We are happy to share our recent paper 'Coping with Professional Indemnity Insurance Renewal' which has just been published by The Law Management Section of the Law Society.
Although this article focuses on property-related matters, the recommended risk management solutions can be adapted for any practice profile and provides key advice on how to manage your Professional Indemnity insurance renewal.
Firms are encouraged to factor in plenty of time to identify and address any issues that could be red flags to insurers and this article highlights several factors that insurers may see as significant risks.
We recommended involving your broker early in the renewal process so they can assist you to show your firm its very best light.
There are no ‘hard and fast’ rules to define what a challenging risk looks like when it comes to renewing your Professional Indemnity Insurance (PII). Few firms have an unblemished track record; insurers will seek assurance that they have learned lessons and taken appropriate action.