Factors in LPL Pricing

A common question from prospective insureds is how much does coverage cost? That is a tough one for which to craft an answer. As you might imagine, some of it depends upon the limit and, to a lesser degree, the deductible. There are also other factors that have an impact, even if in a smaller way. We previously discussed adequate or appropriate limits for the firm, so here we’ll examine factors that influence rating below. Limits and Deductible If you think [...]

Read more...

What’s in a Name: Professional Liability, Legal Malpractice, Professional Indemnity, and Errors and Omissions

As a lawyer, you probably know that it’s in your best interest to have insurance in place to cover the legal services you provide. When looking into your insurance options, or even in conversations with other lawyers or professionals, you may have come across these terms: professional liability (PL), errors and omissions (E&O), malpractice and even professional indemnity. Have you ever wondered which of these is right for you? If you aren’t sure what these terms mean, let alone [...]

Read more...

Photo Use Tips for Law Firms

Our world, especially as it relates to marketing and communicating, is a visual one now. Whether on a website or on your firm’s social media accounts, photos are vital, so below are some tips to help you make the most of the ones you use. USING A PHOTOGRAPHER If you don’t have updated headshots and group portraits, ask friends and family for professional photographer recommendations. Because most photographers do on-site photo shoots, you can also ask them to shoot a few [...]

Read more...

Remote Work: Risk Management in the Remote Work Environment

The novel COVID-19 pandemic has created new working conditions for most of us. How we work and how we interact with each other has drastically changed over the past months. With new territories comes increased risk, some known and other risks are still unknown. Therefore, it is vital that lawyers continue to take precautions to minimize the risks of legal malpractice lawsuits while navigating the remote environment. Most of the claims reported during “normal” times are as a result of [...]

Read more...

PHIL’S CORNER: What Do Split Limits Mean?

Phil’s Corner is a special column from OAMIC’s President & CEO Phil Fraim that is sent in our e-newsletter each month.Most professional liability polices provide different limits, or maximum dollar amounts that will be paid, for different areas. This differs from a typical general liability (GL) policy that is normally written on a combined single limit (CSL) basis. As an example, a 1M CSL GL policy will pay a maximum of $1 million, regardless of whether the claim involves [...]

Read more...

Remote Work: Productivity and Mental Health Tips

Even as offices reopen, especially as COVID-19 cases continue to fluctuate across the country, many companies have adopted more flexible work from home policies, allowing employees to work outside the office more frequently and sometimes even on a regular schedule. Working from home comes with distractions like children, spouses, pets and access to TV and food, plus it presents challenges like slow Wi-Fi, distracting noises or software issues. This environment, coupled with negative headlines, social isolation and fear of catching [...]

Read more...

Claims: Not If but When

The thought of a legal malpractice claim is stressful and unnerving. The truth is, however, lawyers should expect two to three claims in their careers, according to the American Bar Association. It’s not usually a matter of “if” it will happen – but “when.”Even if the claim doesn’t have any merit whatsoever, it still requires attention. The sooner we know about a claim, potential claim or incident, the better off you are. Reporting early allows us to immediately begin our claims process, and often enables us to [...]

Read more...

PHIL’S CORNER: If LPL Is Important, Are Limits Also?

Phil’s Corner is a special column from OAMIC’s President & CEO Phil Fraim that is sent in our e-newsletter each month.Most of the good, conscientious lawyers I know support the idea of the importance of lawyers professional liability insurance (LPL) and would not think of practicing without it. This is not because they think they are prone to mistakes, don’t know the law or are inexperienced. The fact is, they fight against the same mental impediment to effective risk [...]

Read more...

Tips for Returning to the Office

Being back to the office, like from an extended work-from-home period, can be tough. Even those who kept a strict routine while working remotely might find it hard to get back to work in a traditional sense – you may have gotten out of bed, dressed and to your home office by 9, but you likely didn’t have to steam your suit, pack a lunch or compensate for a commute time. For those at firms that kept their offices [...]

Read more...

PHIL’S CORNER: Business Interruption Coverage – The Battle Royale

Phil’s Corner is a special column from OAMIC’s President & CEO Phil Fraim that is sent in our e-newsletter each month.When “sheltering-in” first began, I wondered how long it would take for questions to arise about whether COVID-19 triggered Business Interruption (B.I.) coverage within property policies. It didn’t take too long before lawsuits were filed and some of them were actually filed before a claim was presented, let alone a denial received. I fielded a few questions about OAMIC’s policy and whether any [...]

Read more...