The Sole Practitioner’s Group (SPG) has picked new professional indemnity player Prime Professions as its only approved broker for solicitors’ insurance.
Prime Professions, which launched in December 2005, replaces Alexander Forbes as the SPG’s broker of choice.
Law Society statistics show that in 2005 there were 4,172 sole practitioners listed on the solicitors’ roll, each paying on average of £2,000-£5,000 in insurance premiums each year for a minimum cover of £2m. However, premiums vary widely depending on a firm’s practice type and can be as low as £800 or as high as £70,000.
Prime Professions director Richard Brown said: “Sole practitioners are still seen as the least attractive part of the marketplace. There’s less competition for them than for other parts of the profession.”
Brown said that, as part of the service offered in conjunction with the SPG, Prime Professions will be lobbying insurers to include sole practitioners in their portfolios.
Firms have until 1 October to renew their professional indemnity cover.