How often should you shop your legal malpractice insurance? It doesn’t hurt to actually look at other coverages every year, but it doesn’t pay to actually switch every year. That’s a dangerous practice to change your legal malpractice policy carrier year after year after year. You do not want to do that because of the type of policy it is. It is a claims made policy and switching year after year after year is not a good practice.
Also, when you’re shopping legal malpractice insurance, in order to get a solid quote from a competing carrier, you need to complete that carrier’s application. So you have to ask yourself, if you’re looking to save $100 but they’re asking you to complete one of their applications, how long is it going to take you to complete that application? An hour, two hours, three hours? What do you charge an hour? $100 an hour, $200 an hour, $300 an hour?
It actually could end up where it’s costing you money to switch carriers to save premium dollars. Kind of a crazy thing!