Quick Answer Professional indemnity insurance for solicitors in the UK is a mandatory legal requirement under the SRA Indemnity Insurance Rules. All SRA-authorised firms must hold PI insurance with an SRA-approved insurer. Minimum indemnity limits are £3 million per claim for incorporated practices and licensed bodies, and £2 million per claim for unincorporated practices, as set out in the SRA's Minimum Terms and Conditions (sra.org.uk). Failure to maintain SRA-compliant cov

Quick Answer: What Is Professional Indemnity Insurance? Professional indemnity insurance (PI insurance) is a type of business insurance that protects UK professionals and service businesses from financial loss if a client claims their advice, work, or professional services caused a financial or reputational loss. It covers legal defence costs and any resulting compensation payments. In the UK, PI insurance is legally or regulatorily required for solicitors, architects, financ