Professional Liability Insurance Isn't a Commodity — Here's Why It Matters Who Shops It

When law firms shop for malpractice insurance, it's easy to fall into the "lowest price wins" trap. But professional liability insurance isn't a commodity — and treating it like one can lead to expensive mistakes.

The broker you choose matters as much as the policy itself. Here's why:

Not All Brokers Are Equal:

• Limited Access: Some brokers only work with one or two carriers. No real shopping means no real competition — and no real savings for you.
• Lack of Legal Knowledge: Brokers unfamiliar with legal risks might misclassify your practice, making you look higher risk than you are.
• Poor Application Presentation: How your firm's risk is presented to underwriters affects your pricing dramatically. Sloppy applications = higher premiums.
• No Negotiation: Some brokers simply pass along quotes. They don't push back, ask for discounts, or fight for better terms.

What a Specialist Broker (Like Walker & Company) Does Differently:

• Shops dozens of A-rated carriers to find better options
• Frames your firm positively to underwriters
• Negotiates aggressively when appropriate
• Understands legal practice risks intimately
• Advises on coverage features like cyber liability, prior acts, tail coverage, and more

Real-World Examples:

• Misclassification: A real estate law firm improperly labeled as commercial litigators — and quoted at 40% higher premiums until corrected.
• Retro Coverage Issues: A carrier switch without prior acts protection nearly cost a firm their entire claims history coverage. We caught and corrected it.

Bottom Line:

Insurance isn't just about having coverage — it's about having the right coverage, built the right way, at the right price.

Choosing the wrong broker can cost your firm real money, leave you exposed, and complicate claims handling later. At Walker & Company, we act like your insurance concierge — because getting this right matters.