Professional Indemnity Insurance

Designed to protect you and your business

Professional Indemnity Insurance covers mistakes can happen at any time. When they do, wouldn’t it be nice to know that you are completely insured against any such claims or financial loss which may occur?

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What is Professional Indemnity Insurance?

  • Professional indemnity insurance (also known as PI insurance) is designed to protect you and your business from any claims which may arise from a problem with work, a mistake or advice you have given your customer or client. It protects you against any compensation you may have to pay as well as any legal costs incurred as a result of such claims. Professional liability insurance can offer the peace of mind you need when running any business and can prove extremely valuable should you find yourself on the receiving end of a negligence claim.

    Arkwright insurance brokers work alongside some of the UK's best providers of professional indemnity to get you the best policy for your needs at the best possible price. Our advisors can help you identify potential risks and work with you to find the best policy for your individual needs.

    If you would like further information on any of these areas of insurance or would like a professional indemnity insurance quote, then speak to one of our specialist insurance advisors on 01204 393 525.

Specialist Insurance

Solicitors and their respective law firms face various challenges within their practice remit. For this reason, we work very closely with insurance companies who on our panel so that our agents are up to date with any changes and are equipped with the know-how regarding the industry and to understand the client’s commercial risks and also help to guard their reputation. We can offer solicitors a complete package of benefits to cater for the needs of your practice and staff and includes:-

  • Professional agent acting as an account manager
  • Competitive premiums
  • Finance arrangements available
  • Transparent and honest advice
  • Prices compared on your behalf so would do the hard work for you

All solicitors in the United Kingdom are required to have professional indemnity insurance by their regulatory bodies. Solicitors in England and Wales are regulated by the Solicitors Regulation Authority (SRA), which sets out minimum terms and conditions that must be included in all solicitor professional indemnity policies. Solicitors in Scotland and Northern Ireland are regulated by their respective law societies, and their professional indemnity insurance policies are created through a compulsory Master Policy. It is imperative that solicitors and law firms recognise emerging professional indemnity risks and do everything in their power to protect themselves from those risks.

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Solicitors’ professional indemnity insurance covers civil liability claims arising from work in private legal practice. Most claims brought against solicitors working in private practice relate to professional negligence attributed to mistakes and errors and omissions. These policies can include damages, compensation and legal defence costs, which can be quite substantial. Depending on your type of firm, typically required minimum cover is £2 million or £3 million. Exclusions may apply and will depend on which country you practice in and what is allowed under the minimum terms and conditions (in England and Wales) or Master Policies (in Scotland and Northern Ireland). Make sure you know exactly what your policy does and does not cover.

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Excess layer or top-up cover is insurance cover for claims that rise above the primary level of coverage (typically the minimum requirements). All solicitors and firms should conduct an individual assessment to see whether their minimum required levels of cover are sufficient and how much excess layer or top-up cover is needed. This assessment should be based on the firm’s size, structure claims history and exposure to risks. If you have a single claim (or aggregate claims from related acts or omissions) that exceed the indemnity amount covered in your policy, then you will be liable for the remainder if you do not have an access layer or top-up cover. Best practices dictate that firms should conduct a risk assessment before accepting new clients or new work to check that the new risks will not exceed the current indemnity limit.

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The following is a list of just a few risks solicitors can face:

  • Risks from providing professional legal services, such as giving advice to clients and assisting with legal matters, performing services and giving investment advice.
  • Cyber liability risks from new technologies, such as digital document storage, electronic filing of documents and mobile technology.
  • Unfamiliar areas of law – it may be necessary to start practicing in new areas in today’s economy, but it produces risk.
  • Risks from pro bono work, including working with law centres, charities, and other non-commercial advice services.
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Premiums are calculated based on a number of factors:

  • Claims history
  • Types and categories of work you undertake
  • Firm revenue
  • Number of solicitors and employees
  • Excess amounts

Along with holding the proper professional indemnity cover, solicitors can also take proactive actions to help limit liability by implementing risk management strategies. This includes:

  • Documenting the processes used to carry out professional responsibilities.
  • Committing to loss prevention and using risk management services.
  • Adopting and implementing negligence prevention measures such as office management policies.
  • Using well-defined fee agreements with your clients including written documents.
  • Using an electronic conflict of interest search system.
  • Practising in the area of law in which you have experience, and appropriately supervising junior solicitors and support staff.
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