Legal malpractice insurance can save your career and your firm. Although maintaining coverage isn’t mandatory in California, it is encouraged. Indeed, for some time, the Rules of Professional Conduct have required California attorneys to disclose to clients if they do not carry malpractice insurance (or if their insurance is terminated during the course of a representation).
As important as malpractice insurance is, not all law practices take the time to learn how they can ensure that they are purchasing coverage in an efficient manner. The key is to first understand how insurers judge law practices. The single most important document insurers use to calculate a malpractice insurance premium is the application. While applications ask a variety of questions, most of them focus on four important topics about the firm: size, practice areas, geographic reach and claims experience.
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