Professional indemnity insurance (PII) is commonly cited as one of the biggest professional concerns faced by legal professionals in the UK.
Colin delivered an in-depth session giving his valuable and practical insights into the PII process and market conditions. He further discussed the challenges and lessons learned by law firms.
Colin spoke about how claims have been affecting premiums and why premiums have been going up purely and simply because the profession still has in excess of 2.5 billion pounds worth of claims every year and has done for the last 10 years. Until there is a handle on that, premiums are going to continue to be reasonably high.
It was established that the claims merged more around the following hotspots; Property related work, Cyber Security, Risk Management Initiatives, Firm Finances, Well being and Russia.
So, What do firms need to think about when preparing for PII renewal?
It is always best to get started early and ensure that the firms are focusing on the following:
- Proposal Forms & Supporting Documents
- Claims and Risk Management Review
- Business & Resilience Plan
- Negotiating with underwriters
During the call, there were discussions, on how posting certain content on websites and social media could affect the renewal for individual firms. From this, another conversation stemmed about staff awareness and training. This confirms how important staff training is, to help minimise certain claims.
Contact us to discuss any staff training concerns or needs or if you would like to be on the weekly compliance calls. hello@e3ct.com
