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Choosing a broker · PI

Twelve questions to ask a PI broker before you appoint them

Reviewed by Matthew Bartlett, Director, Apex Insurance Brokers Limited (FCA FRN 724952) · Published 14 July 2026

Not all PI brokers are the same. Market access, wholesale reach, claims-handling depth, insurer relationships and Consumer Duty transparency vary widely. This page sets out the twelve questions a professional firm should ask before appointing a PI broker, and what the answers should look like.

Structure of the conversation

Before appointing a broker, run a short discovery conversation. Two or three brokers is sensible. The questions below are the ones a specialist broker expects to answer clearly — and the ones that separate depth from surface.

Market access — where they can go

  1. 1. How many PI insurers do you place with, and which markets do you access directly vs via wholesale? A specialist should place with 6-10 insurers directly plus Lloyd's via wholesale. A generalist may have 2-3.
  2. 2. Do you have Lloyd's syndicate access, and via which wholesale broker? Named wholesale partners matter for difficult risks.
  3. 3. Which insurers do you consider first for my sector? Should be specific to your profession — SRA Qualifying Insurers, ARB writers, DPB-compliant markets, FCA-authorised firm markets.

Depth on your risk

  1. 4. How many firms in my sector do you currently place? A specialist should have a critical mass in each sector they serve. A vague answer signals limited depth.
  2. 5. What sector-specific regulatory or wording issues do you handle regularly? SRA MTC, ARB Standard 8 & BSA 2022 s.135, ICAEW Bye-law 61, RICS Rules of Conduct, FCA MIPRU/ICOBS — specialist depth shows in the specifics.
  3. 6. Have you placed any prior-claims or difficult-risk cases in my sector in the last 12 months? Not the volume — the willingness to say yes.

Claims and service

  1. 7. Who handles a claim notification if I send one in tomorrow? Should be a named person, ideally at broker-director level for the initial review. A call-centre answer is a bad sign.
  2. 8. What is your service commitment on claim notification response time? A commitment beats a promise. Ask for the SLA in writing.
  3. 9. What is your process for handling a fair-presentation question at renewal? Well-drafted presentations are the biggest single premium lever — the broker's process here matters.

Commercial and transparency

  1. 10. What commission or fee do you charge, and how is it disclosed? Under Consumer Duty and ICOBS 4.4, commercial customers are entitled to know. A specialist discloses in writing without pressing.
  2. 11. What is your fair-value assessment process under Consumer Duty? An FCA-authorised broker has a documented process. Ask to see the outline.
  3. 12. Are you directly authorised by the FCA, or an appointed representative? DA brokers own the Consumer Duty outcomes directly. AR brokers operate under a principal firm's framework. Neither is automatically better; the distinction matters at claim time.

Red flags

  1. Vague market access answer. ‘Multiple insurers’ without naming them means the broker doesn't want to say.
  2. Refusal to disclose commission. Consumer Duty and ICOBS 4.4 make this untenable for a commercial customer.
  3. Call-centre claim-handling model. PI claims need a named person from notification to closure.
  4. Guarantees on premium or cover. No broker can guarantee terms before the market has responded. Beware the ‘we'll get you a great price’ approach.
  5. Superlatives without substantiation. ‘Best rates’, ‘fastest turnaround’, ‘lowest premiums’ — every FCA-authorised broker knows the FCA takes a dim view of unsubstantiated superlatives.

What a good broker conversation looks like

  1. Broker asks about your practice profile in detail — work types, fee income, personnel, claims history, growth plans.
  2. Broker names specific insurers they would test and explains why.
  3. Broker walks through the presentation approach — what materials they would need from you.
  4. Broker explains the claim-handling model at named-individual level.
  5. Broker offers to disclose commission in writing.
  6. Broker sets realistic expectations on timing (2-6 weeks depending on complexity) and outcomes.

Frequently asked

How many PI brokers should I speak to before appointing one?
Two or three is sensible. Fewer and you're relying on luck; more and you're absorbing time you should spend running your practice. Focus on the depth of the conversation, not the volume.
Does the size of the broker matter?
Size matters less than specialism. A boutique specialist with strong insurer relationships and Lloyd's wholesale access often outperforms a large generalist on complex professional risks. Larger brokers have more resources but less nimble decision-making.
Is a broker with a scheme better than an open-market broker?
Depends on your profile. Scheme brokers work within the scheme wording — efficient for straightforward cases, restrictive for complex ones. Open-market specialists have wider insurer choice. For a straightforward clean-history renewal, either works. For a difficult risk, an open-market specialist typically has more options.
What is Consumer Duty and why does it matter for choosing a broker?
Consumer Duty (PRIN 2A) is the FCA's cross-cutting standard requiring firms to deliver good outcomes for retail customers. For insurance intermediaries, it means fair value, transparent pricing, clear disclosures, and support that meets customer needs. A broker's Consumer Duty implementation is a signal of how they treat customers generally.
Should I use my accountant's or solicitor's PI broker?
A referral is a starting point, not a decision. The broker who serves an accountant well may not have the market access for your specific sector. Ask the same questions above regardless of source.
Do I have to sign a contract to talk to a broker?
No. Initial discovery is unpriced. A broker only earns commission or fee at placement. Do not sign anything binding until you've assessed the broker properly.
Can I move my PI cover between brokers mid-policy?
Yes, though mid-term novation is uncommon. The typical switch happens at renewal. Do the discovery well before the renewal date — do not leave broker choice to the last few weeks.
What if the broker I like doesn't have the specific insurer relationship I need?
Specialist brokers work with wholesale partners for markets they don't hold directly. Ask specifically. A broker without Lloyd's access via any route is limited for difficult risks.

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