In the UK, most regulated professional bodies require their members in practice to hold Professional Indemnity (PI) insurance, and many set detailed minimum-terms requirements specifying not just the limit but the wording the policy must meet. The result is that "PI insurance" is not a single product — what counts as compliant cover for a solicitor is very different from what counts for an architect, a chartered accountant, a surveyor, or a recruitment agency.
This article is a reference guide to the requirements of the main UK professional bodies that mandate PI for their members. We cover the Solicitors Regulation Authority (SRA), the Architects Registration Board (ARB), the Royal Institution of Chartered Surveyors (RICS), the Institute of Chartered Accountants in England and Wales (ICAEW), the Association of Chartered Certified Accountants (ACCA), the Royal Institute of British Architects (RIBA), the Chartered Institution of Building Services Engineers (CIBSE), the Institution of Structural Engineers (IStructE), the Recruitment and Employment Confederation (REC), and the Association of Residential Managing Agents (ARMA, now part of The Property Institute / TPI).
For each body we set out the current minimum cover position, the key wording requirements, and where the regulator-required cover differs from voluntary cover most members buy. Important: the figures below reflect our understanding as of writing in May 2026. Regulators update their criteria periodically — always check directly with the body for current requirements before committing.
Where a body has its own dedicated reference article on our site, we link to it for the deeper treatment. This page is the consolidated overview.
Solicitors Regulation Authority (SRA) — solicitors in England and Wales
Who it applies to. Firms regulated by the SRA — solicitors' firms, recognised sole practices, licensed bodies. Individual solicitors are regulated, but the PI requirement attaches to the firm.
Minimum cover position. The SRA's Minimum Terms and Conditions (MTC) require:
- Minimum sum insured of £3m for any one claim for unincorporated firms (sole practitioners and traditional partnerships), and £2m for any one claim for incorporated firms (LLPs and limited companies). These are the regulator-set minimums.
- No aggregate limit on indemnity for compulsory cover — each claim has its own limit.
- Cover must be on a civil liability basis, not narrower negligence-only wording.
- Run-off cover of six years after the firm ceases to practise.
- The Assigned Risks Pool historically existed as a backstop for firms unable to obtain cover commercially; this was closed to new entrants from October 2013, with current arrangements involving extended indemnity period mechanisms.
Key wording requirements. The SRA MTC contains detailed mandatory wording covering scope of insured services, defence costs, dishonesty cover, and prohibited exclusions. Insurers must be on the SRA's list of participating insurers. The MTC limits the excess that can be charged and prohibits insurers from declining cover in circumstances that would leave clients exposed.
Where this differs from voluntary cover. SRA MTC is unusually prescriptive — the regulator sets not just the limit but extensive wording standards. Most solicitors firms buy at the regulatory minimum because the cost of higher voluntary cover is significant; mid-sized and larger firms typically buy primary cover at MTC level and excess layers above for additional protection.
Critical compliance points. The MTC's "no aggregation" rule is significant; an insurer that imposes an aggregate cap on compulsory cover is not MTC-compliant. The run-off provision is also detailed and includes a successor practice mechanism for firms that merge or are acquired.
Always confirm with the SRA Handbook and the current MTC for the up-to-date position.
Architects Registration Board (ARB) — registered architects
Who it applies to. UK-registered architects practising in their own right or as principals of architectural practices.
Minimum cover position. ARB's Professional Indemnity Insurance criteria require minimum cover by fee-income band:
- £250,000 each and every claim for practices with fee income up to £100,000.
- £500,000 each and every claim for practices with fee income £100,000 to £200,000.
- £1m each and every claim for practices with fee income above £200,000.
No aggregate limit — each claim has its own limit (this is the each-and-every-claim basis).
Run-off of at least six years is recommended on ceasing to practise.
Key wording requirements. Cover must be on a civil liability basis. Retroactive cover should extend back to the architect's past work. ARB does not maintain a list of approved insurers; the architect (and broker) is responsible for confirming the insurer is reputable and properly regulated.
Where this differs from voluntary cover. Many architects voluntarily buy more than the regulator minimum — practices in the £100k–£200k band often buy at £1m rather than £500k because the cost step is modest and a single large residential or small-commercial claim can exceed £500k quickly once defence costs are included.
Critical compliance points. Cladding and fire-safety work has been treated cautiously by insurers post-Grenfell. ARB has acknowledged the difficulty in obtaining full retrospective cover for some historic exposures and following its 2022 review allows for situations where, despite reasonable efforts, such cover cannot be obtained.
For the deeper analysis, see our dedicated article: ARB Minimum Terms PI — what the wording actually requires.
Royal Institution of Chartered Surveyors (RICS) — chartered surveyors
Who it applies to. RICS-regulated firms (those carrying out RICS-regulated surveying activity in the UK). RICS firms are a subset of UK surveying practices — non-regulated firms are not bound by RICS PI requirements.
Minimum cover position. RICS Rules for the Registration of Firms set out PI requirements that depend on firm turnover:
- Minimum £250,000 each and every claim for firms with turnover up to £100,000.
- Minimum £500,000 each and every claim for firms with turnover £100,001 to £200,000.
- Minimum £1m each and every claim for firms with turnover above £200,000.
The aggregation position for RICS-regulated cover allows aggregation in some circumstances but with detailed conditions — the policy must respond on at least an each-and-every basis up to specified levels.
Run-off of six years is required after the firm ceases to trade.
Key wording requirements. Cover must be placed with an insurer that has signed up to the RICS Minimum Policy Wording. The list of participating insurers is maintained by RICS and updated periodically. Wording covers civil liability, defence costs, mitigation costs, and other extensions.
The RICS Assigned Risks Pool (ARP) acts as a backstop for firms unable to obtain commercial cover.
Where this differs from voluntary cover. Many RICS firms — particularly those doing valuation work where claim severity is high — buy materially above the regulator minimum. Mortgage-valuation panels often require £2m or £5m of cover regardless of turnover. Commercial property surveying firms commonly hold £2m+ as a market norm.
Critical compliance points. RICS firms must use a participating insurer; placing with a non-participating insurer breaches the registration rules. Annual declarations confirm compliance.
For the deeper analysis, see our dedicated article: Surveyors PI Insurance UK Guide 2026.
Institute of Chartered Accountants in England and Wales (ICAEW) — chartered accountants
Who it applies to. ICAEW members in public practice in the UK (those holding an ICAEW practising certificate) and ICAEW-regulated firms.
Minimum cover position. ICAEW's Professional Indemnity Insurance Regulations require:
- Minimum sum insured calculated on a gross fee income basis — broadly 2.5 times gross fee income, with a floor of £100,000 and a cap on the required minimum at higher fee-income levels (the precise scale is set out in the ICAEW PII Regulations and revised periodically).
- For firms with gross fee income up to £600,000, the minimum is generally set at 2.5 times fee income subject to the £100,000 floor.
- For firms with gross fee income above £600,000, a fixed minimum applies — historically £1.5m, though the figure is reviewed.
No aggregate limit on indemnity for compulsory cover — each claim has its own limit. Excess is generally capped at the lower of £30,000 or 3% of fee income per claim, with limits on the total excess across the policy.
Run-off of two years is the historical minimum, with members encouraged to hold cover for the full statutory limitation period (six years or longer).
Key wording requirements. Cover must be placed with a "participating insurer" on the ICAEW list. The policy must be on a civil liability basis. ICAEW requires retroactive cover to apply to the member's prior public-practice work.
Where this differs from voluntary cover. Many accountancy practices voluntarily buy more than the ICAEW minimum, particularly firms doing audit, tax-advisory, or insolvency work where claim severities can be material. Six-year run-off is voluntarily held by most firms rather than the two-year minimum.
Critical compliance points. Audit work and other reserved areas have additional considerations. Members must declare PI annually as part of their practising certificate renewal.
For the deeper analysis, see our dedicated article: Accountants PI Insurance UK Guide 2026.
Association of Chartered Certified Accountants (ACCA) — chartered certified accountants
Who it applies to. ACCA members in public practice in the UK who hold an ACCA practising certificate.
Minimum cover position. ACCA's Professional Indemnity Regulations set requirements based on gross fee income, similar in structure to ICAEW but with its own scale:
- A minimum amount of cover scaled by gross fee income.
- A floor at modest fee-income levels (broadly comparable to ICAEW's £100,000 floor).
- Each-and-every-claim basis.
Run-off is required after ceasing to practise — check current ACCA regulations for the period.
Key wording requirements. Cover must include civil liability, defence costs, and not contain exclusions that would materially undermine the cover. ACCA does not maintain a participating-insurer list in the same prescriptive way as ICAEW; the focus is on the policy meeting the regulations.
Where this differs from voluntary cover. Most ACCA members in public practice buy commercial PI cover that meets and often exceeds the regulator minimum. The differences from ICAEW are at the margin rather than fundamental.
Critical compliance points. Annual declaration confirms PI is in force at renewal of the practising certificate.
Confirm current ACCA Professional Indemnity Regulations for the up-to-date detail.
Royal Institute of British Architects (RIBA) — chartered architects
Who it applies to. RIBA Chartered Members and RIBA Chartered Practices.
Minimum cover position. RIBA does not regulate the architectural profession in the same statutory sense as ARB — that role belongs to ARB under the Architects Act 1997. However, RIBA Chartered Practice status requires the practice to hold PI cover that meets at least the ARB criteria (see ARB section above).
Effectively for chartered architects, the ARB minimum is the floor, and RIBA Chartered Practice membership reinforces rather than supplements it.
Key wording requirements. Same as ARB — civil liability, each-and-every-claim, full retroactive cover, six-year run-off recommended.
Where this differs from voluntary cover. RIBA itself does not impose additional cover requirements beyond ARB; chartered practice status uses the ARB framework. Some larger RIBA practices buy excess cover above ARB minima for commercial reasons.
Critical compliance points. Architects who are members of both RIBA and registered with ARB must comply with the ARB criteria; non-compliance is an ARB matter, not a RIBA matter.
Chartered Institution of Building Services Engineers (CIBSE) — building services engineers
Who it applies to. CIBSE members in practice and CIBSE-registered consultancies.
Minimum cover position. CIBSE does not set a hard regulatory minimum in the way ARB or SRA does. Its Code of Conduct requires members to "behave with integrity" and to "take steps to maintain competence" — implicit in this is that members in practice carry appropriate PI cover. CIBSE-registered consultancy practices are expected to hold PI appropriate to their work.
Key wording requirements. CIBSE recommends cover on a civil liability basis with retroactive cover. The specifics are left to the member and their broker.
Where this differs from voluntary cover. Most CIBSE-member practices buy commercial PI to a level set by client contract requirements rather than regulator floor. £1m, £2m and £5m levels are common depending on project scale. Building services consultancy on large commercial projects often requires £5m+ to meet client contractual demands.
Critical compliance points. Although the regulatory floor is implicit rather than explicit, CIBSE members on substantial projects effectively need cover at the level their largest contracts require, which is usually well above what would be a "minimum".
Institution of Structural Engineers (IStructE) — structural engineers
Who it applies to. IStructE members in practice. Like CIBSE, IStructE is a learned-society and chartered body rather than a statutory regulator.
Minimum cover position. IStructE's Code of Conduct requires members to carry appropriate PI cover when providing structural engineering services. No specific minimum figure is published.
Key wording requirements. Civil liability cover, retroactive cover, run-off after ceasing practice. The level of cover should reflect the projects the member is working on.
Where this differs from voluntary cover. Structural engineering claims can be among the most severe in the construction sector — a structural failure can produce remediation costs in the tens of millions. Most established IStructE-member practices carry £2m, £5m or more on this basis. The "minimum" position is effectively driven by project size and contract requirements rather than IStructE's own rule.
Critical compliance points. Where IStructE members do work in regulated areas (for example, work on high-rise buildings subject to the Building Safety Act regime), specific cover considerations apply beyond IStructE's general requirements.
Recruitment and Employment Confederation (REC) — recruitment agencies
Who it applies to. REC corporate member agencies — recruitment firms operating in the UK that are members of REC.
Minimum cover position. REC's Code of Professional Practice requires member agencies to hold professional indemnity insurance at an "appropriate" level for their business. While not setting a single floor figure for all members, REC's guidance is that cover should reflect the size and nature of the recruitment work — temporary placement agencies, permanent placement agencies, and executive search firms have different exposures.
In practice, REC member agencies commonly hold:
- £1m–£2m for small recruitment firms
- £5m+ for medium and large agencies, particularly those placing into regulated sectors (financial services, healthcare, executive roles).
Key wording requirements. Cover should address professional negligence in candidate placement, candidate references, employment law advice given (where applicable), and similar recruitment-specific exposures.
Where this differs from voluntary cover. REC's "appropriate level" formula leaves substantial discretion to the agency. Most agencies size cover to their largest client contracts' requirements, which often exceed any reasonable interpretation of "appropriate minimum".
Critical compliance points. Conduct Regulations 2003 (Conduct of Employment Agencies and Employment Businesses Regulations) set conduct standards for agencies; PI cover supports compliance but does not directly fulfil regulatory obligations.
Association of Residential Managing Agents (ARMA) — now The Property Institute (TPI) — residential property managers
Who it applies to. Member firms of ARMA (which has merged with the Institute of Residential Property Management to form The Property Institute, TPI). Membership covers residential block managers, leasehold managers and property managing agents.
Minimum cover position. ARMA's standards (now under TPI) required member firms to hold PI cover at levels appropriate to the value of property under management. Specific minimums published by ARMA / TPI scale by managed-property value:
- A floor of around £100,000 PI cover for very small firms, scaling upwards.
- Substantial managing agents — those with hundreds of millions of pounds of property under management — typically hold £2m, £5m or higher.
The Client Money Protection (CMP) requirement applies separately — agents holding client money must have CMP, which is a different cover class from PI. Many managing agents hold both.
Key wording requirements. PI cover should respond to claims arising from property management activities — service charge errors, lease compliance failings, contractor management issues, and similar matters.
Where this differs from voluntary cover. Residential block management is increasingly regulated — the Building Safety Act 2022 has introduced new duties for higher-risk buildings, including for managing agents acting as accountable persons. Insurance market response to these duties has tightened; some insurers have restricted appetite for higher-risk building work. The "minimum" figure is less relevant than the cover wording's ability to respond to building-safety-related claims.
Critical compliance points. Check current TPI / ARMA standards for the up-to-date position, particularly in relation to higher-risk buildings under the Building Safety Act regime.
Other bodies — at a glance
Several other UK bodies require or recommend PI cover for members. Key examples (always check the body for current requirements):
Bar Standards Board (BSB) — barristers. Self-employed barristers in independent practice must hold PI through Bar Mutual or a recognised alternative provider, currently at substantial minimum levels (£500k or more depending on practice).
The Engineering Council registrants (CEng, IEng, EngTech). PI is not set by the Engineering Council itself but by the relevant professional institution (IMechE, IET, ICE, IChemE etc.). Most require members in practice to hold appropriate cover.
Royal Institute of Town Planners (RTPI) — chartered town planners. Recommended for members in private practice; no fixed minimum.
Royal Society of Architects in Wales (RSAW) — separate to RIBA but linked. PI requirements align with ARB.
Society for the Environment (SocEnv) and member bodies. PI requirements vary by the underlying member body.
Chartered Insurance Institute (CII) and chartered status for insurance brokers. Members must comply with FCA PI requirements for insurance intermediation, which is governed by FCA rather than CII.
Healthcare professional bodies (GMC, NMC, GDC, GPhC etc.). Healthcare professionals have specific indemnity arrangements often through medical defence organisations (MDU, MDDUS, MPS) rather than commercial PI policies.
How to verify your specific requirement
The single most important practical advice in this article: do not rely on a general guide for your specific compliance. Regulators update their criteria. Your body may have specific requirements based on your activity (e.g. RICS valuation work, ICAEW audit work, SRA regulated activities). Always:
- Read your regulator's most recent published PI guidance or rules document directly.
- Confirm the position with your regulator if there is any ambiguity.
- Document the requirement and your compliance against it.
- Repeat annually at renewal.
A broker working in your sector will know the current position, but the responsibility for compliance sits with you as the regulated person or firm.
How Apex helps
We work with professionals across most of the regulated sectors covered above — solicitors, architects, surveyors, accountants, consulting engineers, recruitment agencies and others. Our placement work is built around the relevant regulator's requirements: we confirm that quoted cover meets the minimum-terms position, document the placement against the requirement, and flag at renewal if anything has changed.
We are an FCA-authorised broker (firm reference 724952), independent and not tied to any single insurer. For a sector-specific placement conversation, the contact page is the starting point.
Frequently asked questions
Does every UK professional body require PI insurance?
No. Statutory regulators of professions where consumer protection is paramount (SRA for solicitors, ARB for architects) impose PI as a regulatory requirement. Membership bodies of less consumer-facing professions (some learned societies and trade bodies) recommend rather than require PI. Check your specific body's rules.
What happens if my cover falls below the regulator's minimum mid-year?
Most regulators require continuous compliance, so a mid-year shortfall is a breach. The remediation is to top up cover immediately and notify the regulator if their rules require it. Some regulators treat a gap in cover as a serious matter; others view a brief mid-year shortfall remediated quickly as a less serious infraction.
Can I use one PI policy to satisfy two regulators (e.g. ICAEW and SRA)?
Possibly, if your firm is regulated by both bodies — which happens for some legal accounting firms. The single policy must meet the higher of the two minimums and satisfy both bodies' wording requirements. Coordinate carefully; the wording differences between SRA MTC and ICAEW PII Regulations can be material.
My profession isn't on this list. Do I need PI?
For most professional services activities, PI is sensible whether or not a regulator requires it. If your work could give rise to a client allegation of financial loss caused by negligence, PI is the relevant cover. The absence of a regulator minimum does not mean the exposure is absent.
Why do regulators set such different minimums for different professions?
The minimums reflect the typical claim severity and frequency in each profession. Solicitors' MTC is high (£2m–£3m) because solicitor claims can be very large; some other professions' minimums are lower because typical claims are smaller. Regulator minimums are also negotiated against the insurance market's appetite — too high a minimum drives insurers away.
Does my firm count as "in practice" if I do occasional work for friends?
Most regulator definitions of "in practice" include any provision of regulated services for reward. Occasional unpaid help for friends is usually excluded; occasional paid work for friends is usually included. Check your specific regulator's definition — the threshold matters because non-practising members often have lower PI requirements or none.
Is the cover required different for retired professionals?
Many regulators require run-off cover for a defined period after ceasing to practise — typically six years, sometimes longer. Retired professionals who genuinely do no further work usually need only run-off, not live cover. Retired professionals who occasionally take on work need to consider whether they are still "in practice" for regulatory purposes.
Can I rely on my employer's PI if I'm an employee?
If you are employed and acting solely within the scope of your employer's business, the employer's PI usually responds to claims arising from your work. Where you do any independent work outside employment — moonlighting, side projects, occasional independent advice — you need your own PI for that work. Check your employer's policy schedule for the scope of cover.
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Related guides
- Professional Indemnity Insurance overview
- ARB Minimum Terms PI — what the wording actually requires
- Accountants PI Insurance UK Guide 2026
- Surveyors PI Insurance UK Guide 2026
- Should I use a PI broker or buy direct?
- Contact Apex Insurance Brokers
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 figures: regulator-set minimums and policy wording requirements are updated periodically by each body. The figures in this guide reflect our understanding as of writing in May 2026. Always confirm current requirements with the relevant regulator or professional body before relying on them for compliance purposes.