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Insurance Glossary

The world of insurance for law firms can be confusing, and difficult to navigate. We've created this glossary because these common insurance terms should be easy to understand.

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HOW MUCH DOES LEGAL MALPRACTICE INSURANCE COST?

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UNDERSTAND THE THINGS THAT IMPACT YOUR COST THE MOST

 

There are many factors that go into the average cost of a policy for an attorney, so please keep in mind that these numbers can vary greatly across the country and across different types of attorneys. The average cost per attorney can start as low as $500 for an attorney with no prior acts and go as high as $6500 for an attorney practicing in a riskier area of law and/or that is seeking many years of retroactive coverage. In general, attorneys can expect to pay between $2500 - $3500 for a comprehensive policy with commonly accepted limits.

With 4-5% of practicing lawyers in the U.S. facing a legal malpractice claim in any given year, you need to know what drives the true cost of lawyers' malpractice insurance. Many attorneys only look at the price of their policy and ignore the factors that truly determine the cost of purchasing a policy.

So what impacts the cost of your policy? The short answer is "it depends," but we know that isn't helpful. Looking a little deeper into what drives the cost of your policy, here are the "Top 5 Things That Impact The Cost of Your Insurance The Most."

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What You Practice

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Where You Practice

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Total # of Attorneys

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"Prior Acts" Coverage

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Claims History

One other frequently overlooked cost-driver is "how" you get your insurance. ALPS is a direct writer. That means you deal with us directly and not a general insurance agent or broker, who also must be paid when selling you insurance.

The True Cost of Lawyers' Professional Liability Insurance is More Than Just Money.

It's Your Time.

Filling out insurance applications can be time-consuming and confusing. Don't be held back by downloading forms or printing them out only to send them back and wait for a response. ALPS is the only legal malpractice insurance company that provides you the ability to secure your policy 100% online, so you can protect your firm with time-saving insurance designed to let you help more people.

Your time should be spent with your clients. Not on paperwork.

 

Take Control Of Your Schedule & Keep Your Focus On Your Firm

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Instant Quotes For Solos

Solos can get a lawyers' professional liability insurance policy in as little as 10 minutes. If you have no claims you can breeze through the application and secure your policy.

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100% Paperless

We've designed our application to be flexible and provide you the easiest, 100% online insurance process out there.

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Simple Transparent Process

Have a question for us along the way? With chat, email, phone support, and the ability to schedule a meeting that fits your busy lifestyle, ALPS makes it easy.

We Understand That Time Is Money

We Are Passionate About Making Lawyers' Professional Liability Insurance Affordable and Easy For You

 

You Get Direct Access to ALPS. No Agents Or Brokers, No Third-Party Adjusters If You Have A Claim

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More State Bars Endorse ALPS Than Any Other Lawyers' Professional Liability Insurance Carrier

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All ALPS Claims Are Handled By In-House Licensed Attorneys (who have actually practiced law)

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Insuring Your Firm With ALPS Is As Easy As:

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Apply Online

Complete our step-by-step, guided application designed to get you back to work.

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Receive Your Quote Online

If your firm doesn't receive an instant quote, view your firm's quote via a unique and secure link.

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Accept. Pay. Relax.

Accept your quote and relax knowing you're insured with a company that looks out for your best interests.

 

THE TOP 5 THINGS THAT IMPACT THE COST OF YOUR INSURANCE

Learn what goes into how much you might pay for such an important part of protecting your firm.

Lawyers’ professional liability insurance is more complicated than most of the insurance we are used to buying. With this free guide, you can understand the factors that do go into the cost of your malpractice insurance.

Top5Things

 

Keeping Your Insurance With "Your Agent" May Feel Easy, But What Don't You Know?

We get it. Letting your local agent or broker place all of your insurance may feel like the easy solution. They have your best interests in mind, right? Lawyers Professional Liability Insurance is difficult to understand and understanding the right combination of business insurance options for your firm can be daunting. The last time you started to compare options, it felt frustrating and confusing to discover what truly matters the most.

Once a year you get an email with a few forms to fill out, maybe even a phone call to tell you they found a better option and need a few signatures. You may not even spend time thinking about the company, or companies, behind your policy.

At ALPS, we believe it's wrong that most lawyers' professional liability insurance is stuck in the dark ages. Or that you might not know who you can trust to protect your law firm. That's why we continue to lead the industry in innovation - from the only 100% online legal malpractice insurance process to being the only carrier focused on complete insurance solutions for solo and small firms. We continue to deliver timely and relevant risk management resources that help make it easier for you to practice law with less risk than ever before.

There's a reason why we are the largest direct writer of lawyers' professional liability insurance and are trusted by more state bars than any other carrier. You can count on our financial strength to back up our promise to our policyholders in the event of a claim, and on a superior and personalized experience. You deserve simple, straightforward protection from people who know your name.

Choosing the right partner to protect your firm means knowing that we’ll be there when you need us. With ALPS, we are invested in your success. You’re not buying a policy. You’re buying a promise.

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