Legal Business

Professional indemnity: PI insurance – dos and don’ts

Marsh’s Sandra Neilson-Moore reflects on the process of applying for professional indemnity insurance, with some added thoughts on cyber liability

Professional indemnity (PI) insurance is a crucial component of the business risk management ‘toolkit’ of any law firm. In this country of course it is compulsory that a minimum amount of such insurance is purchased. This minimum amount is quite small (and may yet become smaller still), but the fact of the matter is that any sensible law firm/practising solicitor will want to purchase as much coverage, with as broad a scope of protection, as they can reasonably afford, and which they believe will meet their needs, and the needs and expectations of their clients.