Marketing Malpractice Coverage to Different Professions - Attorneys?

[Royslist]

Hi, new to the forums, also posted on General Agents forum a similar query. Hoping to get traffic and responses so sorry for the double post mods!

I am interested in marketing professional liability to professionals I can reach easily 9-5. I would like to work a market where I can reach people during the day who may want lower premium/better coverage (novel concept, eh?).

I am attracted to attorney's market, because there are a lot of them, and I should be able to catch them during the day.

Does anyone know if attorney's who practice independently typically receive malpractice/liability coverage through bar associations, or do they shop through different carriers? Is this a viable market to pursue?

I estimate average premium will be $2500. I am in IL.


If you think attorneys are a bad market, let me know why, and please suggest a different market for professional liability coverage I can call into 9-5 for high volume reach/sales. Let me know why you like it.

thank you kindly! your feedback is so helpful!

 

[sgriswold]

Attorneys E&O is definitely a lucrative market - quite often attorneys may not qualify for a restrictive insurance program through the state bar association (or not be aware that this may not be the best deal or coverage form).

If you find a multiple attorney firm you're in good shape. I quoted a 13-attorney practice at about $70,000 annual premium. One of my other clients is a 2-attorney firm at $8500 premium.

The KEY to effectively marketing to attorneys is not just to win on price. It pays to understand the coverage form and determine if there are any gaps or deficiencies in their current policy. Most attorneys are contract-savvy but may not realize where certain claims scenarios can end up poorly on their part.

Be able to navigate coverages and endorsements intelligently and this will give you a huge edge.

 

[Royslist]

Thanks, SGRis, that's reassuring.

Has anyone experimented w/ marketing PL/E&O to independent mortgage brokers? Is there an appetite for reduced cost in this market?

 

[EugeneM]

I Actually used to be a cold caller for a company. spent hours calling Lawyers. Their insurance just like GL and WC is highly based of the renewal months. You need to create a database of companies and call on it throughout the year to bid on their plans. You will find it hard pressed getting a lawyer to meet with you and give you their Underwriting Information if the renewal isnt even coming up. They simply do not have the time.

I recommend Med Mal highly. A lot of the binding information you will get will be from the business manager 99% of the time and its a matter of the doctor signing it and just emailing back. I know agents that do 90% of their policies over EMAIL with Doctors. Just some thoughts

 

[b61mack]

Eugene what carriers or wholesalers have the best med. mal. plans.

 

[Justin Bilyj]

I just came upon my first Attorney case and would like to know what companies in Ohio would be competitive or is it a national company type of thing?
Also, sgriswold, if you would talk more about why it may not be the best to go through an association for the coverage.
I am also talking to a dentist right now for similar commercial and di.

 

[benk622]

I do lawyers professional in Ohio, the right company being competitive really depends on the type of firm.

How many attorneys are there? What is their primary practice area?

The companies for Dentists will be completely different and you will probably strike out unless they are getting non-renewed. I know there is a pretty competitive association product and Cincinnati has a pretty hard to beat product as well.

 

[Justin Bilyj]

I do lawyers professional in Ohio, the right company being competitive really depends on the type of firm.

How many attorneys are there? What is their primary practice area?

The companies for Dentists will be completely different and you will probably strike out unless they are getting non-renewed. I know there is a pretty competitive association product and Cincinnati has a pretty hard to beat product as well.

pm me, we should talk...

 

[b61mack]

benk622, where in ohio, are you. Empty,we have to get to 20.

 

[Justin Bilyj]

benk622, where in ohio, are you. Empty,we have to get to 20.

Good thing he knows where I am at when he does