Solicitors’ professional indemnity insurance is a specialist marketplace — and PiiBrokers has the experience, knowledge, and market relationships to help law firms of all sizes secure the right cover.
The end of the Solicitors Indemnity Fund (SIF) in 2000 pushed all solicitor practices in England & Wales into the open market to purchase their own professional indemnity insurance. Since then, it has been an unsettled landscape, with insurers entering and exiting the market, claim activity spiking, and premiums fluctuating significantly.
Insurer participation has stabilised in recent years, with some new entrants in 2022/23 — however, negotiation conditions remain challenging, particularly for conveyancing practices. PiiBrokers has the expertise to present your firm to insurers compellingly and negotiate the best possible terms.
Our service includes:
- Cover up to £20,000,000
- A-rated insurers only
- Access to the majority of insurers on the SRA list of participating insurers
- In-house claims handling support
- Cyber insurance quotation for all firms
- Full business insurance broking services including office, travel, and Directors & Officers
The solicitors’ professional indemnity insurance market is divided into partner-band sections, which determines which insurers are available to quote for your firm.
New start solicitor practices must obtain a professional indemnity insurance quotation as part of the SRA authorisation process. PiiBrokers can assist at this stage and place cover once authorisation has been approved. We will require a completed proposal form, CVs for all partners, and a business plan including cash flow projections.
Sole practitioners face a limited pool of insurers, each with strict underwriting parameters — such as conveyancing caps of 20–25% of turnover, outright exclusions on conveyancing work, minimum turnover thresholds of £250,000, restrictions on commercial work, no ABS firms, and minimum premiums that can be prohibitively high. PiiBrokers is proud to offer wide market access and can negotiate terms for firms of any size — including those with 100% conveyancing books or challenging claims histories. We understand that professional indemnity insurance represents a significant cost, and our expert team will work hard to secure the most competitive premium available.
2–3 partner firms face many of the same underwriting challenges as sole practitioners, but typically benefit from more options due to higher turnover and a broader spread of risk. Conveyancing-heavy firms or those with adverse claims activity should expect tough negotiations — making it essential to work with a broker who can access the full range of available insurers. PiiBrokers has a long track record of helping firms maintain competitive premiums and capitalise on changing market conditions.
4–10 partner firms have access to a wider pool of insurers, though those with high levels of conveyancing work may still find viable options limited. Insurers at this level often require additional information around peer reviews, office supervision, and risk management practices. While some “exclusive” insurer schemes exist in this segment, PiiBrokers operates with full independence and direct market access, giving your firm maximum flexibility.
11–25 partner firms are encouraged to meet directly with insurers during the broking process — whether in person at our London offices or via video conference — to present their business risk and build a closer working relationship that can deliver a more bespoke policy. PiiBrokers’ expertise in the Lloyd’s and London markets, combined with a strong understanding of the regional challenges facing mid-sized firms, makes us an ideal long-term broking partner.
25+ partner practices can work with PiiBrokers in whatever capacity best suits their needs. Whether you have an in-house professional indemnity team and simply require a placement partner, or you are looking for comprehensive broking support, we have the experience and capacity to discuss the full range of options.
Be prepared. For firms with 1–25 partners, we can turn around quotations quickly — in some cases on the same day for smaller firms. To begin, we will need a fully completed proposal form, at least six years of claims summaries (PICS), two years of accounts, and details of any SRA investigations.
Beyond SRA-regulated businesses, PiiBrokers also provides professional indemnity quotations for licensed conveyancers and legal consultants — please get in touch to discuss your requirements.
PiiBrokers maintains strict independence from all insurer schemes, ensuring we are always working to create genuine competition in the market on your behalf. Contact us today to start the quotation process.
