Every year, most insured lawyers are asked by their carrier to complete a renewal application. Now, I can hear the collective moans coming from the offices before we even send out the renewal application. I’ll be the first to admit that the applications can be long and contain confusing questions. But keep in mind, this is the only time the carrier can get a complete picture of your firm, you need to take advantage of this. 

You need to let the carrier know what your practice is, how your practice is doing, and what you are doing to reduce risk in your office. You do this by answering all of the questions on the application completely. Unanswered questions or incomplete details only cause more questions and increase the back and forth between client and carrier. Take the time to read each question. Don’t assume you know what the carrier is asking for. 

There is one question on the application that I think causes concern, or at least causes me concern. And that is the area of practice grid. That’s the chart on the application that you are asked to put a percentage in, in the areas of where your firm is playing. Now, some carriers will ask for that percentage to be listed as a percentage of your time spent. Other carriers will ask for that percentage to be listed as a percentage of the revenue of the firm. Answering that question one way or the other will create a substantially different picture of your firm and definitely have an effect on the premium that you pay. 

So please, again, make sure that you’re reading each question and answering those questions completely. You’ll be glad that you did.