The deadline for the renewal of Professional Indemnity Insurance was 1st October 2013 and reports suggest that many firms were still yet to find cover as the deadlines approached.
Online PR News – 11-October-2013 –A number of the top PII insurance companies have withdrawn from providing cover to particular types of legal firms therefore prices increased dramatically as the demand for insurance cover increased.
The increase in prices has meant that a high number of solicitors unfortunately turned to unrated insurers for a more affordable price.
The high risk of taking out cover with unrated insurers havs been clearly documented previously in reports with examples of problems faced with certain companies including Balva and Berliner.
Redbrick Solutions has said that securing PII insurance can be made easier with legal technology, claiming that it is generally believed claims against law firms are most likely to come from administration and system failures therefore when applying for cover, PII insurers will assess a firms risk management according to Martin Ellis of Prime Professions.
Managing Director of Redrick Solutions, Martin Macduff has discussed the situation;
"A quality case management solution can ease some of the challenges faced by firms when it comes to PII renewal. Redbrick Practice Management provides extensive workflows to ensure matters are handled in a disciplined and timely manner. It’s fully integrated, and compliance checks and audit trails are incorporated to reduce errors and the risk of fraud.
Choosing a Redbrick Solutions’ product is a great way to reduce your PII premiums as we are the only legal case management provider to be working in conjunction with Lexcel, to provide Lexcel compliant workflows, ensuring firms meet ‘best practice’ requirements at all times.
Combine case management with a back office solution for legal accounting such as Redbrick Business Intelligence, and you have a truly powerful system to help manage risk and eliminate fraud. Stringent financial controls and comprehensive reporting functions ensure all matters are handled to SRA requirements."
Redbrick Solutions launched in 2001 and all products are developed in house by expert legal software developers. To find out more information on how you can secure affordable PII insurance visit the Redbrick Solutions website.
Redbrick Solutions offer legal case management software as well legal accounting software for UK Law firms.