How Can an Economic Downturn Impact Your Firm?
Let’s set the stage with a presupposition with which you may or may not agree. It is the natural order of things that when as much was done to stimulate the economy during the pandemic, the bill will come due. I think we are about to pay the piper to some extent. That means rough […]
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Safeguard Your Practice in Uncertain Times
History has shown that stressful economic times leads to a higher number of legal malpractice claims. For example, following the 2008 recession, legal malpractice claims in the U.S. rose sharply. Theories abound as to why this is the case. Reasons for a recent increase may include changes to court rules and procedures related to COVID, […]
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If You Aren’t Prepared for a Cyber-Risk Insurance Application, You’re Not Prepared for a Cyber Attack
This resource has been written by guest author Collin Walke. Mr. Walke leads Hall Estill’s Cybersecurity and Data Privacy Practice. He is CIPP-US and CIPM certified and is a certified artificial intelligence systems auditor. Mr. Walke received his B.A. in philosophy from Oklahoma State University, his J.D., magna cum laude, from Oklahoma City University School […]
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5 Tips to Avoid a Ransomware Attack
If you are an OAMIC-insured law firm, you have comprehensive cyber and data breach coverage provided automatically. It is included with your LPL policy at no additional cost to you. It’s great in the event that you have a cyber-related incident. But even with the coverage, the assistance of experts and the restoration of data, […]
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Top 5 Ways to Mitigate a Charge of Discrimination
This resource has been written by guest author Katherine Mazaheri. Ms. Mazaheri is an Oklahoma trial lawyer who regularly represents plaintiff employees in all areas of employment law, including litigation in state and federal courts, in mediation, before administrative agencies such as the EEOC, Department of Labor and Oklahoma Employment Security Commission. She also trains […]
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Understanding Your Workers Compensation Policy
Most people are familiar with workers compensation coverage and what it commonly covers: benefits or lost wages resulting from an injury or disease sustained while performing work related duties. This part of your workers compensation insurance policy is generally referred to as “Part One,” “Part A” or “Coverage A” – the part that covers the […]
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Cyber Coverage: Higher Limits in High Demand
I know from many phone conversations that many of our insureds are becoming more aware of cyber coverage. We also certainly see more interest in increasing the limits from the $100,000 aggregate we include by endorsement to all our lawyers professional liability (LPL) policies. It is correct to ask, and to examine the cost involved. […]
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What Do ‘Earned’ and ‘Unearned’ Premium Mean?
Just like with the practice of law, the insurance industry seemingly has its own language. If you don’t work in insurance, it can be confusing – and even frustrating – to not understand the product you’re purchasing. To alleviate this, we’ve covered phrases like “claims-made policy,” “split limits” and even the name of the product itself. […]
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PHIL’S CORNER: 2021 Policy Dividend – a Loyalty Reward
The OAMIC Board of Directors recently declared a policy dividend of approximately 5% of the earned premium for annual policy limits up to $1 million. This equates to about $448,000 to be paid to policyholders who have a current policy as of the Dec. 31, 2021, record date. View Post I like to think of […]
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Do I need a workers compensation policy?
A brief history of workers compensation insurance Before workers compensation insurance statutes were adopted by most states, injured workers could sue their employers to recover medical expenses, lost wages and other damages resulting from work-related injuries. Employees first had to prove the negligence of their employer in a lengthy, costly and ambiguous process. The employer […]
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