With the proposed changes to whiplash claims and the increase in the small claims limit April 2020,
many personal injury firms are quite understandingly looking to diversify into other areas of law.
In the last 3 months the professional indemnity market has hardened with several insurers leaving
the market and the remaining insurers being rather selective about firms they wish to Insure or
We have seen that firms who have diversified into other areas of law without the requisite
experience or planning have been worst hit with some unable to get cover and those that did, have
seen large increases.
Moving into new areas of law may mean survival for some firms but creates more uncertainty for
insurers as the firm may no longer be regarded as a specialist practice.
If you are thinking of diversifying into new areas, make sure you formulate a proper plan and should
consider things such as:
- Who will be carrying out this work?
- Do they have the requisite tools to carry out these areas properly?
- Is your case management system suitable for these work types?
Any law firms looking to diversify and need advice please feel free to contact us 0800 180 4203.
Legal Ex Plus (Specialising in Insurance for the Legal Sector)