Calculator · UK 2025/26
PII Premium Estimator
Indicative annual Professional Indemnity Insurance premium by gross fees, practice area, claims history, and cover level. UK 2025/26 market indication.
Your firm
Indicative annual premium
£28,800 – £50,400
Mid-point: £36,000. Premium tax-deductible as trade expense.
Notes: Indicative model based on UK 2025/26 market rates. Actual premiums depend on the underwriter's view of the specific firm: AML controls, supervision quality, file management discipline, and the underwriter's appetite for the practice area.
Conveyancing-heavy firms command higher rates due to claims frequency: fraud risk, fund misdirection, registration errors. A single significant claim can double next year's premium. Specialist brokers (those with strong solicitor PII books) often deliver 10-25% better than generalists.
PII premiums are an allowable trade expense for the firm. Self-insured excess and deductibles paid on claims are similarly deductible. Insurance premium is VAT-exempt (no input VAT to reclaim).
Frequently asked
- Why are PII premiums so much higher for conveyancing firms?
- Claims frequency. Residential conveyancing generates a high volume of claims per fee earner: fraud risk, fund misdirection, registration errors, freehold/leasehold confusion. Insurers price the claims expectation into the premium.
- Are PII premiums tax-deductible?
- Yes. PII premiums are an allowable trade expense for the firm. The cost reduces taxable profit. Excess and deductible amounts paid on claims are similarly deductible.
- What's the SRA minimum cover?
- £2m per claim for sole practitioners and partnerships (including LLPs); £3m for incorporated firms. Cover must be on the Minimum Terms and Conditions (MTC) from a qualifying insurer. Most firms carry materially more than the minimum.
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We don't broker PII (that's your specialist broker's job) but we work alongside on the financial and tax side.