E&O insurance costs

Lawyers carry malpractice insurance - for an experienced solo practice, premiums might run 500-1000 for 250k of coverage or so. They gouge you early on - my rates went up every year for the first 5 years, topping out at 3500. After 5 years with no claims, it starts to go back down.

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I have $30,000 worth of E&O along with a $25,000 Bond. It runs from July of 2016 through 2021.

I paid a one-time premium of $190.00 to Travellers.

Based on the OP you'll need more obviously. But I was pleasantly surprised by the affordability in my case

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That's not bad at all. I'll have to carry a good bit more than that, but still reasonable I suppose.

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Depends. Have you experienced E&O claims in the past? Have your broker engage at least 5 insurers including some large national one such as Travelers, Hartford, etc as well as some regional insurers.

Keep in mind all professional liability policies are not equal and have him go into detail regarding exclusions and coverage extensions.

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Good info.

No claims, putting together pro-formas to begin conversation of creating a small consulting firm. I was just bored last night and was curious what a ballpark number might be.

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I'm a broker for lawyer e&o, premiums vary wildly depending on the area of practice and location of the firm.

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No work with CPAs or consulting firms?

As a real estate broker, I pay about $1000/yr for 1M policy through Rice ins

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No work with CPAs or consulting firms?

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we serve 700 law firms and one cpa. I haven't really looked at the cpa's file, but I think the coverage is pretty cheap (compared to an LPL policy).

one of our clients is opening a consulting firm and inquired about e&o. I did a little research for him, but decided to refer it to a colleague.

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out of curiosity.... what type of law do you practice? who's your insurer?

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Real Estate transactions are about 80% of my practice. I carry a typical "small town" practice for the other 20%.

I'll post the name tomorrow when I get to the office. Don't know it off the top of my head.

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632627

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Thanks.
Yep. Don't think we have a high need of coverage for our consulting side due to the nature of it being highly analytical driven and based on industry assumptions and subjective in nature, but still the possibility of E&O due to human error. But the practice will still offer CPA services to provide full in house capabilities.

Thanks for the insight.

ETA and why did I get a down vote in OP? MT board should be a good spot to at least provide "get the conversation started" information, right?