A12 : Professionals Make Mistakes – How can they be effectively and affordably insured? And how might you avoid claims?

Many Regulators require practitioners to carry a minimum level of professional indemnity insurance. The way in which in which insurance can be provided differs in many jurisdictions In jurisdictions with a small legal population, a master policy can be the best way to ensure that all practitioners are insured. This enables ease of the insurance proposal being completed and a centralised negotiation. Insurers have detailed information about which areas of practice are most likely to give rise to claims. Costs of resisting claims or resolving claims can significantly contribute to the cost of the insurance premium. The affordability of insurance is a core element of whether a practitioner can continue to remain in practice.
These issues are relevant to law firm management and systems such as quality control arrangements for law firms can assist in reducing the premium, avoiding claims or more effectively managing the first intimation of a claim.
Whether you are a law firm manager or a practitioner finding the cost of insurance prohibitive, this session will provide a comparative analysis of options that are available to you to ensure your practice can be effectively covered by appropriate insurance and will discuss what your practice can do to avoid claims.