It is a compulsory requirement for all solicitors practicing in the UK to have a minimum of £2 million cover and if you are operating as a limited liability partnership the minimum is £3 million.
There are different types of solicitors insurance available but you must make sure that your company has at least some form of solicitor insurance as this protects you if anything goes wrong whilst your are providing a service.
A common form of insurance is Solicitor Professional Indemnity insurance which covers the solicitor defense costs and any damages caused from a dissatisfied customer claiming against them.
Most Solicitor Professional Indemnity insurance protects the solicitor from:
- Negligence and breach of a duty of care
- Negligent misstatement or misrepresentation
- Infringement of intellectual property rights
- Intentional dishonesty of your partners, directors, employees or self employed freelancers
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