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Funding Indemnity Insurance Premiums
If you are a Legal or Accountancy practice, you may be eligible to spread the cost of Professional Indemnity Insurance premiums over time and protect working capital.
What is Professional Indemnity Insurance?
Professional Indemnity Insurance (PI), also known as Indemnity Insurance, provides cover to protect you if claims are brought against you by a client. PI insurance can help to put mistakes right and cover any legal costs if a client alleges you have provided inadequate service or advice.
Professional indemnity insurance can also help protect your legal or accountancy business against claims from clients where your advice or services have caused them financial loss or reputational damage. It can help provide cover for civil liberty claims and also cover the costs you may be liable for such as legal fees, compensation and expenses.
How we can help
Spread the cost of your PI Insurance premiums over a 12 month period.
Through the use of an Asset Finance facility, we are able to help provide a more flexible, cash flow friendly means of financing renewals.
The facility can cover the premium as well as practice certificate costs and broker commissions.
Eligibility
Available if you are a Sole Trader or Partner Legal and Accountancy practice, including Limited Liability Partnerships (LLPs) and Limited Companies.
- Facility is available to new and existing Lloyds Bank customers.
- Funding starts from £25,000 to a maximum of £3,000,000.
- Repayment period of 12 months, usually with one month in advance.
- Your turnover must be more than £100,000 per annum.
- You must have been trading for a minimum of 24 months and be UK-based.
Movements in the Professional Indemnity Insurance market
The market for Professional Indemnity Insurance has been turbulent in recent years with premiums increasing. In our article we look at the current market position and consider how firm’s can protect their cash flow from the impact of higher premium costs.
Read more about changes in the PI Insurance Market (PDF, 180KB)
Lloyds Bank Business Insurance Services
Gallagher expertise
Gallagher’s specialist Professional Indemnity Insurance team will work closely with you to gain a thorough understanding of your Legal or Accountancy business.
Gallagher will search the market for insurance quotes and provide you with suitable insurance and risk management solutions to protect your business. They also have in-house expertise to help in the event of a claim.
Get a Professional Indemnity quote
Talk to an insurance specialist at Gallagher
Call 01625 348186
Lines available from 9am to 5pm Monday to Friday excluding Bank Holidays.
Alternatively, if you are an existing customer, you can speak to your Relationship Manager who would be happy to introduce you to Gallagher.
Lloyds Bank plc, Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England & Wales no. 2065. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under Registration Number 119278.
Lloyds UDT Leasing Limited, Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England & Wales no. 665240.
Lloyds Bank Asset Finance, part of Lloyds Banking Group, is a member of the Finance & Leasing Association (FLA) and complies with the FLA Business Code of Practice.
We are covered by the Financial Ombudsman Service (FOS). Please note that due to FOS eligibility criteria not all business customers will be covered.
The provision of credit or leasing services by us is subject to you meeting our credit approval. Please ensure that you only apply for credit or leasing services that you can comfortably afford.