Those firms that still haven’t got insurance by now will broadly fall into two categories: those who are already encountering issues and those who are yet to start the process. With current marketing conditions, it's best to get the process underway sooner rather than later.

If you have started but are having problems

If your law firm has already sent off its proposal forms and either hasn’t heard back from insurers or you’ve already been turned down, then you do need to address the underlying issues urgently. Here’s what you should do:

• Do you know why you’re having problems? It might be as simple as you’re approaching the wrong insurers or you haven’t included the right information in your proposal. Ask another broker to give you a second opinion on whether your approach is correct.
• Tackle your problems. If insurers have explained to you why they won’t offer you cover then you need to address their concerns. Don’t think that if you approach enough insurers then one will be bound to offer you cover. Einstein said you shouldn’t keep doing the same thing over and over and expect a different result.  Chances are that if your proposal sets alarm bells ringing at one insurer then it will do the same elsewhere.
• To convince wary insurers to cover your practice you must reassure them that you’re a risk worth taking. If your firm has suffered a claim then you need to explain what happened and what you’re doing to solve that problem. Contrary to opinion, insurers do understand that mistakes happen. But they want to know you won’t keep making the same mistakes. A good broker will help explain where you’re going wrong and how to develop a strong pitch that will help change underwriters’ minds.

If you're encountering problems with your renewal process then Miller is here to help you. Just contact one of our experts.

If you haven’t started looking for cover

Whilst the 1 October renewal deadline is still a month away, we advise you to start the process now otherwise you might not get the best deal or face not getting covered at all, especially with the current market conditions. Here's what you should do:

• Prepare and submit your proposal forms now. It’s worth taking your time over these if you want to make a good first impression. Thousands of law firms are looking for insurance right now from fewer than 20 insurers, so your proposal needs to persuade them why they should choose to cover your firm over many others. (For more tips on this request a copy of our guide to PI insurance)  

• Get an up-to-date claims summary for the past six years. This is essential for underwriters, so if you haven’t already received one from your existing insurer then you need to get it ASAP.
  
  
• Test the market. You might be perfectly happy with your insurer, but it’s always good to know you’re getting the best terms available. It’s worth asking a few brokers to send your proposal to other underwriters to see how they respond. 
  
  
• Hit the right targets, not every broker will have direct access to every insurer, so you may need speak to a broker that has a broad direct access to the insurance market to ensure it can get you a full range of quotes. Speak to a broker with a strong track record in solicitors’ PI who can advise you on which are the best insurers for your firm.
  
  If you are yet to start the process but need assistant, our experts are here to help you.