In this episode, we discuss how delaying the reporting of claims and potential claims to your professional liability insurance carrier can result in serious legal and financial consequences and jeopardize both current and future coverage.
Contrary to the misconception that withholding claims protects your insurance status, delaying the reporting of malpractice claims to your insurance carrier carries serious risks. It can increase costs, prolong resolution times, heighten the likelihood of disciplinary actions, and jeopardize your insurability.
We also share five best practices to help you protect your practice and maintain professional integrity.
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More Resources:
Leading Reasons Attorneys Get Sued (Podcast Episode 088)
Reporting a Claim & Your Rights Under a Professional Liability Policy (Article)
Navigating Your Professional Liability Policy & Reporting Claims (Downloadable Guide)
Communication is the Key to a Successful Law Firm
Suggested Documentation Best Practices Checklist
10 Ways to Minimize the Chance of a Legal Malpractice Suit
Conflicts of Interest - Suggested Best Practices
Professional Liability Insurance Scoring Checklist
Claims-Made Vs. Occurrence Insurance Policies Explained
How to Minimize Your Lawyer’s Professional Liability Costs and Maximize Your Benefits
Law Firm Malpractice Claim Preparedness
Malpractice Claim Response Plan - Don’t Be Alarmed, Be Prepared
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