PI cover sizing · Insurance broker

How much PI insurance cover does a insurance broker need?

Reviewed by Matthew Bartlett, Director, Apex Insurance Brokers Limited (FCA FRN 724952) · Published 15 July 2026

Brokers must comply with FCA MIPRU 3: €1,300,380 per claim and €1,924,560 aggregate (subject to floor adjustments). Actual placements are usually significantly above these minima to reflect the size of the book placed.

The regulatory floor: MIPRU 3

Brokers must comply with FCA MIPRU 3: €1,300,380 per claim and €1,924,560 aggregate (subject to floor adjustments). Actual placements are usually significantly above these minima to reflect the size of the book placed.

Regulatory floor: €1,300,380 per claim / €1,924,560 aggregate (approx. £1.15m / £1.72m).

But the regulatory floor is a floor, not a target. Actual placements are usually materially higher.

What drives the number above the floor

Typical placement bands

Small practice: floor to 2× floor.

Medium practice: 2-5× floor.

Larger practice: 5×+ floor, guided by claim exposure and turnover.

Bespoke risks (larger transactions, complex work): bespoke sizing with the broker.

The Apex approach

We size PI limits by looking at three factors: regulatory floor, worst-case single claim exposure, and aggregation risk across the book of work.

For most firms, that produces a limit materially above the regulatory floor.

The right limit balances cost against catastrophe protection — we work through this with you at placement.

Frequently asked

What's the MIPRU 3 minimum for a insurance broker?
€1,300,380 per claim / €1,924,560 aggregate (approx. £1.15m / £1.72m). See MIPRU 3 guidance for the exact wording.
Is the regulatory minimum enough?
For most firms, no. It's a floor — actual placements typically sit materially higher based on claim exposure.
How is my premium calculated?
Insurers price on turnover, work profile, claim history, cover level and territorial exposure. Higher limits cost more, but not proportionally.
Does aggregation matter?
Yes. If cover is on an aggregate basis, multiple claims in one year draw down the same limit.
What about run-off?
Ceased practices need run-off cover in line with the regulator's requirement — typically 6 years for most professions.
Can we change limit mid-year?
Yes, via mid-term adjustment. Broker involvement to price and place the change.

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Apex Insurance Brokers Limited is authorised and regulated by the Financial Conduct Authority. Firm reference number 724952. Registered in England and Wales, company number 07014570.