Navigating Professional Indemnity Insurance Compliance for Law Firms - A Practical Guide

Introduction

As all law firms, managing partners, and COLPs know, Professional Indemnity Insurance (PII) compliance is a fundamental aspect of operating in the highly regulated legal environment governed by the SRA.

With the potential risks and liabilities that legal practices face, ensuring that your firm is fully compliant with PII regulations is not just a matter of risk management — it is a requirement for maintaining your firm's reputation and operational status.

Every law firm has different needs based on its size, practice areas, and risk exposure, so it is vital to have a thorough understanding of what your PII policy covers and what it does not.

In addition, a good relationship with your insurer is not just about making sure your premiums are paid on time. It is about open, honest communication and demonstrating that you are managing risks effectively.

Delivered by compliance expert Paul Bennett, this new virtual classroom seminar will explore the essentials of PII compliance including when to notify your insurer, and how to avoid the potential pitfalls that could jeopardise your firm's coverage.

What You Will Learn

This live and interactive session will cover the following:

• What is meant by qualifying insurance under the SRA’s Minimum Terms?
• What is meant by the obligation to have ‘adequate and appropriate’ insurance?
• What can you exclude or cap in terms of your liability?
• Your obligation to disclose your PII details to potential claimants
• When to notify a circumstance of a potential claim
• What do your staff need to know about your Professional Indemnity Insurance and managing risk?

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.