Sole Practitioner Professional Indemnity Insurance
A firm of one, backed by many
For a solicitor who decides to become a sole practitioner, meeting regulatory requirements, setting up a practice and identifying clients can demand more hours than exist in a day. Solicitors know that professional indemnity insurance is required by firms of any size. But they may have little time to assess and manage the risks of their venture. That’s why we’ve built tools and processes to help minimise the time sole practitioners spend administering their policies and reducing the risk of a claim. Our team can craft bespoke sole practitioner solicitor indemnity insurance with varying limits – so they only pay for what they need. We know that building a practice requires a focus on the future. Travelers is here to provide solo practices with the cover they need, wherever they are in their journey. Because we believe in bringing the power of many to a firm of one.
Our appetite
We cover
We have deep and broad experience in this sector, so we will consider all solicitors’ professional indemnity opportunities.
Travelers advantage
In a dynamic world, things don’t always go to plan. Travelers offers expertise you can count on to address diverse risks thanks to a detailed and bespoke underwriting process.
- Financial strength. Financial strength and stability with international reach.
- Run-off calculator. Current policyholders can anticipate run off coverage costs.
- Early renewals process. Qualifying policyholders can take advantage of early renewals for less paperwork and peace of mind from knowing that cover is secured well in advance of the renewal date.
- Superior claims service. Expert Claims teams focused on delivering superior service.
- In-house legal services. In-house law firm that works with customers on claims where legal action is being taken against them.
- Dedicated risk managers & consultants. Access to risk consulting from trusted experts.
- Risk Review hub. A suite of tools and resources to help law firms minimise the risk of having to make a professional indemnity claim.
- Wellbeing support. Confidential counselling service in the event of a professional indemnity claim being made for those involved.
Advantage spotlight
You’ll be keen to know about the following.
We recognise loyalty
We look at the insured’s claims history and use this knowledge to ensure that the premium reflects the claims history.
A trusted partner
Those who need support at any stage – from underwriting through to claim handling – have named contacts to consult for seamless service.
Continuity of cover
We ensure uninterrupted protection and offer easy renewal processes, so those we insure never have to risk a period of no cover.
Run-off cover
When a Travelers-insured law practice stops doing business, our run-off cover takes over, paying out any claims made against the firm after it ceases operations. Not only is run-off cover a regulatory requirement, it also ensures that clients are compensated for claims – and that retired partners won’t be held personally liable.
Financial flexibility and extended policy administration
Access extended policy lengths up to 18 months and options to spread payments over time.
Making changes is easy
We help minimise repetitive paperwork and provide a range of financially flexible options to suit specific needs. Plus, we do not charge administration fees for updating a policy mid-term.
Varying limits
We can flex our cover limits to suit specific business needs, so the insured only pays for what they need.
By lawyers, for lawyers – backed by a wealth of claims data
Our risk managers work closely with firms to improve business practices and mitigate risk. Travelers’ risk managers and Claim team draw upon a wealth of claims data to analyse and identify:
- Frequency and severity of claims in different areas of work
- Types of errors that lead to claims
- Underlying causes of errors
- Current trends
Sole practitioners covers & highlights
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Primary limit of up to £10 million, insured at 100%
Add-ons & extensions
These items may be available to add on to your policy
- Regulatory defence costs endorsements
- Personal accident
Related products
Cyber
Every company faces cyber threats and risks. Cyber cover helps businesses deal with the increasing complexity of digital crime.
Office
Travelers has the expertise to provide comprehensive cover for a wide range of professional and other office-based businesses.
Freelancers
Travelers’ professional indemnity insurance for freelance solicitors offers protection from the risks of conducting business outside of a law firm.
Non-reserved legal activity
Those working in the legal sector, but outside of Solicitors Regulation Authority (SRA) jurisdiction, have had few options to safeguard themselves against professional indemnity risks, so we developed a bespoke solution.
Let’s start the right conversation
For business
Find a broker
If you’re looking for covers and have a broker, ask about Travelers products.
If you need a broker, start with the right broker directory.
Need to call us directly? Contact us.
For brokers
Tell us about your client
You’re likely busy. Let’s save some time.
We can help faster if you can give us information about your client first. Then we’ll call you back with the knowledge we need to make a decision.
Send documents:
New business | Renewals
Questions? Call us.
Tools
Run-off calculator
Existing Travelers’ solicitors professional indemnity clients can get a quick run-off quote here.
Policy Healthcheck
Keep your policy on track with our online Policy Healthcheck tool. Just answer a few questions and get instant feedback on whether you should notify your broker of business changes during the life of your policy.
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