Integrity is everything for Law Firms.
Clients place their trust in the advice and support given by their people, and the reputation and credibility of the Firm is paramount to the long-term success of the Practice.
So when something unexpectedly goes wrong, Firms must be able to rely on their risk and insurance strategy to help rectify the matter quickly, and ensure their integrity is maintained through the process.
As the Professional Indemnity renewal season quickly approaches, many Firms will be using this chance to reassess their risk profile. A time to consider their liabilities, cyber security defences, and business continuity planning. A time to consider employee risk, succession planning and future expansion. At GSA, our role is more than placing insurance cover. Our role is to be a sounding board for Law Firms, educating and analysing risk scenarios to help prevent things going wrong. But be there to assist if they do.
This June brings a potentially interesting renewal cycle for Law Firms, with ABC Insurance expecting to take another “bite at the cherry” as they seek a licence to compete with Law Cover in the NSW market. As we navigate through a soft financial lines insurance marketplace (across most product lines &industries), the legal sector will be no different, and competition for premium should be high on Top-Up Professional Indemnity Layers above the Primary.
And with Cyber Crime at unprecedented levels, and Law Firms firmly in the sights of hackers, technology risk management, and incident response strategy, will no doubt be firmly on the minds of Underwriters as they assesses requests for quotations.
For expert advice and a Complimentary Assessment of your Risk Management Framework, reach out to our Professional and Financial Lines division:
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