The cost of PI

How Much Is Professional Indemnity Insurance?

Short answer. There is no single price for professional indemnity insurance in the UK. Premium follows profession, annual fee income, the limit of indemnity, the excess, claims history and work type. The limit is frequently not optional: RICS sets £250,000 to £1m by turnover, ICAEW £2m or 2.5 times fee income, ARB guidance £250,000, and the SRA Minimum Terms £2m or £3m.

What PI insurance costs depends on your profession, turnover, cover limit and claims history — not a fixed price. These guides explain what drives the premium for your line of work, honestly, with no hidden quote-gating.

By profession

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Published minimum PI requirements by UK regulator or professional body

Cost depends on the cover bought, and for many UK professions the starting point is a published minimum.

Regulator / body	Minimum limit of indemnity	Basis	Run-off required	Excess cap
SRA (solicitors)	£3m for a relevant recognised body or relevant licensed body; £2m in all other cases	Any one claim; no monetary limit on defence costs	Six years after cessation	Not fixed in the Minimum Terms
ICAEW (chartered accountants)	£2m; or 2.5 × gross fee income (minimum £250,000) where gross fee income is under £800,000	Any single claim and in the aggregate	At least two years, then all reasonable steps for a further four	Aggregate excess capped at the higher of £3,000 or 3% of gross fee income
ACCA	Total income under £600,000: greater of 2.5 × relevant total income or £100,000. Total income £600,000 or more: at least £1.5m	Per ACCA Global Practising Regulations	Not published as a fixed period in this source	Uninsured excess restricted to £20,000 per principal
AAT (licensed members)	Sole traders: greater of 2.5 × gross fee income or £50,000. Partnerships and limited companies: greater of 2.5 × gross fee income or £100,000. Maximum required cover £1m where gross fee income exceeds £400,000	Full civil liability, fully retroactive	Not published as a fixed period in this source	Set at a level the member can meet at all times
RICS (chartered surveyors)	Turnover £100,000 or less: £250,000. £100,001–£200,000: £500,000. £200,001 and above: £1m	Each and every claim (or aggregate plus unlimited round-the-clock reinstatement); defence costs in addition to the limit	Six years; consumer run-off £1m in all for six years	Greater of 2.5% of the sum insured or £10,000, for limits up to £10m
ARB (architects)	£250,000	Each and every claim, except fire safety, cladding, asbestos and pollution which may be aggregate	Six years, or five years in Scotland, at the same level as the last year before cessation	Not published
FCA — insurance intermediaries (MIPRU 3.2)	€1,300,380 for a single claim; in aggregate the higher of €1,924,560 or 10% of annual income, capped at £30m	Per year	Not set in MIPRU 3.2	Higher of £2,500 or 1.5% of annual income (no client money); higher of £5,000 or 3% (client money held)
FCA — IDD insurance intermediaries (IPRU-INV 13.1)	Relevant income up to £3m: at least £500,000 single claim and aggregate. Relevant income over £3m: at least £650,000 single claim	Per policy	Not set in IPRU-INV 13.1	Excess over £5,000 requires additional capital resources

Sources: SRA Minimum Terms and Conditions (sra.org.uk); ICAEW PII Regulations effective 1 September 2024, regs 3.2, 3.3, 3.7 (icaew.com); ACCA Professional Indemnity Insurance Regulations (accaglobal.com); AAT professional indemnity insurance requirements (aat.org.uk); RICS Professional indemnity insurance requirements, UK and Republic of Ireland, 2 July 2025 (rics.org); ARB PII Guidance (arb.org.uk); FCA MIPRU 3.2 (handbook.fca.org.uk) and IPRU-INV 13.1 (handbook.fca.org.uk). Figures are the published minimums at the date shown on each source and are not advice; check your own body’s current rules.

Under the SRA Minimum Terms and Conditions, the minimum limit of indemnity is £3m for a relevant recognised body or relevant licensed body and £2m in all other cases, and there must be no monetary limit on the cover for defence costs.