Solicitors / Legal Profession Insurance

Solicitors Professional Indemnity Insurance – 2011 Renewal

NOYCE is a listed Solicitors Regulation Authority broker for handling Solicitors Professional Indemnity insurance.           

Noyce’s Top Tip – Winning at the PII insurance game

At Noyce we support many solicitors with the Professional Indemnity Insurance (PII) and the key to this success is understanding the PII process and helping our clients win. With PII being normally the second or third largest cost for a law firm it is vital that time is spent getting it right. Below are a number of top tips to help you reduce the time to gain PII as well as how to put your business best placed for the right cover at the right price.

Presentation

Avoid the risk of errors and poor company perception with hand written forms and opt of an electronic version of your Proposal Form. This will save you time as the information can be saved on to your computer and it will present your business to the insurance companies in the best light. You wouldn’t send a hand written proposal to a customer.

Time

The PII process can take a long time with information collection, presentation and then the time for the market to review and asses the cost. As with most things in business the more time spent at the start of the process reduces the time spent later on. Good law firms should start the PII process by mid June to reduce stress as well as deliver the cover in time.

Managed Business

A law firm that can demonstrate that it has a well managed practice will be rewarded with a reduced insurance rate. Ideally this should be Lexcel approved but any firm that can show business control towards this standard will help it’s application. Insurance is all about risk and firms that can manage risk best are rewarded the most.

To start the PII process with Noyce Insurance please contact our in house PII specialist team. We will supply you with an electronic Proposal Form and take you through the process to deliver the right cover at the right price. 

Please call SOLICITORS Hotline on 0845 070 4242.

Click here for proposal forms