By John Jones, Managing Director – Champion Professional Risks

As specialist brokers who help law firms navigate the professional indemnity (PI) insurance market, we know that no two practices carry the same level of risk. Solicitors’ PI cover is mandatory under the SRA’s Minimum Terms and Conditions, but the cost and the ease of securing that cover depend heavily on the type of work you undertake.

In this article, John Jones, Managing Director of Champion Professional Risks, shares his perspective on which practice areas insurers view as higher risk, and how firms can manage their exposure to keep premiums competitive.

Why PI Insurance Is Critical for Every Law Firm

Professional indemnity insurance isn’t just a regulatory requirement; it’s the financial backbone that protects your practice and your clients if a claim for negligence or breach of duty arises. Claims can be eye-wateringly expensive – running into six or seven figures when you factor in legal costs and settlements – so getting the right cover in place is essential.

Practice Areas That Attract the Closest Scrutiny

Residential and Commercial Conveyancing
Conveyancing continues to dominate the claims statistics. Title defects, boundary disputes, failures to register charges, and exposure to property fraud are all common sources of loss. The high volume and speed of transactions mean even the most diligent firms face elevated risk.

Corporate and Commercial Transactions
Large, complex deals – mergers, acquisitions or cross-border restructures – are another red flag for insurers. With multi-million-pound stakes and tight deadlines, even minor oversights can lead to significant claims.

Wills, Trusts and Probate
Estate planning errors, missed beneficiaries and inheritance tax issues frequently result in negligence allegations. The human dimension – family disputes and contested wills – can magnify both the likelihood and the cost of claims.

Personal Injury and Clinical Negligence
Volume work creates pressure on case handling, increasing the risk of missed limitation dates or inadequate evidence gathering.

High-Value Commercial Litigation
Complex, high-stakes disputes can be fertile ground for professional indemnity claims if advice or representation is later challenged.

Financial and Tax Planning Advice
When legal advice overlaps with regulated financial services or aggressive tax strategies, the potential for client loss – and regulatory scrutiny – makes this a particularly sensitive area for underwriters.

Areas Typically Viewed as Lower Risk

Not every discipline carries the same weight with insurers. Family law (excluding ultra-high-value financial settlements), employment law and criminal defence generally present lower exposure and can benefit from more favourable premiums.

Five Ways to Present Your Firm as a “Good Risk”

If your firm operates in one or more of the higher-risk areas, you can still reassure underwriters and manage your costs:

• Robust file supervision – Regular audits and peer reviews.
• Comprehensive engagement letters – Clear scope of work and well-drafted limitation of liability clauses.
• Effective conflict-check procedures – Documented and rigorously applied.
• Strong cyber-security – To guard against data breaches and property-related fraud.
• Early renewal preparation – Engage with your broker at least 12 weeks before renewal so we can market your risk effectively.

How Champion Professional Risks Supports Law Firms

At Champion Professional Risks, part of the wider Champion Insurance Group, our entire focus is on helping professional practices like yours secure the right SRA-compliant PI cover. We work with a wide panel of leading insurers, benchmark premiums across the market, and provide guidance on risk management to put you in the best possible position at renewal.

If you would like an independent, confidential review of your firm’s PI insurance, please get in touch:

📞 03330 430 430 (option 1)
📧 profin@ChampionInsure.co.uk
💻 www.ChampionInsure.co.uk/solicitors-PI