Solicitor Insurance - 4 Secrets to a Happier October 1st - Part 1

For most Solicitors and legal firms October 1st each is synonymous with the date in which their Solicitors Insurance and Professional Indemnity Insurance is due for renewal.

And in the days, weeks and months leading up to October 1st they could well be contacted by numerous insurance providers all wanting a slice of the Solicitors Insurance PI.

These 4 secrets have been produced by one of the UK’s Leading Solicitor Insurance Brokers and are aimed at providing you and your firm with the knowledge, the time and the secrets to getting the best deal on your Solicitor Professional Indemnity Insurance premiums without wasting your valuable time.

The first tip to make sure your get the very best deal on your PI Insurance is one that many solicitors and lawyers may not realise works but it really does so here goes.

In the run up to October 1st you will no doubt be approached by a few alternative insurance brokers and companies all offering to try and get you the best deal. And assuming you would indeed like to save some money then tip 1 number is as follows.

When they ask you what you paid last year or what your best premium is (and they probably will ask this question) then tell them. That’s right, be totally up front with them and tell them exactly what you’ve quoted elsewhere.

This may not sound right but there are 3 main reasons why when buying Solicitor Insurance you would want to do this.

1. If you tell a good insurance provider your premium they should pretty much know straight away whether the premium is too high, too low or about right. Based on this information they can give you an immediate indication if they can get a lower premium. If they know they can’t they can tell you and save you time.


2. Another reason you should tell the person if they ask what premium you’re paying or have been quoted is because many insurance companies won’t give you the best price unless they have a price to beat. Let me say that again, if you don’t give your insurance broker or insurance company a price to beat, the chances are you won’t get the best premium. However, if you do tell them, they can use this information when dealing with the insurance company which ultimately can save you money on your solicitor insurance.


3. The final point on this matter is don’t be tempted to make up a price in the hope that you will save even more money. For example, the law firm of A Solictor & Partners are looking for Solicitor Professional Indemnity Insurance and last year they paid £7000. They’ve seen in the media recently that Solicitor Insurance premiums are falling so they want to see how much they can save.

Therefore when asked the question of “What did you pay last year” they decide to go in low and say £4500. By doing this most companies will know the price seems low and many won’t even provide a quote. Whereas had they been up front and said £7000 there’s every chance they could have saved some money. Therefore secret 1 is be totally honest when looking for solicitor insurance as it’s the best way to make sure you get the best premium. Give it a go...it really works.

For further information about Solicitor Insurance visit http://www.solicitorpi.com/