We understand that no two law firms are the same, so you will want a professional indemnity policy that covers your needs.
Whether you run a single office law practice from a rented property or looking for a large legal group multi-office policy, an insurance broker can advise on the right insurance solution for your business. We have included a summary of a number of different solutions available below.
Professional Indemnity Insurance for Lawyers
Choosing your PII broker requires careful judgment. Not just over the financial stability of the insurers they access, but of equal importance, their understanding of specific market requirements and the mandatory insurance requirements for the legal profession.
Personalise your Legal Service Insurance
At Advantage Consulting we understand that your line of work is highly specialised and not without its risks. Clients rely on you to guide them through complex legal and financial service quandaries, but you also have to address the many day-to-day concerns of managing your own business.
Your concerns could include, for example, safeguarding your employees and equipment, having a plan for your business should your office space become damaged, and making sure that your essential electronic items are covered when you’re out and about visiting clients and you need to put in place the correct protection for your business. We suggest you contact an insurance broker for this to cover these practicalities.
Public Liability Insurance for Lawyers
Public liability covers you if a client or member of the public is injured whilst visiting your premises or because of an accident caused by yourself or your staff. Many public liability claims are often the results of mishaps in the office, for example, a client or visitor tripping over a trailing laptop wire and causing them an injury.
Employers Liability Insurance for Solicitors
If you employ one or more people, you are required by law to have employers’ liability insurance. Employers’ liability covers you if an employee becomes ill or is injured because of the work they do for you. Most insurers will cover you for £10 million.
Buildings Cover Insurance for Law Firms
Clients depend on your consistency and that’s why you have to be ready for anything. If your office or workspace is damaged by an insured event such as fire or flood, having buildings cover means that insurance will cover the repair costs to get you back up and running again as soon as possible. Equipment breakdown cover (for items forming part of the building) is usually included as standard in our experience, so if you need to repair or replace any equipment, your insurance will often cover the costs. You may also have other equipment to consider e.g. boilers and fire/burglar alarms.
Business Interruption Insurance for Lawyers
If your office becomes damaged due to an insured event such as a flood or fire, often insurance will cover the extra costs of setting up elsewhere temporarily, as well as the loss of turnover if you can’t work. Similarly, if you rent a space in an office or permanently work at a client site which becomes damaged, the insurance may cover the costs of securing a new place to work. You may also be able to find business interruption cover that could insure you if you or one of your key employees becomes seriously disabled and is unable to continue work. Insurance can cover the incurred costs to minimise any interruption to your business.
Cyber Insurance for Solicitors Firms
Cyber insurance covers you for the evolving risks that come with running certain aspects of your business online and handling sensitive data, including:
- The costs you face as a result of cyber crime
- Compensation and defence costs for a data breach or unintentional transmission of a virus
- Loss of income following a cyber attack
- The cost of responding to a cyber ransom demand
Insurance brokers can also provide access to specialist support for PR and crisis management, identity theft assistance, IT forensics and data recovery experts, and specialist advice to prevent viruses or hacking attacks after an incident.
The above are generic examples of the type of cover that you may want to seek out and it is important to note that any specific element listed will vary between different Insurers and policies and it is not intended to give any specific advice. In our opinion, it is important that you seek to discuss your insurance needs with an insurance broker.
Why engage Advantage Consulting experts?
The solicitors’ professional indemnity insurance market is changing. In recent years, several unrated insurers have failed, making unplanned exits from the market. New entrant rated insurers have joined those which have had a stable presence for several years. Not all the new entrants have remained for long. Since October 2013, PII policies no longer have to be limited to a 12-month duration - variable renewal dates are now possible.
Although we understand the economic pressures on firms, it is important to not make PII purchasing decisions based on price alone. Critically, you should also consider the financial stability of insurers and their rating when purchasing PII. You are purchasing a claims service so you need to consider carefully whether that service and the support you will need will be there for you in the event of a claim being made against your firm. And don't forget the historic claims-made basis of your PII policy.
For more information on how we can help your law firm, please call us on 0121 212 6580 or request a free call-back using our Contact Form to get free initial advice.
You can also access a wealth of free business information for lawyers by visiting our digital Resource Centre and view our free Business Factsheets.
Alternatively, please email us on email@example.com.
Please note that we do not give any recommendations in relation to insurance.