So a hundred days have passed since we at Inperio launched our Professional Indemnity Product for Freelance Solicitors. The fanfare trumpeted by the Solicitors Regulation Authority has, as is often the way, over promised and undelivered to those seeking to take up Freelance Regulation. The misconception about “cheap” insurance has been rife, with many many applicants giving little consideration to building a business plan to ensure success in their freelancing endeavour.

This misconception I am afraid has led to some disappointment from applicants, ranging from those that are outraged that they have been misled by their regulator, to those who simply didn’t consider the investment in time and resource, that they would need to make in setting up as a Freelance Solicitor.

Many have asked us why our pricing so close to that of a Sole Practitioner, and the answer is simple. The risk profile isn’t really that different from a Sole Practitioner – so why should the price be? In seeking to give Freelancers the flexibility to undertake a wide range of reserved activities the Solicitors Regulation Authority has effectively created a two tier Sole Trader, one locked in to the minimum terms and one which is not. Yes, some arguments exist about the lack (apparently) of a client account, the fact that insurance limits can be lower and run-off isn’t compulsory – but the core insurance risks of simply making a mistake remain unchanged, and the low level claim exposures remains unaltered.

It is however not all doom and gloom I am glad to say that Inperio has managed to help a healthy number of Freelance Solicitors get their businesses off the ground; they are still a minority of applications we receive – but for those individual who have embraced the flexibility of the regulation and have thought about this as their new career we are glad to welcome you on board and wish you all the best with your new business.

I am hopeful in the next 100 days the early myths about insurance disappear and we are able to help more and more Freelance Solicitors achieve their goals of bringing flexible legal services that Freelancing brings to the marketplace.

For those considering Freelancing as an option I would recommend contacting a specialist Professional Indemnity Insurance Broker who will be well placed to talk to you about the options available to you and the products Inperio have to offer.

Simon Lovat

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