The Puzzling Problem of Price
We’ve been selling professional insurance to lawyers for decades. Sometimes it seems like we’ve seen it all, but even after all this time, I’m baffled by one constant question: Why do almost all solo and smaller firms continue to search for professional insurance solely by price?
We see it happen again and again, in the offices of lawyers who, by all rights, should know better. After all, attorneys don’t generally bill their services on a “lowest price, guaranteed!” platform; as well they shouldn’t! Quality is important, sometimes very important.
So, is it “worth it” for your professional insurance? Well, like any insurance, there are factors to consider…. these are the same factors that we consider when we’re looking at your risk potential. Some areas of practice yield more claims than others, that’s for sure. I’ve written a few risk management tips about that. If you’re curious about these “danger zones” check the “tips” archive on our website. If you tend to operate in higher risk areas, you’re going to want significant protection to assure that you get to continue operating at all!
Just like buying insurance for your car, it’s important to consider how distressed you would be if, out of the blue, someone ran a light and totaled it. So…how much do you like your practice?
The “It won’t happen to me!” myth
I assume a lot of attorneys think they’ll never need to use their insurance, so why waste money on a good policy? It’s also occurred to me that many attorneys simply don’t understand the meaningful differences in policies, and don’t have the time or energy to do the research. And, of course, nobody likes thinking about things going wrong! Price is such an easy, objective standard to judge things on, whether it’s right or wrong.
We encourage you to use your agent. Be inquisitive, especially if policy terms, conditions, exclusions seem like a foreign language.
We are here to answer any questions you have. We pride ourselves on service…not just price.