the critical steps needed to protect your business from cyber threats.

In summary, PII protection is not just a regulatory requirement but a business imperative. By taking proactive steps to safeguard personal data, small firms can prevent cyber attacks, maintain customer trust, and ensure long-term success. Stay informed, stay protected, and ensure that your business is a fortress against cyber threats.

For more information and detailed guidance, contact us today! Protecting PII is an ongoing effort, and staying vigilant is the key to safeguarding your small firm.

Protect Your Investment: The Importance of Cyber Insurance

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The Realities of Cyber Threats

In today’s digital age, the threat of cyber theft and wire transfer fraud is more prevalent than ever. As we navigate through significant life events, such as buying a new home, it’s crucial to ensure that all aspects of the transaction are secure. This includes verifying that your wire transfers are protected by cyber insurance.

A Personal Experience from Don I.

Recently, my wife and I made the exciting decision to purchase a new home. Sitting at the closing table, a day that should have been filled with joy and celebration, I found myself distracted by a nagging concern: Does this transaction have cyber insurance coverage for wire transfers?

My wife noticed my unease and asked what was wrong. I expressed my concern to her and then to the closer, asking, “Do you have cyber insurance that covers wire transfers?” To my surprise, the closer didn’t know and had to check with a supervisor. Fortunately, they returned with confirmation that the insurance was in place, allowing me to relax and enjoy the moment.

Why Cyber Insurance Matters

The experience highlighted the importance of cyber insurance, especially in protecting against wire transfer fraud. Cyber threats are not just a distant possibility; they are real and can strike at any time, potentially turning a joyful occasion into a stressful ordeal.

Assess and Update Your Policies

Given the evolving nature of cyber threats, it’s essential to regularly assess and update your insurance policies. Here are some steps to ensure you’re adequately protected:

  1. Review Your Current Coverage: Make sure to understand the specifics of your current policy. Does it cover cyber threats, including wire transfer fraud?
  2. Ask Questions: Don’t hesitate to ask your insurance provider detailed questions about your coverage. If they can’t give you a clear answer, consider seeking a second opinion.
  3. Stay Informed: Keep yourself updated on the latest trends in cyber threats and how they can impact your financial transactions and personal information.
  4. Consult an Expert: An experienced insurance agent, like myself, can help you navigate the complexities of cyber insurance and ensure you have the right protection in place.

Final Thoughts

Buying a new home should be one of the happiest days of your life. Don’t let concerns about cyber threats dampen your joy. Take proactive steps to ensure your transactions are secure and covered by appropriate insurance.

Have any questions about the topic discussed in this article?

Contact us today at 412.563.2106 to discuss your insurance needs and ensure you’re protected against cyber threats. Remember, I’m Don I., your insurance guy, always here to help you safeguard your most valuable assets.