Increasing numbers of law firms are seeking out their own quotes for professional indemnity insurance, according to a Law Society survey.

The poll of 600 firms found almost one-fifth of firms approached insurers directly to get 2011/12 cover - nearly double the proportion who did so the previous year. But while more were prepared to go it alone, there was little impact on the average cost of cover.

The 600 firms surveyed - all with up to 25 partners - reported average annual premiums were £16,720 in the current year, down from £16,980 in 2010/11.

Few firms were unable to secure insurance cover, with just 0.5% of firms needing to enter the Assigned Risks Pool.

Law Society chief executive Desmond Hudson reflected on ‘encouraging signs’ across several different indicators, but stressed there are improvements that can be made. ‘We particularly want solicitors to ask their broker to disclose what they receive from insurers in commission and other remuneration this renewal,’ he said.

‘While it appears that the renewal experience is getting easier for our members, the survey did reveal some areas of concern, including the fact that half of firms received time-limited offers of between seven and 14 days, which depending on the stage in the renewal process may place undue pressure on solicitors.

‘We have lobbied the Solicitors Regulation Authority to consider the introduction of a minimum acceptance period of 21 days for quotations.’

Almost two-thirds of firms chose to re-insure with their 2010/11 insurer, with larger firms more likely to stay loyal to the same provider.

More than half of firms reported finding the PII renewal process not very (22%) or not at all difficult (34%). One-third of firms reported finding the process quite (23%) or very difficult (11%). One in 10 firms (11%) did not feel strongly either way. The likelihood of perceiving the process as difficult tended to increase with the number of brokers used.