Professional indemnity insurance cost varies more than most other business covers, because it's priced heavily around what your specific work involves rather than a flat rate by business size. A freelance graphic designer and a structural engineer with the same turnover can pay very different premiums for very different reasons.
There's no single "average" PI cost that applies across trades, a quote for a marketing consultant and a quote for a solicitor aren't comparable even at similar turnover, because the underlying risk is completely different.
Many clients and contracts specifically request £1 million professional indemnity cover as a minimum, particularly for larger projects. It's worth checking what limit your typical clients or contracts require before buying the cheapest available policy, since a lower limit can mean you're technically insured but still don't meet contract requirements.
Some professions, including solicitors, have specific minimum PI requirements set by their regulator, which affects both what's available and what it costs. If you're in a regulated profession, check your regulator's minimum requirement before comparing quotes, since generic business PI policies may not meet it.
It varies significantly by profession, cover limit, turnover, and claims history, so there's no single average figure that applies across all trades.
It's a common minimum requested for larger contracts, since it gives clients confidence that a significant claim could be covered. It's worth checking what limit your typical contracts require before buying cover.
Yes. Higher-risk professions such as financial advice, engineering, and legal work generally cost more than lower-risk professions like design or marketing consultancy.
Yes, some regulated professions including solicitors have minimum PI requirements set by their regulator, which can affect what cover is available and what it costs.
Yes, short-term or project-based PI cover can be more cost-effective than a full annual policy if you only occasionally take on consultancy or advisory work.
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See My Cover Options →This independent CoverMatch guide is based on publicly available information, market commentary and general insurance principles available at the time of writing. It is general information only, not personal advice. Policy wording, pricing and insurer appetite can change, so compare current quotes and check the policy documents before buying cover.