There are several factors you should consider:

Limits: The maximum amount of benefits payable for a given situation or occurrence reported under your professional liability policy. Selecting the appropriate coverage limit for your practice is very important. Many new attorneys simply select the lowest coverage limit available when beginning their coverage in order to keep the initial start-up costs of opening a new practice down.

The defense costs that the insurance company incurs defending your claim are subtracted from your policy's per claim limit of liability potentially leaving very little available money for a judgment or settlement against your firm if you select the lowest coverage limit.

Attempting to estimate the maximum exposure you expect from the legal professional services you will render in your first year of practice might be a more sound strategy in selecting your per claim limit of liability.

Deductible: The amount of money paid by an insured once an insurance company begins spending money on the defense of your claim. A higher deductible usually results in a slightly lower premium.

Most insurance companies only offer two deductible choices for sole practitioners ($2,500 & $5,000). Certain programs offer a choice between a per-claim deductible or an aggregate deductible. An aggregate deductible potentially saves you from having to pay your deductible more than once if multiple claims are reported during the twelve month policy period.
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