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Factors Affecting Liability Insurance Costs
Several factors influence the cost of liability insurance for small firm lawyers. These include the size of the firm, areas of practice, claims history, and the level of coverage required. For instance, firms specializing in high-risk areas such as corporate law or medical malpractice may face higher premiums due to the increased likelihood of claims1. Additionally, firms with a clean claims history often benefit from lower rates, as they are perceived as lower risk by insurers2.