S04E189 The Insurance Mistake That Can Cost a Law Firm Its Coverage with Fred Fisher

One small misstep can turn “I’m insured” into “coverage denied.” That’s why we brought on Fred Fisher, a professional liability specialist with decades of experience in claims, risk management, and insurance brokerage leadership, to walk us through what happens when a professional liability claim lands on your desk. We get practical about the difference between claims-made insurance and occurrence policies, why claims-made became the backbone of legal malpractice and many professional liability programs, and how the coverage trigger is often less intuitive than people expect.

We dig into the real-world reasons insurers deny claims, especially the surprisingly common failure to report a potential claim or “notice of circumstances” correctly. Fred explains what information typically needs to be included, why reporting to the wrong place can still blow up coverage, and how renewal applications can create false confidence if your policy requires notice directly to the claims department. If you advise clients, run a firm, consult for a fee, or sit on a nonprofit board, these details matter.

We also talk about the uncomfortable truth in many states: insurance agents can be treated like “order takers” with no duty to advise, unless certain actions elevate the standard of care. From there, we broaden out to coverage gaps in commercial general liability insurance, reputational risks like libel and slander, D&O insurance basics, and when Side A DIC coverage can protect individual directors if corporate limits fail. If you want a clearer, safer way to buy coverage and document decisions, this conversation will change how you think.

Reach Fred here:
https://www.fishercg.com/WP1/ 
Get his book: https://amzn.to/4cawpPp 

Season 4 Episode 189 

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Leadership In Law Podcast with host, Marilyn Jenkins