Many factors determine legal malpractice insurance premiums. The specific policy terms, your practice’s coverage needs, and many other variables can affect costs.
Wisconsin Lawyers Mutual Insurance Company (WILMIC) provides professional liability insurance for Wisconsin attorneys, by Wisconsin attorneys. We can help you with a policy that protects you and suits your budget. We offer plans with up to $15 million in coverage for errors and omissions and deductibles ranging from $1,500 to $50,000.
Choosing the Right Professional Liability Policy for Your Practice
WILMIC can help you with a policy that provides the coverage you seek at premiums that are right for you and your practice.
Numerous factors determine premiums in legal malpractice insurance, including:
- Location – Your premiums may be higher if you live in a county with a high claims rate.
- Practice area – Some legal practice areas have a higher claims rate than others, and premiums for these may be more costly. According to the American Bar Association, the areas with the most claims in 2022 were trusts and estates, business transactions, and corporate and securities law.
- Practice size – The more lawyers a firm employs, the higher the premiums will likely be. Some policies may offer discounts to solo practitioners, and others may provide discounts once you hit a certain threshold of attorneys.
- Policy limits – The higher your policy limit, the more expensive your premiums.
- Deductibles – A higher deductible will result in lower premiums.
- Past claims – Insurance companies assess their risk when determining policy costs. If you have any previous legal malpractice claims against you, it will likely increase your premiums. The dollar amount of past settlements will also be a factor.
Contact WILMIC About Your Wisconsin Legal Malpractice Insurance Needs
WILMIC has offered quality legal malpractice coverage and risk management to the Wisconsin legal community since 1986. We were founded by lawyers to protect lawyers. Our underwriting manager, Katelyn Cole, and her team can help you with a policy tailored to your practice. Contact us online or call (800) 373-3839 today.