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.

More about PI Premium funding (PDF, 133KB)

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)

Enquire about Asset Finance

Enquire about Asset Finance

Our specialists will work hard to understand your business, and provide a solution tailored to your needs.

Call 0345 602 4796

We’re available from 9am to 5pm, Monday to Friday, except public holidays.

Enquire now

Lloyds Bank Business Insurance Services

Insurance Solutions from Gallagher

Insurance Solutions from Gallagher

To provide you with Business Insurance Lloyds Bank works with Gallagher, one of the UKs largest insurance brokers.

Access to a panel of insurers to help you get the right cover

Access to a panel of insurers to help you get the right cover

Advice and recommendations for your Insurance and risk needs provided by Gallagher

Advice and recommendations for your Insurance and risk needs provided by Gallagher

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.

Important information

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. Lloyds Banking Group is a member of the Lending Standards Board (LSB) and complies with the LSB Standards of Lending Practice for Business Customers (Asset Finance). Further information is available from the FLA at www.fla.org.uk and from the LSB at www.lendingstandardsboard.org.uk.

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 is subject to you meeting our Credit approval.  Please ensure that you only apply for credit or leasing services that you can comfortably afford.