Picking the right legal malpractice insurance policy can be a daunting task. Procuring appropriate coverage generally involves balancing a law practice's unique malpractice risk factors against the price of coverage—and finding the right fit.

Here are some basic elements law practices consider in deciding which malpractice policy to buy.

Assess the Practice's Risk Profile

Although many law practices share commonalities across the board, no law firm or practice is exactly the same. Similarly, there are unique differences among firms that insurers consider in evaluating a particular law practice's risk profile (and, therefore, in calculating premiums).

Some practice areas, such as residential real estate and plaintiffs' personal injury, often experience a higher frequency of claims. Other practices, such as intellectual property and securities, may experience fewer claims, but with a much higher severity of potential outcome.