When it comes to legal malpractice insurance, many law firms may be comfortable using the “if it ain’t broke, don’t fix it” approach. As a result, firms may renew their current legal malpractice policy without checking to see whether there are better options available on the market, or without discussing with their insurer whether there are other perks available to them by staying. By failing to take advantage of these options, law firms may be losing out on cheaper premiums or better coverage (or both) available from other insurers or even from their own insurer.
Of course, there are many good reasons to stay with the same insurer every year, especially if a firm has a good relationship with its insurer. However, it can be helpful to be aware of developments in the market, as new products are constantly introduced that may be a better fit for the particular risks faced by a law firm.
