Authored by Sara Weathers
Major case wins or rapid growth are important milestones for any law firm, but they can also alter your risk profile. As your caseload, revenue, staff, or operations expand, your insurance coverage should grow with you.
Success Can Change Your Exposure
Handling higher-value cases can raise the potential impact of professional liability claims. Expanding your team or opening new offices introduces additional property, employment, and general liability risks. Adopting new technology and managing more client data can also heighten cyber risk.
If you have not reviewed your coverage limits and policies recently, they may no longer align with your firm's current needs.
What Should You Review?
Following a major case win or period of growth, consider reviewing the following areas:
- Professional liability limits to confirm they match your firm's current exposure
- Property coverage for new equipment, office space, or recent improvements
- Cyber coverage as your firm manages increased data and transactions
- Business interruption coverage to account for higher operating expenses
- General liability and umbrella coverage to reflect expanded operations
Don't Wait for Renewal
Do not wait until renewal season to review your insurance after major business changes. Significant growth, opening a new office, a substantial increase in caseload, or changes in case types are all valid reasons to reassess your coverage.
Growth is worth celebrating, but it also requires a reassessment of your risk. Reviewing your insurance after major milestones helps ensure your coverage keeps pace with your firm's success and provides the protection you need for the future.
