Switching broker · Regulated firms · 2026

Have you outgrown your adviser network's insurance scheme?

Network and support-scheme cover is built for the average member firm. As you grow, "average" stops fitting — and a specialist broker can usually do better.

Part of: When to switch business insurance broker

In short

Support networks and adviser schemes such as SimplyBiz give smaller regulated firms a convenient, packaged route to professional indemnity and other cover. That works well early on. But as your firm grows — more advisers, higher funds under advice, new permissions or activities — a one-size scheme can leave you with limits capped at the scheme level, generic wordings, and a premium that creeps up without anyone re-marketing your risk. At that point a specialist broker who places your PI directly with insurers will often widen the cover and match it to what you actually do. You can move at renewal or mid-term.

Why a scheme stops fitting as you grow

Capped or standardised limits. Scheme terms are set for the typical member. A larger firm, or one taking on higher-value clients, often needs indemnity limits above the scheme's default.
Generic wordings. Packaged cover is written broadly. If you've added permissions, new advice areas or higher-risk activities, the wording may not follow you.
Premium creep with no challenge. Scheme renewals tend to roll over. No one is actively taking your risk back to the wider market each year to test the price.
Little tailoring on run-off, aggregation or excess. The details that matter most for a growing regulated firm are where packaged schemes are least flexible.

What a specialist broker does differently

A specialist professional-risks broker treats your firm as its own risk rather than one line in a scheme:

Re-markets your professional indemnity directly to insurers who understand regulated advice firms, and negotiates the terms.
Matches the limit and wording to your permissions, activities and client base — not a scheme average.
Builds the wider programme around it: cyber, directors' & officers, office and management liability, so it all fits together.
Reviews it every year against the market, so the price is tested rather than assumed.

FCA rules set minimum PI requirements for regulated firms; a growing firm usually needs cover comfortably above that floor and matched to its actual work. We'll tell you where you stand.

Moving is simpler than it sounds

You can appoint a new broker at your renewal, or mid-term. Cover is arranged to replace what you have before anything is cancelled, so there's no gap, and any claims already under way stay with the insurer on risk. Have your current schedule, renewal notice and claims history to hand and a specialist can usually turn it around quickly.

Frequently asked

Can I leave my network's insurance scheme and keep the rest of my membership?

In most cases the insurance element can be arranged separately from other network services, but check your own agreement as arrangements vary. A broker can run your cover alongside whatever you keep.

Will my professional indemnity limit have to change if I leave a scheme?

Often it increases, because a growing firm's exposure has moved beyond the scheme default. A broker sizes the limit to your activities and any client or regulatory requirements rather than a fixed scheme figure.

Is a specialist broker more expensive than a network scheme?

Not necessarily. Because the risk is re-marketed to competing insurers, the price is tested every year. The aim is better-matched cover, not simply a higher or lower number.

Do I have to wait until renewal to leave a scheme?

No. You can move mid-term and will usually receive a return premium for the unused period, less a small time-on-risk charge.

Outgrown the scheme? Get a specialist second opinion.

Send us your current PI schedule and a named Apex broker will tell you plainly whether the scheme still fits — or where a tailored programme would serve you better.

Get a second opinion → Request a callback

Apex Insurance Brokers is authorised and regulated by the Financial Conduct Authority (FRN 724952). SimplyBiz and other networks are named only as examples of packaged arrangements; this page is general information, not advice, and is not affiliated with them.