The insurance market has changed somewhat and the number of would-be start-up
practices has increased significantly.
Previously the profile of most new practices was that they would comprise one
or two twenty-something individuals with 5 or so years' experience, wanting to
do their own thing and make their mark. Over the last couple of years but
accelerating over the last 6-9 months, that profile has changed out of
It is essential that would-be start-up practices adopt the right tactics from
the beginning. It is important that individuals embarking upon this significant
step obtain appropriate advice from a variety of professional advisers, ie:
With specific regard to Professional Indemnity Insurance, it is important
that this is fully explored before any bridges are burned or significant money
is spent. The SRA will not process any application until the applicant can
provide written evidence of the availability of compliant insurance cover.