The other day I got a phone call from one of our clients, asking if he increased his deductible on his lawyers professional liability insurance policy, would that actually lower the premium.
Yes. The answer to that is it will lower the premium, BUT the flip side of that is that it will not really lower the premium, in my opinion, enough to take the higher deductible. It is not like auto insurance where if you increase your deductible by $500, the premium reduces by 20 or 25 percent.
It just does NOT work that way with lawyers professional liability insurance.
My advice to our clients is that really, you need to take the lowest deductible that you can afford.
Thank you very much and have a great day!