In this blog I will be discussing Professional Indemnity Insurance funding for solicitors and law firms. Did you know there are 12,000 legal firms in the UK placing their Professional Indemnity insurance by the 1st October every year.
The Law Gazette recently published an article stating that premiums have increased by up to 50%*over previous years. This, coupled with some insurers unable to offer finance due to product complexities means that many firms are unable to find the funds they require.
Many solicitors and the legal sector in general are paying their PII premiums monthly. It’s not just the UK’s largest legal practises that fund their PII policies. We can fund a one partner practice just as well as much larger firms of solicitors.
Professional Indemnity Insurance – for both lawyers and solicitors
Law firms – like most UK companies – will look for a competitive finance quote. Even if you have been financing your PII cover in the past, please use our Professional Insurance finance calculator to see how much you can save. Our aim is to offer the most competitive finance premiums in the UK.
It may be such that you have been turned down for finance in the past by another finance company. We have access to a number of finance providers on our funding panel. Please still contact us to see how we can assist your firm.
Funding of professional indemnity insurance policies in the UK is delivered to you by VAT Loans, a division of WestWon. Our business dates back to 1976, we have worked with over 11,000 UK companies lending via leasing, asset finance, business loans, vehicle and VAT loans. We already have many firms of solicitors as clients who work with us on a regular basis.
Please note, we do not sell professional indemnity insurance policies to UK legal firms. This is the task of an approved insurance company. Our job is simply to fund your PII premium over one-year.
If you would like more information on Professional Indemnity Insurance funding for solicitors and law firms, then please give Georgia Blois a call at our office on 01494 956 871 or email her at [email protected]. If she is not available, there are other members of our professional indemnity funding team that will be more than willing to assist.
Thank you for your interest, we look forward to working with you.
*Average deal size calculated from private banking firm