Solicitors and legal professionals

Why Brunel PI?

Solicitors’ professional indemnity insurance is a unique marketplace, Brunel PI Brokers have the experience, knowledge, and market relationships to help law firms of all sizes.

2000 marked the end of the Solicitors Indemnity Fund (SIF) forcing all solicitor practices in England & Wales out into the open market to purchase their professional indemnity insurance. It’s been a somewhat unsettled market, with insurers coming and going, claim activity spiking and premiums fluctuating. Insurer participation has been relatively consistent in recent years, with some new entrants in 2022/23 but we are still experiencing some very challenging negotiation conditions, particularly for conveyancing practices. Brunel PI Brokers have the experience required to present our clients businesses to insurers to negotiate the very best terms.

Our service includes:

Cover up to £20,000,000
A rated insurers
Access to the majority of insurers on the SRA list of participating insurers
In-house claims handling support
Cyber insurance quotation for all firms
HR, regulatory and compliance support through the My Business Hub application
Full business insurance broking services including office, travel, and Directors & Officers

The market for solicitors’ professional indemnity insurance is broken into partner sections which determines which insurers are available to quote.

Your Customer Journey

New start solicitor practices must obtain a professional indemnity insurance quotation to go through the SRA authorisation process, Brunel PI Brokers can help and then will place cover once authorisation has been approved. We will need a completed proposal form, CVs for all partners and a business plan which includes cash flow projections.

Sole practitioners must navigate a small pool of options to get the best deals. Insurers often have strict underwriting parameters, such as conveyancing caps of 20-25% of turnover, no conveyancing at all, turnover must exceed £250,000, limited commercial work, no ABS firms and minimum premiums at levels which may be unaffordable. Brunel PI Brokers can proudly say that we have wide market access and can negotiate terms for any size firm, up to 100% conveyancing or with challenging claim records. We understand that professional indemnity insurance is an enormous cost, and our expert team will do our very best to negotiate the most competitive premiums available.

2-3 partner firms face the same underwriting challenges of the sole practitioners but tend to have more options due to generally having a higher turnover and a more obvious spread of risk. Conveyancing firms and those with any adverse claims’ activity are likely to experience tough negotiations, so making sure you are using a broker or brokers that can access all the insurers available is vital. Brunel PI Brokers team have a long history of assisting firms in keeping their premiums competitive and taking advantage of changing market conditions.

4-10 partner firms have more options, but again those with high levels of conveyancing can still expect to be left with very few viable options to choose from. Insurers may ask more questions around peer reviews; office supervision and you can expect risk management questionnaires. There are some “exclusive” insurer schemes but as an independent, specialist brokerage Brunel PI Brokers can navigate this section of the market with great flexibility with wide direct market access.

11-25 partner firms would be encouraged to meet with insurers during the broking process, to present their business risk in person and build a closer relationship that can yield a more bespoke policy/offering. Brunel PI Brokers can facilitate this in our London offices or over video conference if preferred. Our competency in the Lloyds and London markets, along with our understanding of regional challenges facing firms, make Brunel PI Brokers a great long term broking partner for mid-corporate businesses.

25+ partner practices Brunel PI Brokers can partner with to suit their own demands and needs. Whether you have an in-house professional indemnity team so just require a broking placement partner or if you are looking for a full-service support team, we are experienced, able, and available to discuss the full suite of options.

Be prepared is the key message. For 1-25 partner firms we can turn around quotations relatively quickly, for the smaller firms it can be same day, but we will need a full completed proposal form, at least 6 years of claim summaries (PICS), 2 years of accounts and details of any SRA investigations.

Away from SRA regulated businesses, Brunel PI Brokers can also provide professional indemnity quotations for licensed conveyancers and legal consultants, so please get in touch to discuss further.

Brunel PI Brokers are continually looking to create competition in the market, which is why we maintain strict independence, not tied to any insurer schemes. Please contact us to commence the quotation process, it’s time for change.

Solicitors and legal professionals

Why Brunel PI?

Our service includes:

Your Customer Journey

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