- Specialist team of risk management, legal and insurance professionals.
- Independent advice on your insurance, risk and legal matters.
- Tailor made policies to all practices.
- Dedicated professional indemnity insurance account manager.
- Specialist knowledge in New Start law firms.
- Providing quality advice to the profession since 2000.
For all your Professional Indemnity Insurance queries
Call 01604 712222
Expert Independent PII Advice For Your Practice
Established in 1999, we have acted for practices of all sizes and dealt with all aspects of PII in a proactive and positive way. There have been many issues that clients have presented us with over this time, all of which we have met in a positive and proactive way. If your firm has a risk problem, we’re likely to have handled it before.
So what is Professional Indemnity Insurance?
Professional Indemnity Insurance (PII), occasionally referred to as Professional Liability Insurance, covers the cost of any legal action, expenses accrued in defending allegations and required compensation for claims made against your business where a third party (client) alleges that your firm has provided inadequate services or poor advice, breach of copyright, defamation or have directly or indirectly caused them damage to reputation or financial loss through malpractice or negligence. It is also worth noting that some policies may also cover you for the lost income that may be incurred whilst defending such allegations.
As a business, you are legally required to take out certain insurances, and can risk significant fines and legal recriminations if you fail to have them. Being a member of the legal profession it is also part of your regulatory requirements to have adequate PII cover. Here at QPI, we are here to guide you. Our specialist team are experts experienced in the Legal sector. They are dedicated to ensuring you select the right policy at the right price with the right cover.
How much does PII cover Cost?
Professional Indemnity Insurance is dependent on a number of factors including:
Level of cover required – extent
Type of work your law firm practices
Size of practice
Perceived risk – based on understanding how the work is carried out
For example policies for a start-up law firm will start around £1800 and some larger policies can be in the region of £30,000, however these are examples and whilst based on real life examples are specific to the size, type of law and perceived risk.
The information you supply to an Insurer helps them to predict how likely your business is to make a claim and then how much any such claim might cost. So, businesses that are seen to be a higher risk or face higher levels of risk will pay more for Professional Indemnity Insurance.
Our experience and knowledge of the legal sector allows us to present your risk in a way that best mitigates the risk to the underwriter.
We walk you through the proposal forms to ensure that insurers see your business in the best light and that you choose the right level of cover and ensure that you are fully protected if you ever need to make a claim
Professional Indemnity Insurance should also be viewed as part of a wider comprehensive business risk strategy in which skill is needed to ensure that insurance policies are dovetailed to provide seamless protection.
Here at QPI our team will be able to rapidly provide you a no obligation quote, for the right cover and at the right price.
Call 01604 712222
What’s not included in Professional Indemnity Insurance?
Some of the elements that are not covered are:
Your office money,
Your own trading losses,
Previous claims, death or bodily injury,
Employment related matters
Certain elements that are not covered by your PII may be covered by your firm’s general business insurance.
And whilst you may be covered for certain elements of Cyber Risk this is certainly an area that potentially requires further specialist Cyber Insurance cover to protect you against the latest risks.
Is not having Professional Indemnity Insurance cover insurance illegal?
Simply yes, as well as being a mandatory requirement as part of your membership of the Law Society.