Why Law Firms Get Overcharged for Malpractice Insurance (And How to Avoid It)

Most law firms think malpractice insurance is like buying a gallon of milk — every store charges about the same.

Reality check: it's more like buying a used car. Behind the scenes, rates vary wildly based on how your broker shops, how they present your firm to underwriters, and what kind of leverage they have with different carriers.

Here’s why you might be overpaying without realizing it:

• One-Carrier Brokers: If your broker only works with one carrier, you’re not getting a real comparison.
• Weak Negotiation: Some brokers submit your application and take whatever quote comes back.
• Bad Underwriting Stories: How your practice areas are framed can literally lower your premium by thousands.

How to Avoid Overpaying:

• Work with a broker who shops multiple markets — and explains your options clearly.
• Ask if they actively negotiate, or just submit and quote.
• Make sure they actually understand the legal field (hint: if they confuse cyber insurance with practice areas, run).

At Walker & Company, we don’t just "find you a policy" — we shop like it’s our own money on the line.