What's inside the eBook
Many law firms assume that their premiums will stay relatively consistent once they secure professional liability insurance. Attorneys are often caught off guard when they receive their second-year renewal notice, only to see a 20-35% premium increase—even without any claims or significant changes to their firm.
This increase is due to step rate, a structured pricing approach insurers use to adjust premiums as a policyholder gains more coverage history. Understanding how it works and what it means for long-term insurance costs is crucial for law firms aiming to budget effectively and avoid financial surprises.
Download the eBook to discover:
- What is step rate, and why do premiums increase?
- How step rate has changed over the years
- How firms can plan for pricing increases