Cost comparison · UK PI
PI insurance cost across UK professional sectors — the pattern
Reviewed by Matthew Bartlett, Director, Apex Insurance Brokers Limited · Published 14 July 2026
Every UK professional sector faces different PI rating dynamics. Regulator, work profile, historic claim patterns and market appetite all combine to produce distinct pricing profiles by sector. This page maps the pattern.
The four premium drivers
- Regulator floor. SRA MTC, ICAEW 2.5x, ARB adequacy, RICS turnover-band, FCA MIPRU — each sets a different starting point.
- Historic claim frequency and severity by sector. Insurance market data on losses drives base rating.
- Sector-specific work exposure. Conveyancing for solicitors, DB transfers for IFAs, R&D for accountants, BSA work for architects.
- Individual firm profile. Turnover, claims history, personnel, remediation.
Where sectors sit — broad pattern
- Lowest rating relative to turnover: non-regulated management consultants, environmental consultants, straightforward IT consultancy, residential-only architects.
- Moderate rating: engineers (non-BSA), quantity surveyors, ACCA-only accountants, HR consultants.
- Higher rating: ICAEW audit firms, solicitors doing conveyancing, RICS surveyors doing valuation, structural engineers doing BSA work.
- Highest rating: IFAs with historic DB-transfer exposure, insolvency practitioners, forensic accountants, structural engineers with BSA higher-risk-building exposure.
Sector-specific dynamics in 2026
- Solicitors: Bifurcation. Clean firms in competitive market; conveyancing and BSA-touching firms in continuing rating pressure.
- Architects: Residential-only competitive; BSA-touching firms facing continuing pressure.
- Accountants: R&D tax credit work drives disproportionate rating attention. General accountancy stable.
- Surveyors: Valuation-heavy firms and BSA-touching building surveyors face rating pressure. General surveying stable.
- Engineers: Structural with BSA at highest rating. MEP and specialist engineering more stable.
- IFAs: DB-transfer legacy remains a persistent premium driver.
- Insurance brokers: MIPRU 3 own-PI stable. Larger brokers face more complex structuring.
- IT consultants: Competitive for standard work. AI and cyber-adjacent activity attracting underwriter attention.
How firm-level factors affect cost
- Turnover. Base rating typically scales with fee income.
- Claims history. Individual losses in the last 3-5 years are the strongest single factor.
- Practice mix. Higher-risk activities within a profession attract disproportionate loading.
- Consumer Duty implementation. FCA-authorised firms without documented framework face higher rating.
- Personnel. Individual claims history follows the professional.
- Financial resilience. Underwriter view of ability to fund excess and remediation.
Ranges — broad guide
- Small sole practitioner in a low-rating sector — typically low-to-mid three figures annually.
- Small firm in a moderate-rating sector — mid-three to low-four figures.
- Mid-market professional firm in a moderate-rating sector — mid to high four figures.
- Firm in a higher-rating sector with clean history — mid-four to low-five figures.
- Firm with claims history or high-rating specialisation — broadly the above with 25-100%+ loading.
- Large firm with layered programme — five figures upward, sized to total programme.
These are broad indicative bands, not quotes. Actual firm-specific pricing depends on many factors.
How to reduce cost across sectors
- Better presentation quality — the single biggest lever across all sectors.
- Remarket properly — specialist broker with wider market access.
- Structural adjustments — excess, aggregation, sub-limits.
- Discontinuing higher-risk activities where commercially viable.
- Documenting Consumer Duty and risk-management improvements.
- Multi-year deals in stable markets.
Frequently asked
Why does PI cost so much more for some sectors than others?
Insurance market data on historic losses drives base rating. Sectors with more frequent or larger claims (solicitors with conveyancing, IFAs with DB transfers, structural engineers with BSA) attract higher rating regardless of individual firm quality.
Which UK professional sector has the highest PI cost?
Historically, solicitors doing conveyancing. Currently, IFAs with DB-transfer legacy and structural engineers with BSA higher-risk-building exposure are often at or near the top of rating pressure.
Can I reduce my PI cost by moving to a different sector?
Not usually a practical option for established firms. Discontinuing specific high-rating activities within a sector is more common and can materially reduce premium.
Is PI cheaper for larger firms because they have more scale?
Not typically per unit of cover. Per-pound cost may decrease with scale in some sectors, but larger firms hold larger cover so total cost rises. Layered programmes for large firms can be cost-efficient overall.
Do PI quotes across insurers vary widely for the same firm?
Yes. Different insurers price the same firm differently based on their portfolio, appetite, and view of the risk. Remarketing across 6-10 insurers is standard practice and typically finds meaningful variation.
How does Consumer Duty affect PI cost in FCA sectors?
Firms with documented Consumer Duty implementation typically face lower rating pressure than firms without. The market has moved to Consumer Duty as a standard underwriting factor from 2024 onwards.
Is layered PI cover cheaper per unit than single-insurer high-limit?
Usually yes. Primary insurers carry the frequency risk; excess insurers price the tail. Total layered programme cost is typically well below the equivalent single-insurer full-limit policy.
What's the fastest way to test whether my PI cost is competitive?
Ask a specialist broker with genuine market access to test 6-10 insurers with a full presentation. Compare terms, structure, and price. Typically identifies whether the incumbent is competitive or not.