When was the last time you reviewed the policy limits on your legal malpractice insurance?<\/p>\n\n\n\n
For many attorneys and law firms in Pennsylvania and Ohio, the answer is: \u201cIt\u2019s been a while.\u201d<\/em> <\/p>\n\n\n\n And for some, it\u2019s even worse \u2014 they\u2019ve never increased their limits since first purchasing their policy.<\/p>\n\n\n\n We get it. When you first bought coverage, it felt like checking a box. <\/p>\n\n\n\n You picked a limit \u2014 maybe the standard $100,000 per claim \/ $300,000 aggregate \u2014 and haven\u2019t thought much about it since. Unless a client insisted on a higher limit, there may have been no urgency to adjust anything.<\/p>\n\n\n\n But that mindset can put your entire practice at risk.<\/em><\/p>\n\n\n\n As I like to say:<\/p>\n\n\n\n \u201cTrying to raise your limits after a claim is like trying to buy homeowner\u2019s insurance when your house is already on fire.\u201d<\/em><\/p>\n\n\n\n Let that sink in.<\/p>\n\n\n\n Here are a few things that have likely changed since you last looked at your policy:<\/p>\n\n\n\n So, if every financial metric around you has grown, why haven\u2019t your malpractice limits?<\/em><\/p>\n\n\n\n The most commonly offered \u201cstarter\u201d policy is $100,000 \/ $300,000<\/strong>. And while that might sound like a lot, it doesn\u2019t go far when:<\/p>\n\n\n\n Even a small-to-midsize claim<\/strong> can eat through six figures fast \u2014 leaving you on the hook for the rest.<\/p>\n\n\n\n At that point, you’re not just protecting your firm \u2014 you’re protecting your personal assets<\/strong>, too.<\/p>\n\n\n\n If you’re unsure what limits make sense, here are a few questions to ask:<\/p>\n\n\n\n These factors should all influence your decision. <\/p>\n\n\n\n A solo attorney in Erie, PA handling traffic tickets may have different needs than a five-attorney firm in Cincinnati managing complex civil litigation \u2014 but both should at least evaluate<\/strong> whether their limits are keeping pace.<\/p>\n\n\n\n One of the most common objections we hear is:<\/p>\n\n\n\n \u201cI\u2019d love to increase my coverage \u2014 but it probably costs too much.\u201d<\/em><\/p>\n\n\n\n But many firms say that before even getting a quote.<\/p>\n\n\n\n In reality, increasing your limits might not cost as much as you think. <\/p>\n\n\n\n And the peace of mind it offers \u2014 especially if you\u2019re planning for retirement or growing your practice \u2014 is well worth the investment.<\/p>\n\n\n\n Legal Malpractice Insurance in Pennsylvania and Ohio: Get a Review<\/strong><\/p>\n\n\n\n If you’re a law firm based in PA or OH<\/strong>, now is a great time to schedule a malpractice policy review with us<\/strong>. Whether you\u2019re in Philadelphia or Dayton, Erie or Akron \u2014 your firm deserves coverage that reflects today\u2019s legal environment.<\/p>\n\n\n\n You wouldn\u2019t go five years without adjusting your rates or reviewing client contracts \u2014 don\u2019t let your insurance stay stuck in the past.<\/p>\n\n\n\n Before you say no to increasing your limits, ask:<\/p>\n\n\n\n Want to dive deeper?<\/p>\n\n\n\n Grab a free copy of my book, Game Over? Not Today!<\/em><\/strong>, which covers risk exposure, cyber liability, and real-world scenarios that law firms face every day: https:\/\/bit.ly\/INF-Game-Over-Not-Today<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" When was the last time you reviewed the policy limits on your legal malpractice insurance? For many attorneys and law firms in Pennsylvania and Ohio, the answer is: \u201cIt\u2019s been a while.\u201d And for some, it\u2019s even worse \u2014 they\u2019ve … Continue reading Why It’s Time to Rethink Your Firm\u2019s Insurance Limits<\/strong><\/h2>\n\n\n\n
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Low Limits For Your Legal Malpractice Insurance Can Cost You Big Time<\/strong><\/h2>\n\n\n\n
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How to Determine the Right Coverage For Your Law Firm<\/strong><\/h2>\n\n\n\n
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Don\u2019t Say \u201cNo\u201d Without Knowing the Cost<\/strong><\/h2>\n\n\n\n
Final Thought<\/strong><\/h3>\n\n\n\n
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