Hi, I was wondering if anyone could explain how profession indemnity insurance works within a law firm and for solicitors. I come from a non-law background and wanted to some further research on it for an interview. I’ve watched a few videos and some articles about it but I still can’t really wrap my head around it. If you could explain it I would greatly appreciate it!
Professional Indemnity Insurance
- Thread starter Bakar
- Start date
It is just insurance the firm must have in case they are negligent etc and may not practise without it. It has to meet minimum requirements and can be quite expensive. I could have bought a small house with the amount I have paid for it since I set up my own one person firm in the 1990s and I have never had one claim at all but I am not allowed to practise without it. I supose it depends what the firm is about as to what might be relevant eg if they specialise in suing solicitors and work with their insurers that is very different level of knowledge needed than simply that firms have to have it.
Hi, the SRA is always a great help with questions about professional conduct and regulations. Check out their page on PII:
Professional indemnity
The Solicitors Regulation Authority (SRA) regulates solicitors in England and Wales. Browse the Code of Conduct, Solicitors' Accounts Rules and CPD requirements, or apply for permission to practise. Professional indemnity
www.sra.org.uk
Hope that helps!
Laura
