Minimum Terms of Entity Cover

All BSB entities must have appropriate insurance arrangements in place at all times. If not, your entity is in breach of the mandatory conditions for authorisation as specified in the BSB Handbook - see rule S83.4 and related guidance. 

The Bar Standards Board’s requirements in respect of professional indemnity insurance, including the minimum terms, are concerned with ensuring consumer protection, specifically that there is adequate cover for liabilities which BSB regulated persons and entities may incur to their clients or other parties to whom they may owe duties when performing their legal services. However, the BSB Handbook does not require BSB regulated persons and and BSB regulated entities to carry insurance for other types of liability, which do not relate to their liabilities towards consumers, nor are the minimum terms concerned with this type of liability. For example, the minimum terms require you to have insurance which covers third party losses in the event of a cyber incident, but it does not require you to have a separate policy which covers your own (“first party”) losses in such an event. You should assess your level of risk in this area to determine whether such protection is necessary.