How much is professional indemnity insurance for solicitors?
Reviewed by Matthew Bartlett, Director, Apex Insurance Brokers Limited · Last reviewed 2026-08-05
In short: There is no fixed price for solicitors' PI insurance. Your premium is driven by your firm's fee income, the type of legal work you do, the cover limit you buy, and your claims history. The SRA sets a minimum limit of £2m (£3m for incorporated firms), and insurers price each firm on its own risk profile.
Solicitors' professional indemnity insurance is not sold from a standard price list. Two firms with similar revenue can pay very different premiums because insurers assess risk firm by firm. Rather than chase a single number, it helps to understand the drivers that move the premium up or down — and where a broker can influence the outcome.
Why solicitors' PI is priced differently
Law firms are a specialist, regulated class of PI. Cover must be arranged with a participating insurer on the Solicitors Regulation Authority (SRA) Minimum Terms and Conditions (MTC), which are set out in the SRA Indemnity Insurance Rules. These terms dictate the scope of cover, the minimum limit of indemnity, and mandatory run-off provisions. Because the wording is largely fixed by regulation, insurers compete mainly on price and appetite — and they price by looking closely at the risk each firm presents.
The main drivers of your premium
When an insurer rates your firm, the following factors do most of the work in setting the price:
- Fee income / turnover. This is the primary rating base. Higher gross fees generally mean a higher premium, because more work means more exposure to claims.
- Areas of work. The mix of practice areas matters enormously. Conveyancing, commercial property, wills and probate, and financial or investment advice are viewed as higher-risk. Lower-risk work such as some litigation or family matters may attract a keener rate.
- Limit of indemnity. The higher the cover you buy above the SRA minimum, the more you pay — though higher layers of cover are usually proportionately cheaper than the primary layer.
- Claims history. Prior claims and notifications are a strong signal. A clean record over several years helps; a pattern of claims, particularly in a high-risk area, pushes the price up.
- Firm size and structure. Number of fee earners, seniority, supervision arrangements, and whether the firm is a partnership, LLP or incorporated body all feed the assessment.
- Risk management. File review procedures, conflict checks, anti-fraud controls and staff training can all support a better outcome at renewal.
Want to see how these drivers apply to your firm? Get a tailored indication from a broker who places solicitors' PI.
Get a PI quote →Cover limits: what you can buy
Under the SRA Minimum Terms, most firms must hold at least £2m of cover for any one claim, rising to £3m for firms incorporated as a company or LLP. Many firms choose to buy above this floor — often through a primary layer plus additional "top-up" or excess layers — where the value of the work they handle, or the requirements of their clients and panels, demand it.
| Limit option | Typically suits |
|---|---|
| £2m | The SRA minimum for most firms — smaller practices with lower-value matters. |
| £3m | The minimum for incorporated firms (companies and LLPs). |
| £5m+ | Firms handling higher-value transactions, commercial property or larger commercial clients, often via excess layers. |
Choosing a limit is a judgement about the largest realistic exposure your firm faces on a single matter — not simply picking the cheapest option that satisfies the rules.
Run-off cover and the total cost picture
Solicitors' PI carries an obligation that most other professions do not: run-off cover. Under the SRA Minimum Terms, when a firm closes it must be covered on a run-off basis for six years, protecting against claims arising from past work. Run-off is a significant cost, and firms planning succession, merger or closure should factor it into their long-term budgeting rather than being caught out later.
How a broker helps you get the right price
Because solicitors' PI is placed with a limited pool of participating insurers, presentation matters. A specialist broker helps by:
- Presenting your firm's risk clearly and favourably to the insurers most likely to offer competitive terms for your work mix.
- Approaching the market so you are not reliant on a single quote, and comparing terms on more than headline price.
- Advising on the right limit and excess layers for your exposures, rather than defaulting to the minimum.
- Framing your risk management and claims history so insurers see the full context.
- Managing the renewal timeline, which for solicitors runs to a common expiry date and can become congested if left late.
A well-prepared submission, filed in good time, is one of the few things genuinely within your control — and it can make a real difference to the terms you are offered. Start your PI submission with Apex to give your firm the strongest position at renewal.
Common questions
Is there a minimum level of cover solicitors must have?
Yes. The SRA Minimum Terms require at least £2m of cover for any one claim for most firms, rising to £3m for firms incorporated as a company or LLP. Many firms buy more.
Why is my premium higher than a similar-sized firm's?
Insurers price on your specific mix of work, claims history and risk controls — not just turnover. A higher share of conveyancing or a past claim can move the price even where two firms look similar on paper.
Can I reduce the cost of my solicitors' PI?
You cannot change the SRA-mandated wording, but strong risk management, a clean claims record, an accurate and early submission, and a broker testing the market can all support more competitive terms.
Apex Insurance Brokers Limited is authorised and regulated by the Financial Conduct Authority (FRN 724952). This guide is general information, not advice on a specific policy or a substitute for your policy wording.