How Miller keeps delivering for SME firms: closure prevention, alternative cover following insurer drop out and premium savings

Miller InsuranceMiller’s commitment to getting law firms the right insurance that matches their needs and providing service that goes “above and beyond” is something that runs through every member of their solicitors’ professional indemnity team.

From the outset, firms are allocated a dedicated account manager with market-leading expertise who will work with them on a day-to-day basis. They will take the time to meticulously understand your business, represent your firm’s interests with underwriters and be your long-term contact. Supported by in-house risk management experts and legally qualified claims advocates, over 1200 firms across England and Wales trust Miller to deliver year-after-year.

Real examples of SME law firms that have benefited from Miller’s service

Going the extra mile to save a firm from closure

A firm, who were already in the extended policy period of their PI cover, contacted Miller with less than 48 hours before the firm had to close its doors. This meant over 30 people would lose their jobs and the Partners’ lifetime of work would go down the drain. The Miller team immediately reviewed the submission and explained to the firm the perception it was giving about them and their business. They were shocked to hear the cold reality of how they could be viewed by insurers, which was not a true reflection of them or their firm. We delved into the detail and after several conversations with the Partners, we worked together to create a submission that accurately reflected the work they did, who it was done by, and showcase the firms fully integrated and collaborative approach to risk and compliance. Within 36 hours we had two quotes and a further solid option for the next renewal.

Market clout and forward thinking protects a firm dropped by its insurer

A traditionally cautious and loyal “buyer” of PI insurance found themselves in need of a new insurer almost overnight, after the insurer pulled out of insuring any firms with income below £10m fees. Going forward our client knew they wanted to be with an insurance company of equal size and security, however also wanted to prevent a repeat situation.

The Miller team were able to place cover with an insurer of similar status and presented a plan to futureproof those arrangements by developing closer links with that insurer and others to ensure the firm were building relationships with multiple providers.

Sure enough at last renewal, due to the realignment of the incumbent insurers’ appetite and pricing, the proposed renewal premium increased by 25% despite the firm having level fees and an improving claims record. These terms were clearly unacceptable and would have made things difficult for our client if they had needed to begin a full re-broking exercise. Our prudent strategy of meeting other insurers in previous years paid off, and fresh terms at the same premium as the previous year were obtained within a day. Renewal was bound with a good insurer at a sensible price.

Benchmarking service that led to premium savings

Client testimonial: “We engaged with Miller for the benchmarking process and the results were truly phenomenal and saved more than 20% on the firm’s PI insurance premium. The process was straightforward, relaxed and we would recommend any law firm to use the Miller benchmarking approach to ascertain whether they are getting true value. We would not hesitate to recommend Miller.”

Risk management, claims and broking that delivered on what the client wanted

Client testimonial: “A few years ago, we wanted to reduce our PII premium and appointed Miller to help us achieve this. As soon as we appointed Miller, we knew what to expect and had timelines focused on getting us the best renewal outcome. It started with an in-depth audit from Miller’s risk manager and support on some complex claims matters from one of Miller’s claims advisors. The team who negotiated our premium were fully involved throughout and stayed in regular contact with us. This included helping us to make sure our renewal submission was as comprehensive as possible and arranging for us to meet insurers so we could showcase our firm in the best possible light. Ultimately Miller did a great job and saved us a lot of money. We would highly recommend talking to them.”


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