Why get solicitors' professional indemnity insurance (PII)?
Insuring your law firm is likely to be one of your top five expenses. That’s why it’s key to work with a broker that has your firm’s best interests in mind. At Wesleyan Financial Services, we work exclusively with solicitors, using our sector knowledge to find cover that’s right for you.
- Protects your firm against civil liability claims if your team’s practice is called into question
- Independent broker with access to leading insurers
- Support and advice throughout the year, not just during your renewal period
- Discounted home and car insurance for your staff
Choosing a broker
Our insurance panel
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Our core values
Dedicated to law firms
Support with claims
We know the ins and outs of your profession. From our years of brokering and advising PII to law firms, we specialise in:
- Developing risk management strategies, supported by accredited LEXCEL quality consultants.
- Insurance considerations of key developments (OFR and ABS).
- Implications of industry rules (successor practices) and the compliance (COLP/COFA) regime.
- Claims and circumstance notification. We add value with expert advice, not just relay information to the insurer.
Our Corporate Managers
Frequently asked questions
Is solicitors' professional indemnity insurance compulsory?
While it’s not a legal requirement to have professional indemnity insurance, it may be a compulsory requirement of membership to some chartered bodies. For example, the Solicitors Regulation Authority (SRA).
You may also find it to be a requirement of your industry or your employer if you’re working on a contract basis.
Why is solicitors' professional indemnity insurance important?
Without solicitors' professional indemnity insurance, your firm will have to pay out of pocket if a claim is made. From defence costs to compensation bills, PII covers you when you need it the most.
It also shows your potential clients that you have protection in place for when things go wrong, providing peace of mind to all parties involved.
Who needs solicitors' professional indemnity insurance?
Solicitors' professional indemnity insurance is designed for firms that provide advice, guidance or professional services to clients and want to protect themselves against claims made against their work.
We specifically find cover for solicitors, through our specialist PII team. Working exclusively with solicitors allows us to provide specific advice tailored to your profession and find you a level of cover that’s right for your firm.
How are solicitors' professional indemnity insurance premiums calculated?
As solicitors' professional indemnity insurance is complex, premiums and risks are always assessed on a case-by-case basis.
When calculating your premium, your insurer will consider:
- The type of work or activity carried out by your firm (for example, high-risk work like conveyancing can bump up your premium)
- The business size and turnover (a positive and steady business growth will help lower your premium)
- Level of supervision (the lower the ratio of staff to supervisor, the higher the premium)
- Your firm’s attitude to risk (if you regularly review, assess and improve your risks, you’ll see a lower premium)
- The limit of indemnity (for example, you’ll need a minimum of £2m as a sole trader or £3m for a limited company or LLP. This will likely be more if you’re part of a larger firm)
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Wesleyan Financial Services Ltd is a broker and our insurance products are provided by a number of insurers.