Legal Business

Risk management and professional indemnity survey 2013: Counting the Cost

While the end of the assigned risks pool may encourage more insurers into the market, professional indemnity insurance for law firms is as competitively priced as ever.

As law firms experience constant pressure to rein in costs, the pricing of professional indemnity insurance (PII) is high on the agenda. As PII is typically law firms’ third-largest expense, after staff and premises, that 76% of respondents said that they found PII generally to be reasonably priced (a marginal increase on 71% last year) is good news for firms generally. But despite widespread reports of an increasingly soft market, the number of respondents saying their insurance is over-inflated has increased from 7% to 17%.