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Solicitors professional indemnity insurance: 5 step checklist

Price isn't everything when it comes to PII. Before you accept an offer, you need to make sure that your new or renewing policy covers you for the full spectrum of activity your business undertakes.

Follow our 5 step checklist below to ensure you have the correct solicitors professional indemnity insurance:

Written by Kate Slater on 14th October 2014

Solicitors professional indemnity insurance: 5 step checklist

Price isn't everything when it comes to PII. Before you accept an offer, you need to make sure that your new or renewing policy covers you for the full spectrum of activity your business undertakes.

Follow our 5 step checklist below to ensure you have the correct solicitors professional indemnity insurance:

What are the terms and conditions?

Thoroughly check through your policy to ensure you are covered for all areas of your business. This includes looking at the levels of excess in your policy that you will pay.

A nice-to-have service as part of your policy is a claims handling and risk management support service. This can make any complicated claim less of a hassle and easier to resolve in the worst case scenario.

It is also worth making sure which company will eventually underwrite your business operations, especially when dealing with brokers and sub-brokers.

If you have a new insurer, have you thought about insurance continuity?

Switching over insurers can be a cheaper and better solution providing you think about continuity. New insurers must know about your business and your claims history too, as well as any ongoing disputes you may be facing.

Remember to weigh up the pros and cons of your new and existing policies. Your current insurer could be offering some sort of loyalty discounts that make their insurance a more viable solution.

Is your insurer financially secure and safe?

Obtaining a policy from an insurer with a poor credit rating could hinder the support you receive in a worst case scenario. A-AAA credit ratings are the top score an insurer can receive so look out for their scores.

They should also be regulated by the FCA (Financial Code Authority), if you're unsure, ask them.

How long is your policy offer open for?

If you receive an offer from another insurer, does it give you enough time to complete a switch over? Will you still be eligible for the deal they are still offering? Keep all these questions in mind.

Also, don't just compare this speculative and your existing offer, use the market to find the best deal that suits you.

What is the cost of run-off cover?

Planning for retirement can be an arduous task, but resolving your run-off PII cover doesn't need to be. Ensure that you are still protected in your latest policy and to the same levels as well.

Stay safe

It can be very tempting to accept the first PII offer that comes through your door, particularly if it is cheaper than what you are paying already.

Just remember to follow the 5 steps above to ensure you're fully covered in your policy, whether you decide to stick or twist with another insurer.

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