Switching broker · Regulated firms · 2026

Your regulator has changed the minimum cover — what now?

Regulators and professional bodies revise their minimum insurance requirements from time to time. If yours has, the cover that complied last year may not comply now.

Part of: When to switch business insurance broker

In short

Most regulated professions must hold professional indemnity at or above a minimum set by their regulator or professional body, and those minimums change. When they do, firms have a deadline to comply, usually at their next renewal, and an insurer or broker who hasn't tracked the change can leave you holding a limit that's now below the floor. RICS, for example, revised its minimum PI limits in 2025 to tier by fee income. A specialist broker checks your current cover against the new requirement, re-markets the risk at the new limit, and gets the compliant policy in place before the date that matters.

How this catches firms out

The policy renews on the old limit because nobody flagged the change.
The new minimum is tiered by fee income, so a growing firm moves up a band without noticing.
The wording no longer meets the regulator's required terms, not just the limit.
A compliance return is due, and the certificate on file is the old one.

What to do

Confirm the exact new requirement from the regulator's own notice — the limit, the basis, and the deadline.
Compare it with your current schedule: limit, basis of cover, excess and any required wordings.
Have a specialist broker re-market the risk at the compliant level; a change of limit is a good moment to test the price.
Get the compliant policy documented before the deadline or your next return.

A recent example: RICS moved to fee-income tiers in 2025 — £250,000 minimum for firms under £100,000 fee income, rising to £1m above £200,000. If your regulator has made a similar change, your renewal needs to reflect it.

Frequently asked

How do I find out if my regulator's minimum insurance has changed?

Check the regulator's or professional body's own website and member notices. Your broker should also flag it, but don't assume they have.

What happens if my cover is below the new minimum?

You may be in breach of your regulator's rules, which can affect your authorisation or membership. Fix it as soon as you know; a broker can usually increase the limit mid-term.

Do I have to wait for renewal to increase my limit?

No. Limits can usually be increased mid-term for an additional premium. If the deadline falls before your renewal, do it now.

Will meeting the minimum be enough?

The minimum is a floor, not a recommendation. Many firms carry more because their contracts or exposure demand it. A broker advises on the right level, not just the compliant one.

Minimum changed? Check you still comply.

Tell us your regulator and fee income and a named Apex broker will check your cover against the current requirement — and fix it before the deadline.

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Apex Insurance Brokers is authorised and regulated by the Financial Conduct Authority (FRN 724952). Regulatory figures quoted are examples current at the date of writing; confirm the requirement that applies to you with your regulator. This page is general information, not advice.