The amount that you will pay for lawyer liability insurance programs premiums depends on several different things. Insurance providers must look at your firm closely to determine your risk for malpractice suits. As such, there is no set premium for legal liability insurance that providers can offer.
The number of lawyers in your firm can have a strong impact on the amount of your annual premiums. If you have a large firm with many lawyers who need to be covered, you will likely pay much more than a small firm or a single attorney.
Amount of Coverage
Because there are different levels of coverage available in most lawyer liability insurance programs, the more coverage that you feel you need often results in higher premiums.
Systems for Malpractice Risk Reduction
Insurance providers may look into your firms systems set up to reduce the risk for malpractice and mistakes made in clients cases. If your system is weak or nonexistent, then you can expect may more for malpractice coverage.
Area of Practice
The type of law that you practice can also play a role in the premium you are required to pay for coverage. Areas of practice with a higher risk of claims may have higher overall premiums.
Your insurance provider can let you know how much you can expect to pay each year for a legal malpractice insurance policy.