Risk Management Blog
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We've crafted solutions tailored to your firm
The world of insurance for law firms can be confusing, and difficult to navigate. We've created this glossary because these common insurance terms should be easy to understand.
You don’t have extra time to wade through the different options to protect your firm. At ALPS, we believe in making insurance easy.
From a 100% online malpractice insurance experience, business insurance options that protect more than just your work, to sample forms and checklists. Along with the best claims handling experience available, you can partner with the only insurance company that helps you get back to work as quickly as possible.
Find out why more attorneys and law firms choose ALPS, the easiest law firm insurance in the industry.
ALPS is more than just a malpractice insurance provider—we're a partner committed to helping solo and small firm attorneys thrive. Here’s why attorneys across the country choose ALPS:
1. We specialize in insurance for lawyers and law firms.
Unlike general insurers, ALPS is 100% focused on the legal community. That means every policy, process, and person is dedicated to protecting attorneys, especially solos and small firms.
2. We’re trusted by more state bars than anyone else.
ALPS is the only provider endorsed by more state bars than any other carrier. Those endorsements reflect the trust and confidence legal professionals and their associations place in us as their partner.
3. We handle claims the way lawyers would want them handled.
Our claims are managed in-house by experienced attorneys. We understand what’s on the line and treat every claim with the care and professionalism it deserves.
4. We help you minimize the risk of claims in the first place.
From free CLEs and risk management tools to practice tips and client education resources, we equip you with the tools to run a stronger, safer practice.
5. We make it easy to get covered.
Our online application is fast, simple, and designed to fit into a busy attorney’s schedule. You can get a quote, customize coverage, and secure your malpractice policy online—without a phone call.
6. We’re built for firms like yours.
While other insurers focus on large firms, ALPS is designed from the ground up for solo practitioners and small firms. That means tailored coverage, fair pricing, and service that understands your world.
A common misconception among some attorneys is that the likelihood of facing a malpractice claim is minimal, leading them to forgo insurance. However, even baseless allegations require a defense, which can be costly. The following numbers will vary between different states, practice areas, and across time. However, approximately 4% of private-practice lawyers in the U.S. will face an allegation of malpractice in any given year. Even if many of those allegations resolve without any loss being paid, those claims still have an impact. Claims can easily take 6 to 24 months to resolve, and defense costs on a claim with any merit can quickly exceed $25,000.
Beyond financial protection, malpractice insurance offers peace of mind, allowing attorneys to focus on their practice without worrying about potential claims. ALPS also provides risk management resources, such as CLE, practice forms, and templates, to help attorneys proactively mitigate the risk of a claim.
Please check out our blog titled, Why Purchasing Legal Malpractice Insurance Is Always a Good Business Decision.
While there is no formulaic way to determine the proper amount of coverage for a firm, a good place to start would be to select limits that allow you to feel comfortable with the amount of protection based on the type of work you perform and the amount of liability that could be imposed should you ever make an error.
ALPS offers you a few different ways to understand your coverage needs:
Blog Articles:
The Basics of Buying Malpractice Insurance
Insurance Coverage Every Small Law Firm Should Consider
Free Downloadable Guides:
ALPS Guide to Purchasing Lawyers Malpractice Insurance
The Top 5 Things That Impact the Cost of Your Insurance
Free 5-Question Quiz with Custom Recommendations
Which Business Insurance Product Is Right For Your Law Firm?
Yes, ALPS offers coverage for specialized practice areas. For both parties, the insurance company and firm, several key factors must be evaluated when considering the right coverage and risk protection.
Different specialties carry different risk levels (e.g., intellectual property vs. personal injury). Demonstrating expertise, experience, and risk management practices can impact what coverage may be offered to a firm in a high-risk practice area. ALPS has access to various insurance markets to present comprehensive insurance options to firms with unique practice areas.
Here are a few helpful resources that can help educate more on important coverage factors:
Assess your risk with our free Virtual Ethics Risk Assessment (VERA)
The Basics of Buying Malpractice Insurance
How to Make the Right Impression When Applying for Malpractice Insurance
Jesse’s love of hiking has taught him that no matter how difficult things might appear to be, it’s always a great feeling at the end. He will always respect your time and help you walk away feeling good about your insurance experience.
Let Traci use her over 15 years at ALPS help you maneuver through any change simple and as easy as possible. She treats each and every insured firm like they deserve to be treated, with respect and understanding.
Are you a solo firm? Reach out via email, chat or phone or schedule a meeting and a member of our solo team will get back to you.
Get relevant content that addresses the unique challenges faced attorneys today. Visit our ALPS Blog and sign up to get a regular digest of relevant and topical articles in your inbox... Learn More
Save time by using relevant examples of letters and forms developed for you and for your clients... Learn More
A 20 minute FREE risk management assessment designed to help you understand where you fall in terms of risk management within your firm... Learn More
We get it. The price of your policy is important to you. Use the ALPS Legal Malpractice Insurance Price Calculator and get a range for your firm... Learn More
Solo attorneys should be protecting their whole firm. There are 3 essential coverages every solo should have... Learn More
You are always looking for ways to grow your practice while mitigating risk. ALPS brings more than 30 years of claims experience to help law firms prevent claims before they occur. We understand that CLE in Alaska is a requirement, but ALPS is committed to providing substantive continuing legal education to help our policyholders and the Alaska legal community as a whole be more successful.
ALPS is proud to offer high-quality, Alaska CLE with both live webinars and on-demand seminars on a number of relevant risk management topics, including many Ethics courses. ALPS policyholders can access any Alaska CLE for free.
Credit hours required: 3 hours of ethics credit per reporting period. Attorneys are encouraged to complete an additional 9 hours of general or ethics voluntary CLE (VCLE).
Specialty credits required: 3 hours of ethics credit per reporting period
Length of reporting period: 1 year
Compliance date: December 31
Reporting date: February 1
Compliance group: All attorneys report annually.
Minutes per credit hour: 60 minutes. To calculate credit for a specific program, divide the total length of the program in minutes by 60 and round down to the nearest quarter hour.
Attendance Reporting Procedure: The ABA does not report your participation. Attorneys must report to Alaska whether they took 3 hours of ethics and 9 hours of voluntary credit.
Alaska MCLE Requirements (from the American Bar Association website)
ALPS is the nation’s largest direct writer of lawyers’ malpractice insurance
We are not a brokerage. ALPS policyholders deal directly with our insurance specialists.
You'll work with Alaska-dedicated insurance specialists
We are endorsed by the Alaska Bar Association
ALPS has been insuring law firms across the country for almost 30 years.
You'll understand why we receive industry-leading customer reviews
All ALPS claims are handled by licensed attorneys
You can choose from lawyer-recommended policy options to fit your needs
We have the financial strength to back up our promise in the event of a claim