Category: PI comparison · Reviewed by Matt Bartlett, Director · Founder · Last reviewed May 2026
When UK professionals review professional indemnity (PI) options, Hiscox and Markel are two names that come up frequently. Both are recognised participants in the UK PI market, both write across a range of professions, and both are encountered by buyers looking at SME and mid-market PI placements. Many buyers ask how the two compare so they can understand what dimensions actually differ between them.
This guide is written for buyers, partners and finance leaders who want a balanced view of how Hiscox and Markel typically appear in UK PI buying decisions. It does not rank one above the other. Instead it lays out the dimensions to evaluate, the kinds of wording features each publicly highlights, and the questions worth asking before placement.
This article is not a recommendation. It does not say that one insurer is preferable to the other and it does not suggest that any buyer should choose one over the other based on this guide. Insurer appetite, capacity and wording change over time, and the only authoritative position is the policy schedule, the Insurance Product Information Document (IPID) and the current policy wording offered at the point of quotation.
What this article does is set out the dimensions on which Hiscox and Markel structures often differ in PI placements, and the practical questions a buyer or broker would walk through when comparing two markets side by side. It draws on publicly available materials — insurer marketing pages, public policy wording summaries and broker-market commentary — rather than confidential terms.
Comparing PI insurers is harder than comparing motor or home insurers. PI wordings are technical and the differences sit in clauses that do not always feature on a summary page. The same insurer can offer materially different terms across different distribution channels — a scheme arrangement for a particular profession may carry features that an open-market quotation does not, and vice versa.
Three layers tend to drive real differences between PI markets: the wording itself (civil-liability scope, defence-costs treatment, exclusions and retroactive position); the appetite of the underwriter for the specific profession and the activities being declared; and the claims-handling approach when something does go wrong. None of these are visible from a price comparison alone. Policyholders should review their schedule and policy wording carefully, and applicants should check the IPID and current terms at the time of placement.
The list below covers the dimensions that typically matter when two PI markets are being evaluated. They apply equally to Hiscox and Markel and to any other PI insurer.
Some PI wordings respond on a civil-liability basis (broader, covering breach of duty arising from the professional activity declared) and some on a narrower negligence basis. The trigger language matters because it determines what claims fall inside cover. Both Hiscox and Markel publicly market civil-liability style PI wordings in many of their product lines, but the precise wording differs and is the only thing that controls cover. Buyers should ask their broker to confirm the trigger in the wording offered.
PI limits can be structured on an aggregate basis (one pool of indemnity for the year) or on an each-and-every-claim basis (the limit is available per claim). The each-and-every-claim structure is common in many UK PI placements, but not universal, and certain professions are written on aggregate by convention. Confirm which structure applies to any quotation under consideration.
Defence costs can sit inside the limit of indemnity (reducing what is available for damages) or in addition to the limit. The treatment varies by insurer, by product and by the limit level chosen. This is one of the most commercially significant clauses in a PI policy and is worth comparing directly.
PI is written on a claims-made basis, so the retroactive date controls how far back the cover reaches in time. Insurers handle retroactive dates differently — some accept “full retro” where the prior insurer’s date can be carried forward, some set a fixed retro date, and some negotiate. Continuity of retro date is critical when switching insurer.
When a firm ceases trading or a partner retires, run-off cover continues to respond to claims arising from past work. The availability, length and pricing of run-off varies between insurers and is a planning point for any professional firm.
Both Hiscox and Markel write across multiple professions, but their visible appetite in particular sectors differs. Asking a broker which of the two is currently writing the relevant profession is a practical filter.
Both insurers participate in scheme arrangements with brokers and professional bodies. A scheme can change pricing, wording and minimum criteria for a profession compared with an open-market quotation. Whether a relevant scheme exists is worth asking before assuming open-market terms.
PI claims are technical and often long-running. How the insurer’s claims team is organised, whether it uses panel solicitors, and how it engages with the policyholder during a claim all matter. Public information on claims handling is limited, but broker-market feedback is one source.
Both insurers can be encountered across SME and lower mid-market PI placements. Their visibility at different revenue bands and fee-income bands varies by profession.
Hiscox is a recognised UK PI market with publicly stated focus on small and medium-sized businesses. It distributes via both a direct channel (its own quotation platform) and via the broker channel. It publicly markets PI to consultancies, IT and technology firms, media and design businesses, and a range of other professional services. Hiscox is listed and FCA-authorised; current authorisation details are available on the FCA register.
Hiscox publicly markets to small businesses, consultancies and solo professionals as well as larger SMEs. Their direct platform is built around lower-complexity placements; broker-distributed business tends to involve cases where wording, sector or activity profile needs underwriter input.
Consultancy, IT and tech, design and creative, media and certain regulated professions are sectors where Hiscox is publicly active. Appetite within those sectors varies and is set by the underwriter at the time of quotation.
Hiscox publicly highlights civil-liability style wordings on much of its PI book, alongside ancillary covers such as defence and protection for certain regulatory matters. The exact features depend on the specific product and policy variant.
Confirm the limit basis (aggregate vs each-and-every), defence-costs position, retroactive date, the activities described in the schedule (PI wordings respond to the activities declared), and any sub-limits or excesses attached to specific perils.
Markel is a recognised London-market PI insurer that writes across a broad range of professions in the UK via the broker channel. Markel International is part of the global Markel group and writes PI as part of its specialty portfolio. Authorisation status is on the FCA register.
Markel’s broker-distributed PI is encountered across a wide profession range — including miscellaneous professions that some markets find harder to place. SME and lower mid-market firms are common buyer profiles, but appetite extends into larger placements depending on the activity.
Markel writes PI across many professions and is publicly visible in areas including miscellaneous professional services, certain regulated professions and a range of consultancy and advisory sectors. Specific profession appetite is set by the underwriter and may be supported by scheme facilities where they exist.
Markel publicly markets PI wordings on a civil-liability basis across many of its products, with the usual range of definitions, exclusions and conditions found in UK PI. The exact wording features depend on the product variant.
Confirm the trigger wording, the limit and aggregation basis, defence-costs treatment, retroactive date, run-off availability and exclusions specific to the activity. Confirm whether the placement is being made under a scheme or facility, since that affects what features are available.
| Dimension | Hiscox typical position | Markel typical position | What to ask |
|---|---|---|---|
| Distribution channel | Direct and broker | Broker-distributed | Which channel is the quotation coming through? |
| Trigger wording | Civil-liability commonly marketed | Civil-liability commonly marketed | Confirm the exact trigger in the wording offered |
| Aggregation basis | Varies by product and limit | Varies by product and limit | Aggregate or each-and-every for this quotation? |
| Defence costs | Varies by product | Varies by product | Inside or in addition to the limit? |
| Retroactive date | Negotiable subject to underwriting | Negotiable subject to underwriting | Will prior retro be honoured? |
| Run-off | Available subject to underwriting | Available subject to underwriting | Length and cost of run-off if needed? |
| Sector appetite | Consultancy, IT, design, media commonly visible | Broad including miscellaneous professions | Is the specific profession currently in appetite? |
| Schemes / facilities | Scheme arrangements exist via brokers and bodies | Scheme arrangements exist via brokers and bodies | Is a relevant scheme available for this profession? |
| Limit bands typically seen | SME-to-mid-market | SME-to-mid-market | What is the maximum capacity for this risk? |
“Varies by scheme” is often the most accurate answer because both insurers offer different terms via different distribution structures.
Hiscox and Markel are most often considered side by side in placements involving SME professional firms — including small consultancies, design and creative studios, IT and tech consultants, surveyors, certain regulated professions and miscellaneous professionals. For these buyers, both markets are commonly approached, and brokers typically present one alongside the other for comparison of wording, capacity and price.
In larger placements where multiple insurers are needed to build a programme, both can appear within a panel of markets. In professions where one insurer holds a scheme arrangement with a relevant body or broker, the scheme may be presented alongside an open-market quotation from the other.
A practical difference often discussed is the distribution mix. Hiscox is publicly active in the direct-to-consumer space alongside its broker book, while Markel’s UK PI book is broker-distributed. This affects how a buyer encounters each — a buyer searching online may meet Hiscox directly, while Markel is typically met via a broker.
Sector appetite is another area where differences appear. Both insurers have publicly stated profession lists, but the live appetite for specific niches varies and is best confirmed by a broker who is in current dialogue with both underwriting teams. The presence (or absence) of a scheme for a particular profession can shift the terms one insurer offers in that segment.
Mid-market vs SME tilt also differs at the edges. Both can be encountered at SME level; at higher limits and fee-income bands, the relative appetite and capacity each offers may diverge by sector and is worth confirming at the point of quotation.
If you are a small consultancy or design firm with relatively standard activities, Hiscox’s structure may align with your needs because its product set is publicly marketed to that buyer profile and is distributed through both broker and direct channels. If you prefer a broker-distributed placement and your profession sits in the broad professions Markel writes, Markel’s structure may align with your needs because the broker route allows wording-level discussion at the time of quotation. The framing here is about alignment between the buyer’s situation and what the insurer publicly offers — not a quality judgement about either insurer.
A PI broker who is in current dialogue with both underwriting teams can confirm appetite for the specific profession, request comparable terms from each market, and present wording differences side by side. The broker’s role is to surface differences that do not appear on a price comparison and to help the buyer ask the right questions of each quotation. Apex Insurance Brokers offers access to multiple PI markets, including both Hiscox and Markel, and presents wording differences neutrally so that buyers can make their own decision. We do not take a position on broker vs direct as a category — that decision depends on the buyer’s specific circumstances.
Are Hiscox and Markel both regulated to write PI in the UK? Both are FCA-authorised insurers operating in the UK PI market. Authorisation details and current status can be checked on the FCA register before placement.
Is one of them cheaper than the other? Price depends on the profession, fee income, activities, claims history, limit, excess and wording. Comparing premiums alone misses wording differences that affect cover. A like-for-like comparison should be on equivalent terms.
Which one has better claims handling? Public information on claims handling is limited, and claims experience varies by claim, broker and policyholder. Asking a broker about market feedback is one input; the published complaints data on the FCA / Financial Ombudsman website is another.
Can I buy from Hiscox direct and Markel through a broker for the same firm? A buyer can approach Hiscox direct or via a broker, and Markel is broker-distributed in the UK. Whether both routes are appropriate depends on how the buyer wants to manage the placement and the wording comparison.
Do both offer run-off cover? Both publicly offer run-off subject to underwriting. Length and cost vary and should be confirmed at the time of placement or at the trigger event (retirement, dissolution, etc.).
What is the typical limit range available? Both write across SME and lower mid-market limit bands. Specific capacity for a given risk depends on the underwriter’s appetite at the time and the wider market available.
Does my professional body specify either insurer? Most UK professional bodies do not specify a particular insurer. They set minimum cover requirements (limit, wording features, run-off). Confirm body-specific requirements against the policy schedule.
How often should I review my PI placement? PI is typically reviewed annually at renewal. Material changes during the year — new services, new sectors, acquisitions, claims activity — should prompt an interim review with your broker.
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About Apex Insurance Brokers — Apex Insurance Brokers Limited is authorised and regulated by the Financial Conduct Authority, FCA firm reference 724952. Registered in England and Wales, Companies House 07014570. Last reviewed: May 2026.
Note on accuracy: insurer policy wordings, appetite, capacity and distribution arrangements change over time. The descriptions in this guide reflect publicly available materials and broker-market context as understood at the time of writing in May 2026. Always confirm current policy terms with the policy schedule, IPID and current wording before relying on them for placement decisions.
Apex Insurance Brokers serves UK professional services firms and commercial businesses. Call 0117 325 0027, email hello@apexinsurancebrokers.co.uk, or request a quotation.
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