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A fit for purpose limit of indemnity

Professional indemnity essentials for law firms

July 9, 2025

What is a fit for purpose limit of indemnity for your law firm? Babbar Abbas provides an insight on how Willis, a WTW business can help answer the question.
Financial, Executive and Professional Risks (FINEX)
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A fit for purpose limit of indemnity

PI insurance for law firms: Babbar Abbas, Senior Associate, PI Legal Services — FINEX GB

Transcript for this episode

SPEAKER: So the SRA mandates that English and Welsh law firms purchase either 2 or 3 million pounds worth of PII cover, depending on their legal entity. Any limit above this is at the pure discretion of the law firm in question. So how much PII cover should a law firm carry? There is a very apparent risk here that firms may be under-insuring themselves. Conversely, there is a less obvious possibility that a firm may well be overinsured and paying for cover that is superfluous to requirements.

In order to determine the most appropriate level of cover, it can be useful to review the type of work a firm undertakes and in the unlikely event of a claim, assess the scope of a potential professional negligence allegation. This does not mean that the PII limits should reflect the contract values. In addition to helping you undertake this exercise, Willis can help firms like yours by benchmarking the level of cover currently purchased against your peers for ratification and peace of mind, ensure the premiums for any additional cover are appropriate and competitive, and utilize

Willis's proprietary pro access facility, which put simply, provides capacity for excess layers from 10 million to 50 million pounds and the ability to quickly and efficiently flex to the most appropriate limit. Ensure your firm has the right level cover in place, gain insight from our benchmarking exercise, and receive comfort around your PII solution by getting in touch with one of our experts.

Professional indemnity insurance for law firms contacts


Head of Legal Services - PI FINEX

Director, Legal Services

Associate Director - PI FINEX Legal Services

Associate Director - PI FINEX Legal Services

Senior Associate - PI FINEX Legal Services

Associate Director, Claims Advocate, FINEX Global

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