Legal malpractice insurance is, for most law firms and practices, an absolutely necessary expense. However, not all law firms review whether they are getting the best price from their insurer.

The single most important document insurers use to calculate a law practice’s legal malpractice insurance premium is the application. Applications generally ask a variety of questions, most of which focus on four important topics about the firm: size, practice areas, geographical reach and claims experience. Although such questions may seem routine or even innocuous, they often have great impact on how premiums are calculated.

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