Spread your annual PII premium over fixed monthly installments, so your firm can retain working capital and plan with more certainty.
Professional indemnity insurance (PII) remains a significant annual cost requiring careful cash flow planning:
SRA research put PII premiums at 3 to 9% of a firm’s annual turnover. Firms that budget the premium as a fixed annual item, alongside tax and VAT, keep more control over how they pay it.
Settling the premium in full commits capital that the practice may have earmarked elsewhere.
Renewals often coincide with other seasonal liabilities, such as tax, VAT returns and SRA Practising Certificate fee renewals.
Professional indemnity insurance finance allows law firms to spread the cost of their annual PII premium over monthly repayments, rather than paying the full amount upfront.
By spreading the cost, this can help firms retain essential working capital and plan their cash flow more effectively around other financial commitments throughout the year.
Shire Professions Finance are proud to be a Strategic Partner to the Law Society of England and Wales, supporting solicitors with specialist law firm finance designed around the unique demands of running a legal practice.
We are also proud to be an Approved Supplier for the Law Society of Scotland.
Scottish solicitors in private practice are covered under the compulsory Master Policy. We arrange finance so firms can pay it in monthly instalments.
We arrange PII finance so it works as a positive tool, not a panic button.
1-2-1 support from an account manager who knows the legal sector.
We provide finance for a range of premium sizes.
Spread your premium over 10 to 18 months, depending on your policy length.
Funding can be made available, even on deadline day.
Providing you PII funding that aligns with your cash flow cycle.
We work with a wide range of lenders to find competitive rates for your firm.
Request a quote: speak with a specialist about your renewal.
Quick underwriting decisions: We’ll review your application with our panel of lenders to find a solution tailored to your needs.
Pay-out: Once approved, you can receive your funds in as little as 24-48 hours, even on deadline day.
We have proudly supported firms since 1990:
If you want to bring more clarity to your cash flow during your next renewal, we’re here to help. Speak to our specialist team about your firm’s requirements and the finance options available to help spread the cost.
We’re here to answer your PII funding questions.
Professional indemnity insurance finance allows a law firm to fund its PII premium and repay the borrowing over an agreed period, rather than paying the full premium at once.
Financing can spread a significant annual cost across a defined repayment period, allowing firms to retain working capital for other liabilities and long-term business plans.
Shire supports eligible law firms across the UK. Applications are assessed individually and finance is subject to status, eligibility and applicable lending terms.
In Scotland, solicitors in private practice are covered for PII through the Law Society of Scotland’s compulsory Master Policy. This differs from England and Wales, where firms arrange cover with a participating insurer. Scottish firms can finance the premium over an agreed period, subject to eligibility and lending terms.
For firms in England and Wales, most PII renewals are due by 1 October. Scottish solicitors renew under the Master Policy, with a 1 November deadline.
Depending on your policy length, repayment terms can range from 10 to 18 months.
Explore the latest blogs and news from our team of finance experts.
Law firm digital transformation covers the systems, automation and AI a firm adopts to change how work is delivered. Planning it means costing implementation as well as licences, testing the…
The SRA practising certificates renewal window opens for applications on 1st October. As one of the busiest and most cost-intensive times of the year, preparing in advance can help firms…
The cost of a solicitors’ professional indemnity insurance premium will depend on the firm’s turnover, areas of practice, claims history and how an insurer assesses its risk. Among mid-sized firms,…
