By Mike Mooney

As we discussed last month, purchasing a professional liability policy is one of the largest expenditures your firm can make during the year. Deciding who will administer and service your policy is incredibly important.

With that in mind, here are four things to consider when evaluating a professional liability broker:

1. Experience with Lawyers - How many clients do they have that are lawyers? Do they understand the unique risks and coverages associated with the practice of law? Can they assist you as it relates to benchmarking?  Do they have knowledge of claims and practice management that can help you better operate your firm? You want a broker that is well versed in legal malpractice. An experienced broker can help you better run your firm and should be seen as outside risk manager.
2. Endorsements - Do they have independent endorsements? For example, are they endorsed by a local or state bar association? These endorsements are good because they are conducted by your peers and the brokers are vented according to their knowledge and service.
3. Customer Service - Are they local? Will you dial into a call center and reach a new representative every time who does not know your firm? Will you be able to obtain that certificate of insurance if you are sitting at a closing table? Make sure you work with a broker who is available during your office hours. Make sure the broker has a team of professionals you can tap for assistance.
4. Full Service - Is your broker able help you secure other lines of coverage? Can they place the other insurances that are required to run your business (e.g., Worker’ Compensation, Business Owner’s, General Liability, Employee Benefits)?   Can they help you with ancillary coverages you may need down the road, such as Cyber Liability, Directors & Officers Liability, and Employment Practices Liability? You want a broker that can provide you with a full array of products. This can save you time and billable hours. For example, you may hire a new attorney whom you need to add to your Professional Liability Policy, your Employee Benefits Policy, and your Worker’s Comp Policy. If you have three brokers, you will need to make three calls. Imagine: one broker means one call. This saves time and doesn’t take away from your billable hours.

An insurance broker should be your partner and advocate. They are your champion and conduit to the insurance carrier. Take time to align yourself with an experienced partner.

For more tips, check out Six Things to Consider When Evaluating a Lawyer’s Professional Liability Carrier

Mike Mooney is a vice president at USI Affinity.