Professional indemnity insurance (PII) covers you for civil liability claims. Claims most commonly involve professional negligence.
You need to have PII from a qualifying insurer to be authorised and regulated by CILEx Regulation. Read our buyer’s guide to PII for more information and use our single application form.
NB. Do not buy any insurance until your firm is given provisional authorisation.
Think about the other types of insurance you may need. This includes:
- Public liability insurance – covers your firm against accidental injury and property damage claims
- Contents insurance – this could be an extension of an existing home insurance policy
- Cyber insurance – protection against IT and internet-based risks
- Business interruption – insurance that covers the loss of income that a business suffers after a disaster
- Key person cover – insurance if a key member of staff dies or is diagnosed with a serious illness
- Employees liability insurance – covers any employees
Business premises
Your business premises must be in England and Wales. Think about costs and security. For example, you probably don’t need an expensive high street office if your clients aren’t going to visit you.
Think about:
- whether you will rent spaces for meetings
- if you will visit clients at home
- if you will work from home
- how you will keep information secure and confidential
Think carefully before signing any lease. Make sure you have the flexibility to move or leave the premises if needed.
Case management systems
Some firms may choose to have a paper-based system to manage their cases. You may wish to choose an electronic system which you can integrate with your accounting arrangements. This is especially important if you’re handling client money as it makes account reconciliation easier. Speak to existing users of different systems for more advice.
