V4B Business Finance

Now is the time to discuss Professional Indemnity Insurance

Professional Indemnity Insurance (PII) premiums for law firms have soared again. Reports suggest they are up somewhere between 15% to 40% this year alone and some of our clients have seen renewals increase from £245,000 to £350,000.

This is a substantial leap and as a result, we have seen an increase in requests for instalment plans.

There have been reports of some insurers introducing stricter criteria for new business. Even for firms with excellent claims records. Another blow for those needing to renew what are already expensive policies.

Professional Indemnity Insurance is essential for the legal profession. It enables companies to trade and is one of the largest annual expenses.

However, many more firms are facing the challenge of funding their Professional Indemnity premiums this year. Therefore as the October 1st deadline approaches firms need to weigh up their options.

Do Not Wait

Do not assume that your renewal letter is the time to start thinking about Professional Indemnity Insurance so begin the process in advance of your renewal letter. For instance, ask yourself ‘what are your options?’

Upfront payment

Paying the premium in a lump sum can have a severe impact on cash flow. Having an alternative to a lump-sum payment could protect funds because you can then invest the capital in other areas of your business.

Professional Indemnity Insurance bills are usually considerable amounts so using an overdraft facility to fund payment is not usually the best option.


Firms should review budgets and make plans for increased premiums. This could include premium financing to spread out payments.

V4B Business Finance

We have a dedicated Professional Indemnity Insurance finance facility. This allows you to fund your premium in easy instalments over the term of the policy.

We have assisted thousands of legal firms with Professional Indemnity Insurance funding. As a broker, we have access to a wide range of funders which enables us to offer some of the most competitive rates on the market.


  • Unsecured funding for insurance policy and/or practicing certificates
  • Flexible repayment terms up to the period of insurance
  • We can pay your insurer directly
  • Spread the cost of repayments over six to 18 months
  • Keep capital and stabilise cash flow
  • Borrow up to £150,000 without guarantees
  • Dedicated account manager
  • Fixed interest rates and costs


Email: info@businessfinance-v4b.com

Call: 01978 668969

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