When should I shop my law firm's insurance at renewal?

Renewal is the natural opportunity to evaluate whether your current carrier and coverage remain the best fit for your firm. Start the process 60 to 90 days before your renewal date, as malpractice underwriting requires detailed applications, and carriers need time to review your firm's practice profile, claims history, and risk management practices.

You do not need to shop every year. If your carrier provides competitive pricing, strong claims service, and favorable policy terms, annual loyalty can earn you renewal credits and pricing stability. However, you should actively market your coverage every two to three years to ensure you are not overpaying. You should also shop immediately if your renewal quote includes a premium increase greater than 10 to 15 percent without a corresponding change in your firm's risk profile, if your carrier downgrades its financial strength rating, or if your carrier announces it is exiting the legal malpractice market.

When shopping, work with a broker who has access to multiple malpractice carriers. Provide the same complete and accurate information to each carrier to ensure comparable quotes. Be transparent about your claims history, as carriers will discover prior claims through industry databases, and any discrepancy between your application and their findings can result in coverage rescission.

Before switching carriers, carefully verify that the new policy matches your existing prior acts date, offers comparable or better policy terms, and provides adequate tail coverage options. The transition between carriers is a vulnerable period, and gaps in retroactive coverage can leave your firm exposed for years of prior work.