Renewing your professional indemnity insurance?

Professional indemnity insurance explained

Sometimes things don’t go to plan and a client – or third party – raises a claim. Professional indemnity insurance (PII) for solicitors will cover claims arising from the legal services you have provided. 

Allegations could include negligence, breach of trust or defamation. And instances like this arise if the claimant feels you have not fulfilled your role fittingly. 

How does bookkeeping fit into this?

Strong indemnity insurance applications showcase transparent business processes, right down to accounts and how you’re handling client’s money. Keeping your books in order is a way of keeping your business running ethically and above board.  

Prepare financial information for your PII renewal

Your renewal process is easier to organise when financial information is consistent and readily available. Start with the information requested by your insurer or broker, then identify which figures can be supported by your accounts and bookkeeping records.

Keep the financial picture consistent

Check that the reporting period, business details and supporting schedules are clear. If a figure needs an explanation, keep the relevant records together so it can be discussed with the person completing the renewal application.

Accounting support alongside your broker

Our role is to help with the accounting records and financial information within an agreed scope. Your broker or insurer should address policy terms, cover and underwriting questions. Organised accounts do not guarantee insurance acceptance or a particular premium.

If your books need regular attention before renewal, explore our legal cashiering service and management reporting. Discuss your financial information requirements with us.