Professional Liability Insurance vs Errors and Omissions
If you’ve shopped for insurance to protect your business from lawsuits, you’ve probably seen two terms thrown around: professional liability insurance and errors and omissions insurance. They sound similar. They’re sometimes listed side by side in guides and policy documents. But do they mean the same thing, or are they two different types of protection […]
What Is Step Rating In Insurance?
If you’ve ever renewed a lawyers’ professional liability policy and noticed the premium jump, even without any claims or changes in your firm, you’re not alone. That increase is often due to something called step-rating of prior acts exposure, a standard feature of claims-made insurance policies. For law firms, especially newer practices or those that […]
What Is “TAIL” Coverage in Legal Insurance?
Congratulations, you’ve built a successful law practice. Whether you’re just launching a firm or preparing to retire, one risk many attorneys overlook is what happens after they close up shop. Professional liability policies are “claims-made,” which means the coverage ends when the policy does, unless you extend it. That’s where “TAIL” coverage comes in. Also […]
