bing
Skip to content

The PII Renewal Season: Brokerage Case Study

The PII Renewal Season: Brokerage Case Study

Professional Indemnity Insurance (PII) is one of the largest outlays a law firm has to make each year and choosing the wrong cover can impact overall profitability. It is something they should be thinking about all the time, not just during the renewal period.

BROKERAGE SERVICE -- HG Walker Solicitors

Wesleyan's PII brokerage service helps firms prepare themselves for renewal, and liaises with A-Grade insurers on their behalf to arrange the best cover. One of the firms to have benefited in recent years is Dorset-based solicitors HG Walker Solicitors. It is a five-partner firm, with 50 staff across four offices. The firm has been working with Wesleyan for its PII renewal over the past three years.

It had previously had some issues over risk management that impacted on its premiums. After a review of the firm's processes, these issues have been overcome, with the result that premiums have been reduced and last year it even had a rebate from its insurer.

Managing Partner Nicola Lowe said: "Every law firm should try to mitigate risk as much as they can. I carried out a full review of our processes and installed a new case management system and enhanced our risk management procedures. We are now at a stage where we have not had a claim in recent years.

"We were never in danger of not getting PII cover, but because of the claims we'd had it meant our premiums were high. We went to Wesleyan to see what they could do for us and the service has been excellent.

"We've been with them for three years now and we really feel as if there is a bespoke service for us.

"Ged Wood [Wesleyan's PII Manager] came in and looked at the firm in its entirety, not just the issues that we'd had. He could see what we had done around risk and that our claims had decreased, which helped in his discussions with the insurers.

"As the relationship has grown it's reached a stage where we talk all the time, we will go to see Ged and he'll come to see us. We will also go to meet the insurers face-to-face to find out what they like - or don't like - about what we are doing and what more they want from us. The insurer has also provided us with training to help us improve our processes further.

"We have a great relationship with Wesleyan and it's like having a business partner rather than simply a broker. Wesleyan provides a year round service, not just during the renewal season. In fact, when the October renewal date comes around we don't have to worry as we know Wesleyan has been taking care of things all year.

"We do get approached by other companies offering to take care of our PII needs, but we see no reason to change as we wouldn't get the same deal or level of service.

Read: PII funding for Professional Practices

'WESLEYAN’ is a trading name of the Wesleyan Group of companies.

Wesleyan Assurance Society and Wesleyan Bank Ltd are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Wesleyan Financial Services Ltd, Wesleyan Unit Trust Managers Ltd, Practice Plan Ltd and DPAS Ltd are authorised and regulated by the Financial Conduct Authority.  Advice about investments, insurance and mortgages is provided by Wesleyan Financial Services Ltd.

Click for more information about the Wesleyan group of companies.

© 2018 Wesleyan Assurance Society