Frequently Asked QuestionsWho is Mainstreet Financial Services, Inc.?
We are an insurance agency founded in 1994, incorporated in March 1995. We are the program manager for administering a special program of professional liability insurance for solo practitioners and small law firms. Also, we provide operational services for Mainstreet Insurance Purchasing Group.What is Mainstreet Insurance Purchasing Group?
It is a “risk purchasing group” formed under 1986 enabling federal legislation and registered in each state where we do business. Membership ($75 each year per law firm) allows us to bring the special small firm program to many states while providing individual policies.Why do solo practitioners and small law firms need a special program?
Historically, small firms have been forced to go through a policy acquisition process designed for much larger firms, wasting valuable lawyer time filling out multi-page applications which do not reflect the way small firms operate. And other policy services have traditionally not been designed with the solo or small firm needs in mind. Mainstreet has solved all that with a special program designed for the way you do business.Why does Mainstreet cost less than others?
We insure only small, low risk law firms. This means reduced claim costs and consequently a smaller price to you.What about the Mainstreet policy?
How does it compare to others? The Mainstreet policy is a broad form policy which compares very favorably with other policies for lawyers, even with policies provided for large law firms. Mainstreet's standard policy will include Grievance Defense, Lawyer Discipline Defense and Employment Practices Defense at no additional cost to you. Additional coverages by endorsement are also available. For more details, please call to speak with one of our agents.What additional coverages (by endorsement) are available through Mainstreet?
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. Please call for more information.Is the Mainstreet policy “Claims-Made”?
All lawyer policies coast to coast have been claims made for well over a decade. Yes, the Mainstreet policy is a claims-made policy form, as well. The Mainstreet difference is: we can help you understand how a claims made policy will work for you; we’ll take the time to make sure you understand how the policy works and we’ll take the time to listen to your questions. We encourage a dialog.If I switch to Mainstreet from my current company will I lose prior acts coverage?
No, we will arrange to replace prior acts coverage so you can switch with confidence and without any gaps in coverage.When will I need “tail” coverage, if ever and what is it?
The proper name for “tail” coverage is an Extended Reporting Endorsement and you should acquire it if your firm stops buying insurance for any reason such as firm dissolution. It allows for reporting of claims in the future (for either a stipulated # of years or forever) for claims arising out of legal services you provided in the past.What happens if I have a claim?
The insurance company employs staff attorneys to work with you to select local defense counsel. Your defense counsel represents and defends you while the insurance company pays the defense costs.What size policy should I buy?
That’s a good question and the answer depends on your particular circumstance taking into consideration the type of cases (and type of clients) you handle, and don’t forget to factor in your personal asset situation (don’t under insure when you have a lot to lose!). Mainstreet can help you think through this issue and tailor a policy that best fits your needs.In which states does Mainstreet provide policies?
Arizona
Colorado
Georgia
Iowa
Illinois
Indiana
Kansas
Kentucky
Massachusetts
Maryland
Michigan
Minnesota
Mississippi
New Jersey
New Mexico
North Carolina
Ohio
Pennsylvania
Tennessee
Virginia
Washington
Wisconsin