Solicitors Insurance - Everyone is fighting for a slice of the PI

For most businesses the date of October 1st will have no real significance and yet for solicitors this date has become surnonimous with one thing and that is their Professional Indemnity Insurance renewal.

And with most solicitors insurance falling on the same date of the year, the months leading up to 1st October can be a minefield of insurance providers trying to secure business and solicitors attempting to get the best deal possible.

And if recent trends are anything to go by then the 2007 Solicitor Insurance season also seems to be an exciting time for all those involved.

In 2000 the Law Society opened the way for Solicitors Professional Indemnity Insurance to be sold via the Commercial Insurance market when the Solicitor Indemnity Fund (SIF) ended. Since 2000 we’ve seen:

- Solicitor fee income increasing by on average 7% per year

- Solicitor PI claims increasing by around 5% per year

- Premium income falling with 2006 showing a fall of around 10% from £234 million to £211 million

- The compulsory limit of cover for solicitors doubling to £2 million from £1 million


So with more fee income, more claims and more cover you might expect premiums to rise but the trend has been for solicitors insurance to fall. For solicitors this of course is great news and no doubt 2007 will once again mean more insurance providers fighting for a slice of the solicitors insurance PI.

Business Insurance and specifically Professional Indemnity Insurance for Solicitors is a highly competitive market so in the coming months Northern Counties Insurance Brokers (The UK’s Solicitor Insurance Brokers) will be providing Solicitors with the secrets to getting the best deal on Solicitors Insurance but for more information on professional indemnity insurance for solicitors visit http://www.northerncounties.com/solicitors-insurance.php

The Top Risk Management Tips - Prevent Injury at Work

Slips and trips maybe seen by some as funny but they are in fact the most common cause of major injuries at work with over a third of all injuries reported each year caused by slip or trip accidents. In fact slip or trip accidents account for:

- 20% of injuries where the employee is absent for over 3-days
- 33% of all reported major injuries
- 2 fatalities per year
- 50% of all reported accidents to members of the public
- A cost of £368 million per year to employers in lost production and other costs

The highest rate of injuries occurs in the food and drink, repair of consumer goods and vehicle sectors. However with almost all workplaces being affected by this type of injury and with most slips occurring due to poor housekeeping, solutions to the problem are often simple and cost-effective.

Northern Counties Insurance Brokers, the UK's Business Insurance Brokers and experts in risk management have produced these Top Tips on how you can reduce your exposure to risk and with it your insurance premiums.

1. Planning

By having an effective management system in place the key areas of risk can be identified and goals can be set to make improvements. This should include selecting equipment and work practices that contain slip and trip hazards and if possible prevent them occurring.

2. Organisation

Get workers involved in and committed to reducing risks. This should involve giving people responsibilities to ensure that areas of the workplace are kept safe and then making sure everyone is aware who is responsible for each area.

3. Control

Keep a record of cleaning and maintenance work and encourage good health and safety.

4. Monitor and Review

Keep an accident log and re-examine it on a regular basis to learn from incidents that have occurred.

5. Examine slip and trip risks

The Health and Safety Executive recommend a 5 step approach to risk management when dealing with slip and trip risks and these are:

Step 1 – Look for slip and trip hazards around the workplace (e.g., uneven floors, trailing cables, areas that are sometimes slippery due to spillages)

Step 2 – Decide who might be harmed and how. Are the people who come into your workplace at risk?

Step 3 – Consider the risks – do you already have precautions to deal with the risks?

Step 4 – Record your findings if you have 5 or more employees

Step 5 – Regularly review the assessment. If any changes take place make sure that precautions are in place to deal with the risks


Mark Burdett of Northern Counties said, “When it comes to preventing slips, trips and falls happening getting conditions right from the start will make dealing with risks easier. This can include choosing the right flooring, making sure lighting levels are sufficient, avoiding overcrowding and making sure access routes are clear. By doing this the chances of an accident occurring will be greatly reduced and therefore so will your exposure to risk. And with certain insurance companies now offering substantial discounts for good health and safety many businesses could also save money on their Business Insurance premiums”.

For further information on reducing your exposure to risk and your business insurance premiums visit www.northerncounties.com or call Northern Counties on 0191 482 1219.

Is this the end for the Motor Trade?

From 1st July 2007 the UK bans smoking in enclosed public places with as many as 600,000 people forecast to quit smoking as a result. This article looks at if charging people to drive will have similar results for the Motor Trade.

In The Beatles classic song Taxman the lyric goes, “We’ll tax your feet”. Whilst the government hasn’t yet decided to do this it seems the introduction of “pay as you drive” schemes may soon be hitting the roads of the UK but what impact (if any) will this have on the UK Motor Trade.

Well there appears to be a few factors that road users might want to consider:

- If you’re a driver who drives infrequently or at less busy times you could end up paying less.

- Or you might drive an average number of miles but due to you driving at rush hours (on you way to/from work or school) you will end up paying more money

- You may want to use public transport more often

- You and your friends may set up a car pool scheme so you take it in turns to drive

- If you spend a lot of time on the road travelling to see friends and family maybe you won’t be able to visit them as often as before

- If you spend time travelling for work maybe you won’t be able to visit customers as much or worse still increased transport costs may mean your less competitive or jobs have to be cut

And what about people in the Motor Trade itself?

If the smoking ban just announced makes people stop smoking then maybe forcing people to pay more to drive will mean people will simply drive less often. Therefore less cars are needed, less people are needed to service and repair them and jobs are lost in the Motor Industry.

Of course these are all what if’s as nobody really knows what impact this decision will have on the transport system, the motor trade or indeed modern life.

If maybe a positive move with a journey to work being halved due to less vehicles on the road. It may mean a change in the opening hours for businesses or schools so not everyone is fighting to get to and from work as the same time as the school run is being done.

It may mean more money is invested in public transport so we have buses, trains, tubes and other forms of transport that are reliable and we’d be happy using.

Or of course it may mean nothing changes apart from the fact that we have less money in our pockets.

Whatever your thoughts are on the governments new “pay to drive” schemes the chances are it will happen and the impact on the motor trade could be massive.

For further information of the new pay as you drive plans visit http://news.bbc.co.uk/1/hi/uk_politics/6160877.stm or for information on Motor Trade Insurance visit www.northerncounties.com/motor-trade-insurance.php

What will 2007 hold for the Motor Industry?

As another year begins, businesses throughout the Motor Industry will be wondering what developments await in the year ahead.


With house prices forecast to continue rising and with interest rates also likely to increase further will this mean consumers have less disposable income and therefore less likely to buy new or more cars? And will this have a direct impact on the hundreds and thousands of garages and motor body repairers?


Whatever impact the economy will have on the Motor Trade, businesses of all sizes can take some simple yet highly effective steps to try and make 2007 as successful as possible. These include:

1. Find out what your customers actually want – it’s very easy for businesses to get into the habit of assuming they know what their customers want. However consumers’ needs and expectations are constantly changing and the most successful companies will anticipate these needs and will offer solutions to meet them. And when it comes to the Motor Trade it’s possible that 2007 will mean a shift from customers demanding low prices to an emphasis on customer service. For motor traders who have always focused on providing quality service this can only be a good thing.

2. Being aware of the industry as a whole – from manufacturers being forced east due to over regulation in the motor industry to small garages and body repairers understanding the impact new government “pay as you drive” proposals could have on the future of our roads anyone within the motor trade has a duty to know what is going on. Trade magazines, general gossip and just keeping your ear to the ground can often be used to make sure you stay in touch and have a competitive advantage.

Finally, whatever part of the Motor Trade you work in 2007 promises to be yet another tough but exciting time so I hope 2007 proves to be happy and successful.