Reinventing Insurance for Law FirmsEmbroker News
Since we started working with our first legal customer, we’ve had a vision of making the process of purchasing insurance entirely less dreadful for law firms. What if lawyers could actually feel they were getting a great deal, speed through the application process, and rest easy knowing they were protected? And what if they could do it 100 times faster than the status quo?
Since then, we were able to do just that for high-growth tech startups with the creation of our Embroker Startup Program, which enables companies to purchase vital coverage (directors & officers, tech errors & omissions, cyber liability, and EPLI) online and in a matter of minutes, not to mention providing the best coverage available in the market and average premium savings of 20%.
Now, after years of investment in our core platform and underwriting capabilities, we are proud to bring the same step-change improvement to insurance for law firms with the launch of Embroker’s LPL (Lawyers Professional Liability) program, backed by Everest National Insurance.
Is Lawyers Professional Liability Broken?
Yes and no. For the most part, today’s policies do their jobs. They protect lawyers and effectively cover costs related to malpractice claims. Coverage has gotten better and specialty brokers are wise to the pros and cons of modern professional liability policies for lawyers.
The broken part is the process.
Why should a law firm spend so much time filling out applications and waiting for a quote and on top of that, still have to pay such hefty premiums?
Why is there such little transparency in pricing?
Innovation, Long Overdue
From the inception of our idea to create an end-to-end digital legal malpractice product, our approach has always centered around the actual needs of the law firm, rather than the way the industry works today.
What do lawyers want? We found out that they wanted expert service, cost savings, greater transparency on pricing, and an easier process without having to compromise the peace of mind that comes with purchasing legal malpractice insurance.
We’re proud to say that with our LPL product, we are able to deliver on all fronts.
We believe our technology can turn a miserable, antiquated process into something a buyer actually enjoys; something that they only have to spend a few minutes on each year.
By digitizing and automating the entire process from application to underwriting to payment, our overhead is significantly lower than the traditional decades-old model. It’s this fundamental shift that enables us to pass savings on to the law firm and provide them with lower rates on a better product.
Utilizing our technology also saves valuable time. Applications are shorter and pre-filled so that it only takes a few minutes to purchase your policy. On top of that, all your documents are available instantly, securely stored, and always at your fingertips via the Embroker platform.
Most importantly, our LPL program offers market-leading coverage and is backed by an A+ rated insurance carrier.
Ultimately, every time we field a call from a lawyer in disbelief, claiming “That was just too easy,” we know we’re doing something right.
Embroker’s professional liability product for lawyers is currently live in 31 states and will soon be available in all 50.
Our goal is to enable law firms, and all other businesses, to buy all necessary coverage in one place and with the click of a few buttons. To that end, we will be announcing more product launches over the coming months, each one helping to push the insurance industry forward and into the modern age, step by step and day by day.
Read the press release announcing the launch of Embroker’s new LPL policy here.
Let’s take a look at several key steps and pillars or a quality growth strategy that any modern law firm should focus on to ensure steady growth.
Whether you are an independent lawyer or a 50-person practice, the first step to putting together a quality risk management plan is understanding the potential risks your law firm faces.