How much PI insurance cover does a solicitor need?

The SRA Minimum Terms and Conditions (MTC) require £2m any-one-claim; £3m any-one-claim for LLPs and incorporated practices. Most firms carry higher — anywhere from £5m to £20m — based on transaction values and largest single instruction.

The regulatory floor: SRA MTC

The SRA Minimum Terms and Conditions (MTC) require £2m any-one-claim; £3m any-one-claim for LLPs and incorporated practices. Most firms carry higher — anywhere from £5m to £20m — based on transaction values and largest single instruction.

Regulatory floor: £2m minimum (£3m if LLP or incorporated).

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

What drives the number above the floor

• SRA regulatory floor is a floor, not a target.
• Cover should reflect the size of a claim, not turnover.
• Property, probate and commercial deal work often justify £5-£10m.
• Corporate M&A and complex commercial work often need £10m+.

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

Related

• Solicitor PI insurance UK guide 2026
• Sizing your PI limit — decision framework
• Aggregate limit vs each-and-every claim