What information do you need to get a PI quote?

Reviewed by Matthew Bartlett, Director, Apex Insurance Brokers Limited · Last reviewed 2026-08-05

PI insurance covers the cost of defending and settling claims that you gave negligent advice, made a professional error, or caused a client financial loss. Because that risk varies enormously between a two-person design studio and a multi-office consultancy, underwriters price it on the specific facts of your business. A vague submission invites cautious, higher pricing; a precise one lets the underwriter compete for the risk.

The core information underwriters ask for

Almost every PI proposal form, across brokers and insurers, asks for the same building blocks. Have these ready before you start:

• Your profession and exact activities. Not just "consultant" but what you actually advise on and deliver. Split your income by activity if you do more than one thing.
• Annual fee income / turnover. Usually the last completed year plus an estimate for the coming year. This is the single biggest rating factor for most trades.
• Years trading and relevant experience. Including the qualifications and background of principals.
• Number of partners, directors and staff, and whether you use subcontractors.
• The limit of indemnity you want — commonly £1m, £2m or £5m — and whether it needs to be per claim or in the aggregate.
• Claims and circumstances history, typically the last five years: any claims made against you, and any incidents that could still give rise to one.
• Retroactive date, if you have held PI before, so continuous cover for past work is preserved.

The details that sharpen the price

Beyond the basics, underwriters look for context that tells them how well-controlled your risk is. Supplying these unprompted marks you out as a considered buyer:

• Your largest contracts by value, and your typical contract size — concentration matters as much as volume.
• Client sectors. Advising financial institutions, public bodies or listed companies is rated differently to advising SMEs.
• Overseas work, especially any exposure to the USA or Canada, which many insurers treat as a distinct, higher-rated risk.
• Contracts and terms of business. Whether you work to written contracts, cap your liability, and use industry-standard appointment terms.
• Quality controls — peer review, sign-off procedures, professional-body membership and any certifications.
• Sums and subject matter you influence. A designer specifying a £50k fit-out carries different exposure to one signing off structural works.

Many professions also have a bespoke proposal form: architects and engineers, accountants, IFAs, surveyors, solicitors and IT consultants each face profession-specific questions. If a regulator or professional body sets a minimum PI requirement for your trade, tell your broker — it shapes the limit and wording you need.

What each piece of information moves

It helps to see why underwriters ask what they ask. The table below maps the common questions to the pricing decision behind them.

How to prepare a submission that gets keen terms

The strongest submissions do more than fill in boxes — they tell the story of a well-run, low-surprise business. A few practical steps:

• Be precise about activities. Under-describing your work to keep the price down can leave you uninsured for the very services you sell. Describe what you actually do.
• Disclose everything material. Under the Insurance Act 2015, business buyers have a duty to make a fair presentation of the risk. Withholding a known circumstance can let the insurer avoid the policy when you need it most.
• Explain past claims. A short note on what happened and what you changed afterwards reassures an underwriter far more than a bare figure.
• Use a covering summary. A one-page overview of the business, its controls and its client mix sits well alongside the proposal form.
• Start early. Rushed, last-minute submissions get cautious pricing. Give your broker time to market the risk.

This is where a broker earns their place. At Apex we translate your business into the language underwriters price on, present it to insurers who understand your profession, and challenge terms that do not reflect your risk. If you would rather not wrestle with a proposal form alone, start your PI quote with us and we will guide you through exactly what is needed.

Common questions

Do I need my accounts to get a PI quote?

Not usually to get an indication — an estimate of fee income or turnover is enough to start. Insurers may ask for supporting figures before cover incepts, particularly on larger risks or higher limits.

What if I have had a claim or a near-miss?

Declare it. A single claim rarely makes you uninsurable, and hiding a known circumstance can void your cover under the Insurance Act 2015. A clear explanation of what changed since often protects your terms.

How do I choose the right limit of indemnity?

Base it on your largest realistic exposure, any contractual or regulatory minimum, and the size of clients you serve. Common options are £1m, £2m and £5m; a broker can help you weigh the extra cost of a higher limit against your real risk.

Apex Insurance Brokers Limited is authorised and regulated by the Financial Conduct Authority (FRN 724952). This guide is general information, not advice on a specific policy or a substitute for your policy wording.