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 recognition.

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:

• Accountants
• Compliance Consultants
• Insurance Brokers.

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.

MFL Professional can provide the assistance required by new start up practices and for more detailed information please download our Solicitors New Practice Start Up Guide. .

In addition we also believe we are the first specialist Professional Indemnity broker to have created an insurance application form specifically for new start ups and you can  download a copy here.

Go to printable version