Lawyers Professional Liability: The Application Process

When obtaining a quote for your firm’s Lawyers Professional Liability, a great application can go a long way in obtaining favorable terms from an insurer.  Here are some general tips and strategies when preparing an application.

  • Areas of Practice: Pay special attention to this part of your application, most of the premium is determined by your areas of practice. Some areas like real estate or estate work are deemed riskier than areas like criminal defense or family law. Look closely at your gross billings and figure out the exact percentages of your firms areas of practice.

 

  • Docket and Conflict of Interest Controls: Underwriters look closely at a firms risk controls. Missed deadlines or undisclosed conflicts of interest are a significant source of claims. If your firm has a great system in place, let your carrier know in detail. Sometimes it can be advantageous to fill out a narrative to go along with your application explaining your risk management procedures. Taking the effort to show your firm is committed to minimizing exposure will go a long way in getting underwriters to be excited about writing your account.

 

  • Past Claims: If your firm has had claims in the past be prepared to explain the cause of the claim and the steps you’ve taken to stop it from happening again. Again, details are your friend in this circumstance. The more an underwriter understands about your claim, the more comfortable they will become with the situation. Underwriters will reach their own conclusions on the claim if it’s not addressed fully, often to your firm’s detriment.

 

At Keller National we are committed to helping you achieve the best results possible for your firm’s professional liability. Call today and we can help you navigate the application process.

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