By Amanada Sedliak, President, SPG ExecuPro
SPG ExecuPro has added new A-rated carriers to its Lawyers Professional Liability (LPL) lineup, giving you more markets to place law firm accounts that have been historically difficult to fit.
As law firms face a level of professional risk that most businesses will never encounter, a single malpractice claim, even a meritless one, can drain resource, damage reputations, and put a practice at risk.
For your attorney clients, Lawyers Professional Liability (LPL) insurance isn’t optional – it is the foundation of their financial security. SPG ExecuPro is here to help.
Why Do Law Firms Need LPL Coverage?
The legal profession is one of the most claim-vulnerable professional industries in the country. According to the American Bar Association, roughly one in five attorneys will face a malpractice claim at some point in their career. And the risk isn’t limited to high-profile litigation firms. Real estate attorneys, estate planners, and solo practitioners are among the most frequently targeted.
Consider these scenarios:
The Missed Deadline
A real estate attorney handling a commercial property transaction fails to file a required document before the closing deadline. The deal falls through, and the buyer sues the firm for the lost investment opportunity. Defense costs alone reach six figures before the case settles.
The AI-Assisted Brief
An associate at a mid-size litigation firm uses an AI research tool to draft a motion. The tool cites several cases that don’t exist. The fabricated citations make it into a filing, and the court sanctions the firm. The client, facing a damaged case, brings a malpractice claim against the firm.
The Of Counsel Gap
A solo practitioner brings in an Of Counsel attorney to handle overflow work on an estate matter. The Of Counsel makes an error that results in a significant tax liability for the client’s estate. The client sues the firm. Without coverage that explicitly includes Of Counsel as an insured, the firm faces the claim largely on its own.
The Departing Partner
A partner leaves a firm and takes several client files with her. A dispute arises over work performed before her departure. The firm is named in the claim alongside the former partner. Prior acts coverage and clear policy language become critical to determining who responds to the claim and how.
These aren’t edge cases. They’re the kinds of situations that land on the desks of LPL underwriters every day.
What’s New in SPG’s LPL Coverage Offering?
We’ve expanded our Lawyers Professional Liability markets with the addition of new A-rated carriers, giving you more options, more flexibility, and more ways to get accounts placed, including firms that have historically been harder to fit.
Here’s what’s new:
Limits up to $5,000,000
Primary and excess capacity up to $5M means you can adequately protect firms of varying size and risk profile, from solo practitioners to large, multi-attorney practices.
Built for Law Firms of Any Size
Whether your client is a solo attorney working from a home office or a firm with dozens of lawyers across multiple offices, our markets are built to accommodate them.
A Broad Professional Services Definition
Coverage extends beyond traditional legal work. Our policies include a broad definition of professional services that covers real estate, property management, conservator, trustee, notary, and more, so firms with diverse practice activities aren’t left with gaps.
Independent Contractors and Of Counsel Included as Insureds
Modern law firms rely heavily on Of Counsel attorneys and contract arrangements. Our policies reflect that reality by including these individuals as covered insureds, rather than forcing firms to find separate solutions.
Coverage Built for How Firms Operate Today
AI is changing legal practice, and our coverage keeps pace. Our policies address AI use in service delivery as well as technology product and failure exposure, so firms leveraging new tools aren’t creating uncovered gaps in their risk management.
Management Liability Options Available Alongside LPL
For firm clients who need more than just professional liability protection, management liability coverage is available in combination with LPL. Options include Directors and Officers (D&O), Employment Practices Liability (EPL), Fiduciary, and Crime coverages.
Markets for Any Practice Area
We have markets available for a wide range of practice areas, including firms that may have had difficulty finding coverage elsewhere. Select higher-risk classes are considered on a case-by-case basis.
What Does SPG’s LPL Program Cover?
SPG ExecuPro’s LPL program has always been built to handle the full range of attorney accounts, from traditional small firms with fewer than 10 attorneys, to large firms, to hard-to-place risks like intellectual property, plaintiff personal injury, class action, securities, and real estate practices. We also work with firms that have prior claims.
Our core policy highlights remain in place: pay-on-behalf language, claims-made-and-reported form, defense coverage before administrative agencies, loss of earnings coverage, disciplinary and regulatory proceeding coverage, and a broad definition of professional services. Optional enhancements include aggregated deductibles, mediation deductible reimbursement, first-dollar defense coverage, and defense costs outside the limit, among others.
The addition of new A-rated carriers builds on that foundation, giving you more paths to a placed account and more options to bring your attorney clients the protection they need.
For your law firm clients, this means more markets to shop a hard-to-place risk and higher limits to meet larger-firm requirements.
Ready to Place Your Next Law Firm Account?
Contact our SPG ExecuPro team to discuss your law firm accounts. We’re here to help you find the right fit.