Ritman Insurance Insights

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Why do you need Professional Liability Insurance?

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As a boutique insurance agency, RITMAN specializes in all things property and casualty with an emphasis on professional liability insurance for lawyers. We provide insurance solutions for professionals, businesses, and individuals. You take pride in what you do. So do we.    Why do you need Professional Liability Insurance? Ensure your ability to make a living Protecting your business and personal assets To make your client whole should you or a staff member make a ...

Differences in Worker's Compensation

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How does Worker's Compensation Coverage differ between Corporations, Partnerships, LLCs, LLPs, Sole Proprietorships and Professional Corporations? Partnership / LLP Equity Partners are not automatically included. Equity Partners may elect to be included. If the Equity Partners choose to remain excluded from coverage, respond in the following manner on your audit: provide compensation figures for Partners but note "Partners - Not Applicable" on the audit form. ...

DATA BREACH - Be Aware

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Data records compromised over time: 2008 60,000,000 Hackers figured out ways around security 2009 144,000,000 Drop due to added security 2010 4,000,000 Further added security 2011 174,000,000 Hackers figured out ways around security 2012 44,000,000 IT catching more hackers before breach but only matter of time before hackers will have figured ...

The Top 10 Malpractice Traps

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1. Missing deadlines Utilize dual calendars Proper date calculations Cross-check 2. Conflicts of interest and matter Representation of both parties Personal involvement with a client's business Proper ID at engagement 3. Poor client relations Have clear and timely communication Clear engagement/declination letters Clear expectations up-front 4. Ineffective client screening Thorough intake process Conflict check with other firm mem...

Timeliness of Renewal

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Whose E & O is it if an application comes in late? If you have had 30 to 60 days to complete an application but you give it to your agent the day before you renew, when are you insured? Who holds the power? You? The agent? The carrier? What happens when, having received your application 24 hours prior to your expiration date, the current carrier determines it will not renew your policy due to new information contained in your application? Do you have new practice areas? Did you decide...

How long do I have to maintain client files?

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The file destruction issue is a mix of malpractice and ethics issues. In short, there is no "one time period fits all files" answer. Each file must be reviewed by a lawyer with these matters in mind. Malpractice considerations - Maintain file for minimum time period for running of statute of limitations (SOL) on a legal malpractice claim, generally two years. Note that SOL may not begin to run until the malpractice is discovered. In some circumstances files may have to be mainta...

UM/UIM - Hired/Non-Owned Coverage

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Standard Business Owner Policies (BOP) and Commercial Package Policies (CPP) do NOT have Commercially Owned Auto coverage. In Indiana, BOP and Commercial Package Policies generally do not have Uninsured / Under Insured (UM/UIM) coverage. Hired - Non Owned coverage does NOT apply to Partners / Executive Officers driving their own vehicles on business. Hired - Non Owned coverage DOES apply to the law firm if the entity is named as a Defendant Partner slams into another car: Part...