How important is professional liability or legal malpractice insurance in New York? The ABA website has New York with the most lawyers of any state with over 185,000 lawyers. The need for legal professional liability insurance in New York is possibly greater than that of any other state. New York is a hub of legal activity with 3 of the top 12 best law schools in the country including Columbia (#4), NYU (#7) and Cornell (#12). Lawyer’s E&O Coverage is essential in New York.

How much does malpractice insurance cost for lawyers in New York?

The cost for professional liability insurance in New York, like all states, is highly dependent on the type of law practiced by the firm. Criminal defense and immigration attorneys typically pay the least while IP, SEC and class action attorneys pay the most. Other factors for malpractice insurance rates include the number of lawyers at the firm, the location within the state, claim history and risk management efforts including type of docket controls, engagement and/or dis-engagement letters and measures in place to minimize lawsuits against their own clients for fees. Lawyers in Manhattan will pay the most while Upstate and Western New York attorneys typically pay significantly less for malpractice insurance. Countersuits for fee suits are the number one reported cause of malpractice claims.

Each carrier views these different factors with greater or less importance. That is why it is important to have a SPECIALIZED, independent broker, with direct access to 8+ carriers that are admitted in New York, to find the carrier that is the best match for your firm and its specific circumstances.

How do I get a quote or more answers about professional liability insurance in New York?

Click below to start the quote process or call our office today to speak with a lawyer professional liability insurance professional with decades of experience doing one thing: helping lawyers like you find the best price and coverage for themselves and their law firms.

Be sure you are properly covered for any actual or perceived errors or omissions (E&O) that may threaten you and the law practice that you have developed.