A Different Use for Your Malpractice Insurance Application
September 25th, 2012 by Jim Cotterman
I suspect that for many professional firms the malpractice insurance renewal application is not something to look forward to. That was not the case for a member of the AICPA’s professional liability insurance committee. That intrigued me, so I read more of the article.
Law firms can benefit from this insight. I regularly request the application as part of merger due diligence to understand the firm’s practice as well as its known and anticipated claims. As an overall picture of a firm’s business, is quite comprehensive. Using that snapshot to evaluate and manage the associated risks (as the article suggests) is a tremendous opportunity.
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