Article

Four things your law firm should ask before renewing your Legal Professional Indemity Insurance

August 3, 2018
| United Kingdom

Read our simple guide to help legal firms renew their professional indemnity insurance.

Question 1- Are we being offered real choice 

1. Are we being offered real choice?

  • If you are working with an Insurer directly the answer is NO. If you use a broker, ask if they have access to a wide choice of insurers and if they have any genuinely ‘Exclusive’ insurer options?
  • Willis Towers Watson has a new PII solution, for 11+ partner firms, exclusively partnering with AXIS to give a £10m primary limit. Of course we have access to a wide range of primary markets, something most brokers offer but few can, in practice, deliver.
  • As a matter of course we benchmark price, excess levels, claims experience and indemnity limits for all of our existing and prospective clients.
Question 2 - Can you help us prevent claims 

2. Can you help us prevent claims?

  • It is vital to have the right training, information and advice to help you protect your business from risk. Not every broker invests resources in Risk Management.
  • At Willis Towers Watson we understand that Risk Management is a key area for our clients. Our team includes industry leaders from Legal and Regulatory backgrounds who are highly experienced in identifying and mitigating risk areas. As well as training, implementation, file audit and technical advice we issue regular Risk Management updates – a selection of case studies to help you plan your Risk Management framework.
Question 3 - And what about help when we claim? 

3. And what about help when we claim?

  • This is where a broker should really show their worth. Willis Towers Watson has a team of lawyers sitting within the legal services team to give you vital support, representing your interests.
  • Clients of Willis Towers Watson have their recent claims history reviewed. This is important as sometimes Insurers do not adjust or close down claims promptly meaning they carry “reserves” against the claim. This can lead to higher than necessary premiums at renewal.
Question 4 - Can we be sure your service levels will be good  

4. Can we be sure your service levels will be good?

  • A good broker will offer you a bespoke service with dedicated account management.
  • At Willis Towers Watson we focus on firms with 11 or more Partners/Directors meaning we have time to really support each of our clients. There is an agreed renewal strategy including meetings with underwriters in addition to Claims reviews and support in drawing out and articulating your risk management framework - vital in securing the most competitive terms.

Contact

  • Kevin Hood
    Head of Legal Services, Executive Director, FINEX Global
    Direct: +44 20 3124 6771
    Mobile: +44 7793 388 049

Sales Contacts

  • Taurai Ushe
    Associate Director, FINEX Global
    Direct: +44 20 3124 8885
    Mobile: +44 7808 666 551
  • James Gowen-Smtih
    Senior Associate, FINEX Global
    Direct: +44 20 3124 6381
    Mobile: +44 7557 484 876

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