Applying for professional malpractice insurance is sometimes considered a chore. Too many law firms and attorneys breeze through insurance applications, without carefully considering their responses to each question and the implications. However, failing to properly answer questions can create serious risks for law firms.
The purpose of an insurance application is for the insurer to assess and price the risk to be assumed by the insurer under a potential policy. To do this, insurers use different kinds of information, such as the number of attorneys at the law firm, the type of practices performed at the firm, as well as policies and procedures in place at the firm. These pieces of data inform how much risk the firm carries as a possible insured and enables the insurer to decide whether to take on that risk and at what price.
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