Solicitors’ Professional Indemnity Insurance (PII) | SRS Insurance
Stay compliant with SRA regulations. SRS provides Solicitors’ Professional Indemnity Insurance covering negligence, missed deadlines, and client claims.
What Is Professional Indemnity Insurance (PII)?
Professional Indemnity Insurance (PII) protects solicitors and law firms against claims made by clients for negligence, mistakes, or professional errors.
It covers compensation costs and legal defence fees if a client alleges financial loss due to your advice or service.
For solicitors in the UK, PII is mandatory and must comply with the Solicitors Regulation Authority (SRA) requirements.
Is It a Legal Requirement?
Yes.
Every practising solicitor, law firm, and LLP must hold SRA-compliant PII in order to:
- Remain authorised by the SRA
- Provide legal advice or handle client money
- Operate as a sole practitioner, partnership, or incorporated firm
Without valid PII, solicitors cannot lawfully practise or renew their practising certificate.
What Does Solicitors’ PII Cover?
A professional indemnity policy typically includes:
- Negligent legal advice or representation
- Errors in contracts or legal documentation
- Missed court deadlines or key dates
- Breach of confidentiality
- Loss or damage of client documents
- Defamation and employee dishonesty
Policies also cover legal defence costs — even if you’re not found liable.
SRA Cover Requirements
To comply with SRA regulations, your policy must:
- Provide a minimum limit of £2 million for partnerships or traditional firms
- Provide a minimum limit of £3 million for incorporated entities (LLPs or Ltd companies)
- Be issued by an SRA-approved participating insurer
- Include run-off cover for at least 6 years if the firm closes
Run-Off Cover Explained
If a solicitor or firm ceases trading, run-off cover ensures protection for claims made after closure relating to past work.
The SRA requires:
- 6 years’ continuous run-off cover
- Payment upfront (typically 2–3x the annual premium)
Failure to maintain run-off cover can result in SRA disciplinary action and personal liability for partners or directors.
How Much Does Solicitors’ PII Cost?
Premiums vary based on:
- Firm size and structure
- Annual turnover and number of partners
- Practice areas (e.g. conveyancing and commercial law carry higher risk)
- Claims history and internal risk management
Example price guide:
- Small general practice: £2,000–£5,000 per year
- Larger or higher-risk firms: £10,000+ per year
SRS Insurance partners with leading SRA-approved insurers to provide competitive terms and guidance tailored to your firm.
Why Choose SRS Insurance?
- Specialists in Solicitors’ Professional Indemnity Insurance
- Access to a wide panel of SRA-approved participating insurers
- Expert advice on renewals, mergers, and run-off arrangements
- Support for start-ups and new sole practitioners
- Fast, compliant documentation and renewal service
Get a Quote Today
Stay compliant, protected, and confident with SRS Solicitors’ Professional Indemnity Insurance.
Call 01274 965791 or visit www.srs.insurance to request your personalised quote today.