Law Society research into professional indemnity insurance (PII) has uncovered some interesting facts, not least that small firms tend to pay more and have a tougher time when renewing, Law Society President Lubna Shuja writes in this week’s NLJ
Shuja reports the findings of the research, in an in-depth article packed with useful facts and figures. These include a worrying lack of take-up of cyber insurance (and some detail on what firms pay for cyber insurance, for those interested in comparing).
Small firm pay more in proportion to their turnover than larger firms and, as Shuja writes, ‘are also more likely to switch insurers and end up paying higher premiums, suggesting they are doing so as a matter of necessity, not choice.
‘Another issue is that the process of purchasing PII has become more difficult, although only a minority are struggling.’
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