John Muller, Senior Vice President, Professional Firms Leader, Sompo, Pro, U.S. provides insight on the evolving LPL space
For many years we have served law firms with tailored E&O coverage and tailored risk management solutions. While traditionally, our focus had been on serving larger firms, we recognized a growing market gap in reaching and protecting, smaller law firms. We also saw an opportunity to build on our experience in this space, expand our capabilities and diversify our portfolio with the development of a tailored offering specifically for growing law firms.
While smaller law firms face many of the same professional liability exposures as their larger counterparts, the widely available E&O coverage offerings are typically not appropriate for practices of this size. To help close this coverage gap, the Sompo Pro Lawyers’ Professional Liability (LPL) team developed a bespoke coverage offering tailored to meet the specific risk management needs of law firms in the U.S. with between 5 and 19 attorneys.
Sompo Pro’s dedicated team of specialized underwriters now offers E&O coverage to these smaller law firms in the U.S. on a non-admitted basis. Backed by Sompo International’s financial strength, experienced claims professionals and strategic approach to risk control, the offering provides lead, follow or excess coverage based on each firm’s customized program structure.
Our broker partners who specialize in serving smaller law firms played an important role in providing the additional input needed to customize a solution for what had been an underserved segment of the LPL market. We look forward to expanding our network of distribution partners so we can help ensure that smaller law practices have the appropriate coverage and risk control support in place to protect their partners and their bottom lines.
Our LPL offering for smaller practices reflects our ongoing commitment to monitoring market trends and listening to our distribution partners to better understand and anticipate our clients’ risk management needs. Simply put, the LPL space continues to evolve. It is imperative that we evolve with it.