As a lawyer if you are looking for malpractice insurance, you should be aware that malpractice insurance rates for lawyers depend on number of factors and it changes from one insurance company to the next. You can either call up a broker or the insurance company directly to discuss your particular circumstances and see whether you get a rate that best suits your needs.
When checking malpractice insurance rates for lawyers, it is best to opt for competitive rates rather than cheap ones because cheap does not automatically translate to a better insurance. Make sure the insurance company you select covers all the activities of your legal practice.
Malpractice insurance rates for lawyers will depend on the limit of liability selected. It will also depend on the area of your legal specialty. If you tend to practice in high risk areas like banking or real estate, be ready to pay for your insurance. In addition, you might even have to pay additional premium to get a certain specific coverage.
Rates of the malpractice insurance also depend on your personal claims history and the firm’s if you are working for one. The higher your personal claim history, the higher will be the rate and subsequently the premiums. Then, do not forget the ubiquitous deductibles. The higher the deductible you are willing to assume, the better insurance rates you will be offered.
Malpractice insurance rates for lawyers are also dependent on the litigation atmosphere in your area. If you are clubbed with high risk lawyers, automatically your rates will be higher. Make sure you figure out which risk group or pool you are in, and if you are in a high risk group, do whatever you can to be placed in a lower risk group.
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