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Message
re: E&O insurance costs
Posted on 8/11/17 at 2:17 pm to NaturalBeam
Posted on 8/11/17 at 2:17 pm to NaturalBeam
quote:
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.
I'm a broker for lawyer e&o, premiums vary wildly depending on the area of practice and location of the firm.
Rates go up the first few years because these are claims made policies.
2
Posted on 8/11/17 at 7:55 pm to 632627
quote:
I'm a broker for lawyer e&o, premiums vary wildly depending on the area of practice and location of the firm.
No work with CPAs or consulting firms?
Posted on 8/11/17 at 9:07 pm to 632627
quote:
I'm a broker for lawyer e&o, premiums vary wildly depending on the area of practice and location of the firm.
Rates go up the first few years because these are claims made policies.
Had to have this explained to me. My agent did a pretty awesome job of explaining it and it makes sense.
Year 1 - 1m coverage, 1.5k
Year 2 - 1m coverage, 2.0k
I carry high coverage due to the nature of my practice.
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