Risk Management and Professional Indemnity Insurance for Law Firms
Law firms are under increasing pressure and have many challenges. An unforeseen loss or event is likely to affect their wellbeing, profit and ability to trade and look after their clients.
Law Firms – Exposure To Risk, Cost And Time Issues
As a trusted advisors, we know and understand the risks, pressure and pain points and what to look for. So when we assist solicitor clients with their insurance affairs, we have the ability to identify all of the positive features around the firm to enable us to get them the best possible premium – via our quality and compliance audit.
Many firms are exposed because their insurance programmes do not cover them adequately and their broker hasn’t explained where the cover does and does not protect them. So every Advantage policyholder receives a free cover audit which explains in detail where their risks and exposures are, and what they can do about them – whether this is to manage them, contract out of them, or Insure them.
Our member's insurance portfolio includes;
Regulatory protection including SRA investigations
Partner/Director share capital protection
PII including client money protection
Insurance for data loss, hacking and fraud
Protecting your key people
Establishing firms own legal indemnities facility
Business Interruption cover – assistance with covid claims
Vacant probate property Insurances
Claims and our ability to look after our clients is what makes us standout. We provide an end-to-end claims service which involves us enabling our clients to step away from stressful situations, maintain good client relationships, and give comfort to the partners and directors in the firm that it is protected.
As a company, we only deal with Standard and Poors rated Insurers. Meaning we only work with secure insurance brokers that provide quality and secureness. Our insurance placement is conducted through our insurance broker partners who are separately FCA registered.
As part of our process, we are able to conduct a free consultation and a review of your risks, insurance and management requirements. From this, we are then able to guide you through any difficult business interruption issues.
With consultants who have many years experience of dealing with the Profession and we are able to offer assistance in the following types of scenarios;
Assistance with mergers, acquisitions, sale or disposals, and structural changes to the firm.
Covid 19 safety measures.
Business continuity and managing risks to the business.
Managing claims for Coronavirus losses with their Insurer.
Client and office money security including virus or hacking problems.
Assistance in completing increasingly onerous and searching PII proposal form questions safely, in a difficult Insurance market for law firms.
Risk audit of the firm – assisting with Lexcel and CQS processes and standards.
Protection of partners and Directors in the firm from a range of exposures including those relating to Covid 19.
Undoubtedly the impact of what has happened over the last six months has brought the management of risk for businesses firmly into focus which is why we feel that this is the ideal time for us to expand the offering that we provide for your firm.
Utilising analytics and statistical data, Advantage365's new PII solution enables insurers to offer our clients equitable cover based on their long-term performance. This cover, together with our risk management and compliance expertise, means that our clients can be confident that they are protecting their futures from unforeseen events with high quality insurers who view this as a long-term sustainable proposition.
Professional indemnity solutions and services are not included with Advantage365 Subscriptions. Please fill in your details below and we will email you a competitive and bespoke PII quote.
Advantage365 Online Benchmarking and Quoting Tool
We have developed an online benchmarking and quoting tool which allows us to indicate the likely cost of a policy from our panel of select insurers without the need to complete a full proposal form.
If you are an existing firm you can also use this to compare an 'early renewal offer' or to benchmark renewal terms.
Alternatively, you can send us a copy of your existing proposal form to email@example.com.
It’s free, takes just a few minutes and will give you the reassurance that you aren’t paying more than you should.
Processing of personal data
If you provide us with any information which constitutes “personal data” (including any “sensitive personal data”), both you and we will treat such information at all times in accordance with “Data Privacy Laws” (including the General Data Protection Regulation 2016/679). Advantage Business & Legal Services Limited and associated companies may hold and process such information: (i) in order to provide our services to you; (ii) to facilitate the effective management, development or operation of the group companies; and (iii) in any country – including countries outside the European Economic Area, which may not have comparable data protection laws.
Still unsure what you need?
For more information on how we can help your law firm, please call us on 0121 212 6580 or request a free call-back using our contact form to get free initial advice. You can also access a wealth of free business information for lawyers by visiting our digital Resource Centre and view our free Business Factsheets. Alternatively, please email us on firstname.lastname@example.org.