OSB Professional Liability Fund

5 Ways to Improve Your Excess Premium

Many factors affect a law firm's premium for Excess Coverage.  Firm size, claims history, use of practice management systems, and areas of practice are a few examples.  Though some of these elements are unique to your firm and cannot be easily changed (such as the areas of practice), firms can positively impact their rates for Excess Coverage in several ways.  Below are five actions your firm could consider taking to lower the cost of Excess Coverage.

1.  Adopt Good Practice Management Systems

The PLF believes that the implementation and use of good practice management systems will lower the risk of malpractice claims.  To that end, the use of these systems has a positive impact on the cost of your Excess Coverage: 
For particular details about these and other practice management topics, visit our Forms page.

2.  Create and Maintain a Firm Website

Websites can be a great resource for law firms -- particularly in regard to outreach to potential clients.  From an underwriting perspective, a law firm website allows for verification of firm practice areas, current attorneys, and other associations that might be important to Excess Coverage.  

In order to make the best use of a website, the firm should endeavor to keep it as up-to-date as possible.  Attorney lists should be updated soon after any additions or departures.  Similiarly, changes in the firm name, practice areas, or other important information should be updated in a timely fashion.

3.  Attend 3 hours of CLE Programs Each Year

Firm attorney attendance at a minimum of 3 hours of CLE Programming in a calendar year will have a positive impact on the firm's Excess premium.  The PLF offers a vast library of CLE content in a variety of recorded formats, including streaming, MP3, CD, and DVD.  View the full library of past programs here.

4.  Take Advantage of Continuity of Excess Coverage with the PLF

Firms that renew their PLF Excess Coverage are eligible to receive a continuity credit of 2% for each full calendar year of continuous PLF Excess Coverage, up to a maximum total credit of 20% off the total premium. 

5.  Employ Office/Clerical Staff

Use of clerical staff, paralegals, legal assistants, and so forth all provide the benefit of additional checks and balances within a firm.  The presence of staff members will positively impact the price of a firm's Excess Coverage.