New Technology Empowers Firms to Protect their Practices from Risk in a Fraction of the Time and at a Reduced Cost
Embroker, Inc. , the digital insurance company that is radically improving the way insurance works for businesses, announced the launch of its new Lawyers’ Professional Liability (LPL) platform for both large and small law practices.
Commonly known as Malpractice Insurance or Errors & Omissions Insurance (E&O) which has been available for years, Embroker’s new LPL platform allows law firms of almost any size to secure and enroll in legal malpractice insurance in a fraction of the time and at more affordable rates.
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Typically, legal liability cost is $3,000 per attorney per year, plus the administrative cost of the buying process. It requires a lengthy application that can take hours to complete and is a cumbersome yearly process, despite the fact very little might have changed from the previous year.
“Our goal is to utilize technology that empowers lawyers to confidentially protect their firms from risk,” said Embroker CEO Matt Miller. “We believe our technology can turn a miserable, antiquated process into something a buyer actually enjoys; something that they only have to spend a few minutes on each year and receive a quote from an A+ rated insurance provider. By leveraging our technology, our overhead is less intensive than the traditional decades-old model and we are also able to provide lower rates that are going to be very attractive.”
Currently available in 31 states, LPL is still receiving state product approval as it is rolled out nationwide. Embroker will be targeting law firms with 1-10 attorneys nationally, which is the size of the majority of firms in the US. These small firms are the ones perhaps most burdened by the insurance process, as they are often lean and do not have assistants to help.
“We typically attract ‘younger’ progressive law firms due to the technology, but it obviously works for everyone,” adds Brad Barkin, Vice President of Law and Accounting Practices at Embroker. “Utilizing our proprietary technology, it is Embroker’s mission to provide every size law firm the security required to conduct business, so at the end of the day, firms can be confident their law practice is well protected.”
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