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Any facing issue with HIS claim? My claim amount is processed and ready for payment. But its in that status for last 15 days. There is no reply even after mailing them. What to do..I am currently in NP. I am worried if it will be settled before my last working day. Tata Consultancy Tata Group
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PI is the riskiest practice area (22% of all legal mal claims) and being a solo is the riskiest way to practice (32% of all legal mal claims). I recommend you get at least $1 million but get as much as you can afford. See if you can get a cyber rider too, they don’t provide much extra protection (usually $50k-$100k) but they’re still pretty affordable (unlike standalone cyber).
I represent solo and small law firms as outside General Counsel, DM me if you want to chat - free consults.
AA1 that’s a great point. In defending legal mal claims I love an eroding policy, absolutely nothing gets a plaintiff’s attorney to settle a case like every phone call or letter from me costing them money! (As you point out, there’s risk there for the insured though)
Oh and definitely increase coverage (and add additional policies - employment, cyber, D&O, excess, etc.) as you grow!
Where’s the practice?
Miami, Florida