What is Mainstreet Legal Malpractice Insurance?
We are an insurance agency founded in 1996 especially to insure solo practitioners and smaller law firms. We recently changed our name from Mainstreet Financial Services, Inc.
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Why do solo attorneys and lawyers at small law firms need a special program?
Conventional programs have lengthy applications processes not relevant to smaller firms. Mainstreet tailors the application and coverage to meet the specific needs of solo practitioners and smaller firms.
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Where does Mainstreet provide policies?
- Arizona
- Colorado
- Georgia
- Iowa
- Illinois
- Indiana
- Kansas
- Kentucky
- Massachusetts
- Maryland
- Michigan
- Minnesota
- New Jersey
- New York
- Ohio
- Pennsylvania
- Tennessee
- Washington
- Wisconsin
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How do I get a free quote?
- Use our online quote request to get a free rate quote. We’ll provide a custom quote or premium indication within 1 business day.
- Or call us at 800-817-6333.
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How quickly can I get legal malpractice insurance in place?
Typically we can cover your business in 48 hours.
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Does Mainstreet have the best price?
Usually, yes! Price can vary greatly dependent on a number of factors such as practice specialty, length of time currently insured, geographic location and previous claim history to name a few.
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What about “part-time” lawyers?
Yes, we have two part-time programs for attorneys practicing part time: 0 and 10 hours per week and 10 and 25 hours per week.
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What happens if I have a claim against my policy?
Local defense counsel represents and defends you. The insurance policy pays for the cost of defending you.
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What size policy should I buy?
The answer depends on your particular circumstance taking into consideration the type of cases (and type of clients) you handle, and your personal asset situation. Mainstreet can help you think through this issue and tailor a policy that best fits your needs. Start a free online quote or call us at 800-817-6333.
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What if I practice as an Independent Contractor providing legal services to the clients of other law firms?
Yes, we can provide coverage for you. We will want to discuss your specific needs to be sure you are insured correctly. Call us at 800-817-6333.
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Can Mainstreet help me if I do Intellectual Property Law?
Yes, we have an excellent program and placement record in handling this specialty including patent law even if you are a solo practitioner or part of a small law firm.
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Am I eligible if I have had a claim or claims in the past?
Usually, and the good news is that minor claims do not affect insurability or impact prices dramatically. Significant claims in the past however can impact both price and insurability.
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What about the coverage?
Insurance companies affiliated with Mainstreet provide broad, industry-standard protection with many additional features not readily available, including:
CEOL - This benefit option gives you more money to be used for settling a claim. Your defense costs will be paid separately, outside of your policy limits.
Damages only Deducible- Your deductible does not apply to our cost of defending you; you pay your deductible only if a payment is made to an aggrieved party.
Lawyer Discipline Defense - Defends you in a disciplinary proceeding when your license to practice may be at risk.
Business Office Policy - Provides premises liability protection for leased office space and coverage for your business property.
“Personal Injury” Protection
Employment Practices Defense Coverage
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Will my policy be a “Claims Made” policy?
Yes, industry-wide, all lawyer policies are “claims made” including policies Mainstreet provides. However, unlike other programs, our staff will work with your firm to tailor coverage and pricing for your specific circumstances.
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What is a “Claims Made” Policy?
A Claims Made policy provides insurance protection for claims made against you and reported to the insurance company during the policy term. It covers only those claims derivative of legal services you rendered (or should have rendered) on or after the retroactive date listed in your policy.
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If I switch to Mainstreet from my current company will there be gap in coverage?
No, at your request and direction we will arrange coverage so you can switch with confidence and without any gaps.
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When will I need “Tail” coverage (if ever) and what is it?
You should acquire “Tail” coverage or an Extended Reporting Period (ERP) Endorsement if your firm stops buying insurance for any reason such as firm dissolution or retirement. An ERP allows for the reporting of claims in the future to cover claims arising out of legal services you provided in the past. We may be able to provide you with a free ERP if you maintain insurance in the program consecutively for a minimum of 5 years and meet a few other qualifications. We will be glad to discuss this feature with you in detail.
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