Minimum PI limits by profession: a UK overview

Reviewed by Apex Insurance Brokers · Last reviewed 2026-08-05

“What is the minimum PI limit for my profession?” sounds like it should have one answer. It doesn’t. UK professional indemnity requirements are set body by body, and the bodies do not agree on a method. Understanding how your regulator frames the requirement matters more than memorising a number — because the numbers change, and quoting a stale one can leave a firm underinsured.

Two ways regulators set the bar

Broadly, UK professional bodies use one of two approaches:

• A fixed minimum. The regulator names a monetary figure (or a formula that produces one) that a firm must carry as a floor. Solicitors and FCA-regulated insurance intermediaries fall here.
• An ‘adequate and appropriate’ standard. The regulator requires suitable cover but leaves the amount to the member’s professional judgement, based on the risks they actually run. Architects, chartered town planners and actuaries sit here.

Neither approach is “softer”. A fixed minimum is a floor, not a target — and an ‘adequate and appropriate’ standard can, in practice, demand far more than any fixed figure would if your exposures are large.

Professions with a fixed or formula-based minimum

Several regulators prescribe a floor. The mechanism varies — a flat sum, a turnover band, or a multiple of fee income — so read the structure carefully:

• Solicitors (SRA). The Solicitors Regulation Authority sets a minimum sum insured through its Minimum Terms and Conditions (MTC), which also dictate much of what the policy must cover. The floor differs by firm type. Check the current SRA MTC rather than relying on a remembered figure.
• Insurance intermediaries and certain FCA-regulated firms. Firms carrying on insurance distribution must hold PI cover to minimum limits — expressed per claim and in aggregate — set out in the FCA Handbook (MIPRU). These figures derive from EU-origin rules and are stated in euros. Confirm the current amounts in the Handbook.
• Chartered surveyors (RICS). RICS-regulated firms must hold PI insurance to minimum levels tied to turnover bands, on RICS-approved policy wording. The band table is published and updated by RICS.
• Chartered accountants (e.g. ICAEW, ACCA). The accountancy bodies typically require cover based on a multiple of gross fee income, subject to a minimum monetary floor and a per-claim limit. The multiple and floor are set in each body’s PII regulations.

Structures only — not current figures. Verify every requirement against the named body’s live published rules.

Professions where the test is ‘adequate and appropriate’

A number of regulators deliberately avoid a fixed sum. Instead they place the duty on the professional to hold cover suited to their work:

• Architects (ARB). The Architects Code requires registered architects in practice to hold adequate and appropriate insurance for themselves, their staff and their work. The ARB publishes guidance on what it considers adequate, but the obligation is judgement-based rather than a single mandated number.
• Chartered town planners (RTPI). The RTPI expects members providing services to the public to carry adequate professional indemnity cover, sized to the nature and scale of their practice.
• Actuaries (IFoA). The Institute and Faculty of Actuaries requires members providing certain services to hold appropriate PII, leaving the amount to reflect the member’s exposure.

The common thread is proportionality. “Adequate” is measured against your real-world risk: the value of the projects or advice you handle, the size of a plausible worst-case claim, your contract terms, and any client requirement.

If you are unsure where your own exposure sits, an experienced broker can help you benchmark it. Talk to Apex about sizing your PI cover before you settle on a limit.

Why you should check the source, not this page’s numbers

Regulators revise their PI rules. Turnover bands are re-set, euro-denominated FCA figures move with the underlying directive, and minimum terms are periodically updated. A figure that was correct last year may not be correct today. That is why we describe the structure of each requirement here and point you to the source.

Before you rely on any minimum:

• Read the requirement on your regulator’s own website, in its current form.
• Check whether the minimum applies per claim, in aggregate, or both.
• Confirm any mandated policy wording (the SRA MTC and RICS-approved wording are as important as the sum insured).
• Treat the minimum as a floor and ask whether your actual exposure justifies more.

Common questions

Is there a single legal minimum PI limit for all UK professionals?
No. There is no universal figure. Each regulator sets its own requirement — some fixed, some formula-based, and some framed simply as ‘adequate and appropriate’.

My regulator only says ‘adequate’ — how much do I actually need?
Size it to your real exposure: the value of the work you handle, a realistic worst-case claim, your contract terms and any client requirement. ‘Adequate’ can mean well above the fixed minimums other professions face. A broker can help you benchmark it.

Can a client contract require more than my regulator’s minimum?
Yes, and frequently does. Public bodies and larger clients often specify a PI limit in their contracts. Meeting your regulator’s floor does not guarantee you meet a client’s contractual requirement — check both.

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.