Walker & Company
The Hidden Cost of "Set It and Forget It" Insurance for Law Firms
It’s easy — and completely understandable — for law firms to renew their professional liability insurance each year without giving it much thought. Between running a practice, managing clients, and keeping up with deadlines, insurance tends to fall into the “just get it done” category.
But that auto-renew approach can quietly cost you a lot over time — and worse, it can leave gaps in your coverage you didn’t even know were there.
Here’s why that happens:
The Insurance Market Doesn’t Sit Still
Every year, carriers make adjustments to their underwriting appetite. Maybe they were competitive on real estate work last year but now want to back away. Or maybe they’ve tightened guidelines around firms with past claims or certain practice areas.
At the same time, new carriers enter the market, often offering better pricing or broader coverage to gain traction. Others pull out of legal altogether.
If your policy was written years ago, you might be paying higher premiums for less-than-ideal terms simply because no one has gone back to see what else is out there.
Your Firm Isn’t the Same Year After Year
Your practice evolves. Maybe you’ve added an attorney. Maybe your focus has shifted. Maybe your revenue has grown (or shrunk). All of those things affect how carriers view your risk. This can leave your firm:
This can leave your firm:
- Underinsured for the amount of exposure you now carry
- Missing endorsements or policy features that would help (like cyber coverage or first-dollar defense)
- Paying for limits or options that no longer make sense
Premium Creep Is Real
One of the most overlooked costs of “set it and forget it” is slow, incremental premium increases. A few hundred dollars here and there doesn’t feel like much year to year, but over time it adds up — especially if there are other carriers offering similar or better coverage at lower rates.
What We Do Differently
At Walker & Company, we re-shop every client’s policy every year. Not just because we can — but because we should. The legal malpractice market is always shifting, and we want our clients to benefit from that movement, not get stuck in it.
We know small firms don’t have time to chase down insurance quotes, and we don’t expect you to. That’s our job. We’ll dig into the market, make sure your coverage still fits, and let you know if there’s a better option out there. If there isn’t, we’ll tell you that, too.