One of the biggest costs for legal firms continues to be Professional Indemnity Insurance and it’s one which many are seeing rise, year-after-year. The situation isn’t new but it has now been confirmed as the hardest market for indemnity cover since demutualisation over 20 years ago* and it’s certainly taking its toll. With premium increases of between 5% and 50% being regarded as ‘typical’, how can firms manage this situation? To make matters even more challenging, some insurance companies are now seeking personal guarantees and demanding that policy excesses be paid into escrow.
The post How to combat the rising cost of Professional Indemnity Insurance (PII)? appeared first on Legal Futures.
