tag:blogger.com,1999:blog-7058786915356669476.post5260288320863688345..comments2024-03-27T08:57:40.383+00:00Comments on SOLO IP <br> for sole and small IP practices<br>: Insurance: a baffling propositionFilemothttp://www.blogger.com/profile/15735898485265104580noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-7058786915356669476.post-53701372588263971992009-06-07T11:45:32.226+01:002009-06-07T11:45:32.226+01:00Maybe I should add that the small firm discount is...Maybe I should add that the small firm discount is usually granted to firms being really "small" revenue wise. However, still, solos usually donĀ“t pay an extra premium for the fact that they are solos.Chrishttp://www.german-trademark-blog.comnoreply@blogger.comtag:blogger.com,1999:blog-7058786915356669476.post-42919339957871986392009-06-06T20:18:29.795+01:002009-06-06T20:18:29.795+01:00I must say, I was quite surprised when I started i...I must say, I was quite surprised when I started inquiring about PI here in the UK. Compared to my home jurisdiction Germany (where usually things tend to be more bureaucratic and complicated), obtaining PI in the UK seems to be quite a challenge, especially for small firms and Registered European Lawyers (to be). And it is quite pricey. A solo in Germany in his/ her first year can get the legal minimum cover (250k) for as little as 100 to 200 EUR. Not even a business plan is required. @Shireen: you wouldn't get penalised for being a solo. Instead you even might get a small firm discount.Chrishttp://www.german-trademark-blog.comnoreply@blogger.comtag:blogger.com,1999:blog-7058786915356669476.post-71842112845646419712009-05-21T17:19:56.254+01:002009-05-21T17:19:56.254+01:00Because they can.
Really.
A large part of the pr...Because they can.<br /><br />Really.<br /><br />A large part of the problem is that there is so little real competition for what we call "malpractice insurance" over on this side of the Pond, and especially here in Illinois. It's even worse if one does IP litigation; the premiums I was quoted in 2004, as a solo practitioner with a mixed transactional and litigation practice, would have purchased a pretty decent used car. There wasn't much alternative... because I found only two firms that would even consider covering someone with that practice profile.CEPhttps://www.blogger.com/profile/06970221836704655630noreply@blogger.comtag:blogger.com,1999:blog-7058786915356669476.post-49518742266071258312009-05-21T14:06:10.428+01:002009-05-21T14:06:10.428+01:00Yes this is a well known feature of PI insurance e...Yes this is a well known feature of PI insurance everywhere. The rationale behind it is that if you are reliant for more than 25% of your income on any one source, then you may lose your ability to act independently, and stand up to the client if needs be. Apparently even large firms fall fowl of this because they tend to rely heavily on a few clients for their income. The name of the game in business is to ensure you have plenty of clients so that the loss of any one of them would not be a devastating blow to your business. So far I have managed to achieve this, but then get penalised for being a sole practitioner. Actually I find less justification for this, as in many businesses you are not judged by how many people own the business so why does the legal profession discriminate so much against sole practitioners?Shireen Smith, Azrightshttps://www.blogger.com/profile/00878214320196044240noreply@blogger.com