Why get 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. 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
- 12-month access to DG Legal Compliance Caddy software
- Legal Compliance helpline, consultancy and webinars
- Discounted home and motor insurance for your staff
Choosing a broker
When you choose us, you’ll be working with a team that’s dedicated to solicitors. We use our years of practice experience and legal knowledge to find a policy that’s tailored to your firm’s needs.
We know that no two law firms are the same. Which is why we take the time to understand your PII needs and negotiate with insurers for you. Once we’ve found you a policy, we don’t just leave. We’re on hand to give you support and advice, whenever you need us the most.
Our insurance panel
We work with a panel of specialist insurers to find you a policy that’s right for your law firm.
If you have one, two or three partners, we’ll speak to:
- PEN (IGI)
- Inperio (Accredited Insurance Co)
If you have four or more partners, we’ll speak to:
- PEN (IGI)
- Inperio (Accredited Insurance Co)
Our core values
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.
Meet the PII team
Our added extras
Meet Compliance Caddy, a specialist software that lets you effectively monitor compliance.
It covers SRA requirements, GDPR, AML Regulations and more.
Get access to DG Legal’s dedicated legal compliance advice line. For all your compliance and risk matters, including COLP and COFA compliance and SRA Accounts Rule.
You can also get face-to-face legal compliance and risk management help from their nationwide team. For advice on file reviews, in-house training and more.
Frequently asked questions
Is 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 professional indemnity insurance important?
Without 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 professional indemnity insurance?
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 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)
Limits, exclusions and charges do apply. Full terms and conditions of the policy and cover, including the policy benefits and exclusions, will be contained in the Policy Wording and Policy Summary. Risk must be acceptable to underwriters at normal term.
Wesleyan Financial Services Ltd is a broker and our insurance products are provided by a number of insurers.
Download our guide to find out how to get the most out of your PII.