As a new practice, you require to obtain professional indemnity insurance from a 'Participating Insurer' (one who signs up to the Solicitors Regulation Authority's Minimum Terms and Conditions of Cover) before you commence trading.
Unfortunately many brokers' and insurers' application forms are geared towards established firms with several years of trading history. As such, they can be unnecessarily complex, and ask questions that are not relevant to a new firm.
PII Application Form specifically for Start-Up firms
A new start up practice requires a slightly different approach. Lockton have therefore designed an application form specifically for new start-up practices. The question set, which has been agreed by the leading participating insurers, and the accompanying guidance, will make the application process smoother. It will also assist firms in obtaining the most competitive terms more quickly and with fewer 'subjectivities' to any quotations provided.
Guidance for New Firms
As this could be the first time that you are purchasing this type of insurance we have also put a helpful guide to complete the form and the additional information that will be required.
You can download our proposal form and guidance using the links below, or by visiting the Resources page of our website.
PII Checklist
In order to obtain a quotation, as a start-up practice, you should provide:
- completed Proposal Form
- comprehensive Business Plan - including financial forecast
- CVs for all solicitors in the practice
Lockton's Credentials
Lockton are one of the leading Insurance brokers and Risk Management consultants placing approximately £80M in gross written premiums. We represent the full spectrum of legal practices, from Sole Practitioners, 'High Street' firms, through to international multi-national practices.
- We have unparalleled access to Participating Insurers including several exclusive Insurer arrangements that no other broker can provide for you
- We only use 'A' rated, financially secure insurers, to ensure that you (and your clients) have meaningful protection
- We recently were ranked top broker for client responsiveness (StrategicRISK 2015 UK Corporate Insurance Buyers Survey)
Our dedicated team are here to support you all year round, should you require any assistance in preparation of your Insurer presentation; guidance on the amount of insurance you require; or advice on what renewal date to use.
Please do not hesitate to contact Lockton Partner, Brian Boehmer, or your Lockton representative who will be delighted to assist you.