We understand that no two law firms are the same, so your insurance policy should be as unique as your business. We offer tailor made insurance policies selected from a panel of top-rated providers, designed with your business in mind.
Whether you run a single office law practice from a rented property or looking for a large legal group multi-office policy, call our experts today and let us find the right insurance solution for you. Our Insurance Team team has worked together for many years and are trained and qualified specialists in the legal sector. Known for their innovative and bespoke policies for individual clients, we provide value, service and integrity to lawyers whether they are small or large solicitors practices.
We work with a number of vetted and approved brokers who place business with a small and select range of quality insurers so you can therefore be confident that we are highly competitive when it comes to premiums.
Every client receives an onsite “comprehensive cover audit” to ensure that their needs and requirements are fully met and understood.
Professional Indemnity Insurance for Lawyers
Advantage Consulting Insurance Team is dedicated to the legal profession with precise legal sector insurance solutions. Our team has proven expertise, founded upon numerous years of practical experience and deep technical knowledge of legal practice and solicitor's PII broking.
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. That’s why you should call Advantage Consulting. We work with a select group of specialist PII brokers who understand the legal sector as well as we do. It’s a perfect partnership.
Key benefits of using our PII experts:
- Ongoing support – our consultants will provide vital support and advice throughout the year - not just during the renewal period.
- Extensive funding offers – we’ll offer you an option to fund your PII premium at a low fixed rate of interest. Terms and conditions apply.
- Our dedicated team - with many years of legal sector experience and strong associations with specialist brokers and insurers.
- Our knowledge of the legal sector – no other team in the UK has such an extensive technical knowledge of the legal profession. We are the experts.
- We're specialists - working exclusively with specialist PII brokers for law firms.
New Professional Indemnity Insurance Facility for Solicitors
In partnership with a specialist panel of PII brokers and insurers, Advantage Consulting has created a new facility to assist the solicitors in England & Wales in managing their PII spend. Through the use of analytics, compliance audits and risk data, Advantage Consulting created a new and innovative “cover assessment system” for law firm performance, which helps us negotiate competitive prices for your practice. This new PII solution will be available from 1st June 2020.
Utilising analytics and statistical data, Advantage Consulting’s new PII solution enables insurers to offer our clients equitable cover based on their long-term performance. This cover, together with our risk management and compliance expertise, means that our clients can be confident that they are protecting their futures from unforeseen events with high quality insurers who view this as a long-term sustainable proposition.
Key features of the new facility include:
- A facility aimed at firms delivering consistent high quality.
- Insurer capacity is composed of insurers of at least A rating.
- Initial compliance and risk audit – funded through the savings on your premium.
- Dedicated face to face risk management support and access to a 24-hour helpline.
- Advice for your Compliance Officers and Finance Officers (COLPs/COFAs).
- Business support from our team of technical experts and Lexcel-qualified consultants.
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 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. Working with us means you can easily cover all these practicalities. You’re in charge of what goes into your policy and what doesn’t. You can choose to add one cover type - like contents cover - or several. No matter how many elements you include, you’ll only pay one monthly or annual fee, with one renewal date. It couldn’t be easier.
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 Lawyers
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 insures we will cover you for £10 million, as standard.
Buildings Cover Insurance for Lawyers
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, so if you need to repair or replace any equipment, your insurance will cover the costs. Equipment could include 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, 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 will cover the costs of securing a new place to work. They can also cover you if your main client can’t trade because their building is damaged, which results in a loss of business for you. The business interruption cover can also insure you if you or one of your key employees becomes seriously disabled and is unable to continue work. The insurance will cover the incurred costs, up to £25,000, to minimise any interruption to your business.
Cyber Insurance for Lawyers
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
We 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.
Why you should engage Advantage Consulting experts for your insurance needs?
The solicitors’ professional indemnity insurance market is changing. In recent years, four unrated insurers have failed, making unplanned exits from the market. New entrant rated insurers have joined those which have had a stable presence for a number of years. Not all of 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.
We want to help solicitors to make informed choices when purchasing PII and to use the market effectively.
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.
Advantage Consulting is an independent organisation and we will provide independent advice on all your PII options and help you understand the consequences if your insurer is unable to meet its long-term obligations. The recent experiences of firms which had taken out PII with Quinn, Lemma, Balva and ERIC should serve as a warning. So, at your next renewal, talk to us first.
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.