Solicitors Professional Indemnity

The Solicitors Professional Indemnity market has been in a turbulent state for many years. The “minimum terms” set out by the SRA present a challenge for participating insurers and the recent withdrawal of a number of insurers and MGAs (managing general agents) who were unable to write this class of business sustainably has only served to exacerbate the situation. As a consequence the remaining insurers willing to write Solicitors Professional Indemnity are highly selective in the risks which they choose to underwrite.

Champion Professional Risks have access to a number of insurers and schemes for Solicitors Professional Indemnity and the Legal Profession and we provide valuable assistance in the preparation of our clients’ proposal forms so that they can be presented to the insurance market in the very best possible light to secure the most competitive terms available.

Other Legal Professions Professional Indemnity

Champion Professional Risks regularly place Professional Indemnity cover for a range of legal professions other than solicitors, such as CLCs, notary public, in-house counsel, and CILEx firms.

We also provide valuable claims support assisting our clients in making notifications to their insurers which can be a complex process.

Directors in the Legal Profession or Partners in LLPs can be held personally liable for decisions they make and this liability is unlimited.

Claims can be brought against Directors or Partners of LLPs for breach of duty, neglect, errors or omissions and mis-statements. Even unfounded allegations need to be defended and can prove costly.

It is therefore crucial that law firms and other legal professions carry comprehensive Directors and Officers (D&O) Insurance (sometimes also referred to as Management Liability) to provide protection against these risks and safeguard your individual assets.

Champion Professional Risks have extensive experience in arranging D&O cover for the legal profession and have direct access to specialist underwriters which means that we can arrange competitive cover which provides total peace of mind for the individuals that sit behind your practice.

White collar crime is on the increase with fraudsters becoming more innovative and finding ever more sophisticated ways to expand their criminal enterprise and this puts law firms’ own cash reserves and client money accounts at risk.

Whether frauds are “internal” (e.g. an employee embezzling company or client funds) or “external” (e.g.”friday afternoon fraud”), these risks are insurable, providing that you can demonstrate that your practice has the prerequisite controls in place to minimise risk.

Champion Professional Risks have many years experience in arranging Commercial Crime insurance for solicitors and legal professionals to protect funds from getting into the wrong hands.

Crime insurance can be arranged alongside, or within a Cyber Insurance policy but it requires an expert broker to dovetail these insurances together to provide total protection from criminal activity.

Law firms and legal professions of all shapes and sizes rely on IT and automated systems to operate effectively.

This dependency on technology creates new risks and makes solicitors and legal professionals an attractive target for cyber criminals who will seek to extort, threaten and ultimately profit from vulnerabilities within your IT infrastructure.

There are also less malign risks to consider such the exposure created by GDPR (General Data Protection Regulation) which brings with it onerous obligations in respect of the handling of client data and hefty penalties for non-compliance.

Champion Professional Risks have extensive experience in arranging Cyber Insurance for the legal profession to protect against a wide range of cyber threats and can include the following covers:

• Emergency Response
• Cyber Extortion
• Cyber Liability
• Business Interruption
• Data Breach Notification Costs
• Restoration of Systems
• Public Relations
• IT Forensics
• Credit Monitoring
• Telephone Hacking
• Computer Crime