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Solicitors business plan can affect PI premium

Posted by Jayne Smith on June 18, 2009 · 1 Comment so far - leave yours below
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I have been helping Tracy Thompson and Steve Battarbee, Directors of NSA, with their roadshow in various locations around the country.  It’s a great way to meet solicitors, hear their concerns and receive some education at the same time.

The past few seminars have teamed up with Robin Bayley, Director of Prime Professions and Underwriter, Lewis Edwards of Allianz.  Their presentations have been enlightening.  Lewis tells us why Allianz is entering the market for Solicitors Professional Indemnity and how they hope to make it profitable.  Robin is giving guidance on how to differentiate your law firm from more than 10,000 other practices who will be hoping for good rates of premium in a hardening market.  From what I’ve heard so far, it is doom and gloom.

Having said that, if you’re not a “head in the sand” law firm and choose to be innovative and proactive in providing best quality services and have excellent risk management, then you can stand out from the crowd and put yourself in a better bargaining position than others when it comes to negotiating your renewal terms.

One question made my ears prick up at yesterday’s presentation.  Do you have a business plan?  Are you managing your overheads and what are your strategies for future growth and risk management. 

Managing overheads is where I fit in with anybody’s business plan.  On a very simple and straight forward cost analysis, send just one day’s dictation from one lawyer and it will cost about £39 to have typed by us.  It would cost a whole lot more for a good quality secretary/temp to type up the same amount of typing in a working day.  

Making use of confidential and secure systems, 24 hour availability and totally flexible hours and places of work then businesses can become more creative and innovative in the delivery of their services.  Would this help your business stand out from the crowd? 

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One Response to “Solicitors business plan can affect PI premium”

  1. Andrew Kirby on July 29th, 2009 3:27 pm

    There hs been a lot of movement in the solicitors PI market in the last few years, especially with the likes of Quinn making a huge splash and becoming one of the largest underwriters, and then they suddenly appear to have had some cold feet - probably due to getting in to a market they had no experience of.

    I’d always suggest using a broker who will have access to different insurance products.

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