When Should You Review Your PI Policy? A Practical Checklist
Your professional indemnity policy describes your business as it looked on the day you bought it. A PI policy review checks whether that description still holds, and the answer can change long before renewal. A new service, a bigger contract or a planned retirement can each open a gap that only shows when a claim arrives.
Key Takeaways
Start your renewal review six to eight weeks before the policy ends.
Review mid-term whenever your services, fee income, structure or client contracts change.
Check the limit, excess, retroactive date and description of your business alongside the premium.
Disclose every material circumstance at renewal, as the Insurance Act 2015 requires.
Why Renewal Is Not the Only Time to Review
Insurers price and cover PI based on the facts you declare, such as your services, fee income and client type. When those facts change mid-year, the policy does not change with them. Work you never declared may fall outside cover, even if the policy is live when the claim lands.
PI is also written on a claims-made basis, so today's policy answers for work done years ago. A professional indemnity review should cover today's work and older work that could still give rise to a claim. Our guide to what professional indemnity insurance covers explains what a standard policy responds to.
When to Review Your PI Policy
Broker guidance suggests starting a renewal review six to eight weeks ahead, so insurers have time to engage before the deadline. Outside renewal, review your cover when:
you add a service or stop offering one
your fee income rises or falls sharply
a client contract names a minimum limit of indemnity
you incorporate, merge or buy another practice
a client complains or you spot an error in past work
you plan to retire, sell or close the practice
Fee income can also change what your professional body requires. Under ICAEW's PII Regulations, for example, a firm with gross fee income below £800,000 needs a limit of at least 2.5 times that income, with a £250,000 minimum, while larger firms need at least £2 million. Strong growth can push your required limit up at the next renewal, so check the figure before you declare it.
What to Check in a PI Policy Review
A PI policy review covers far more than the premium. Work through these points with your broker and get unclear answers in writing.
What to check | Question to ask |
Limit of indemnity | Does it meet your professional body's minimum and your largest contract? |
Any one claim or aggregate | Does the limit apply per claim or to all claims in the year? |
Defence costs | Are legal costs paid on top of the limit or out of it? |
Excess | Could you afford it twice in one year? |
Retroactive date | Has it stayed the same since your first policy? |
Description of business | Does it list every service you now provide? |
Territorial limits | Are overseas clients covered, and are USA or Canada claims excluded? |
Run-off | What cover continues if you stop trading? |
The retroactive date and business description deserve extra care because errors can stay hidden until a claim arrives. A changed retroactive date can leave years of past work with no cover at all.
What to Do When Something Changes Mid-Term
You do not need to wait for renewal to close a gap. Most insurers will amend a live policy through a mid-term adjustment, for example to raise the limit or add a service, usually for an additional premium. Tell your broker before the change happens, not after, so the cover is in place from day one.
Renewal and the Duty of Fair Presentation
At renewal, the Insurance Act 2015 requires a fair presentation of the risk, meaning you must disclose every material circumstance you know or ought to know, including complaints and notified circumstances. A careless omission can still cost you, because the insurer can apply the terms it would have imposed or reduce a claim in proportion to the premium it would have charged. If it would not have offered cover at all, it can avoid the policy and return the premium. A deliberate or reckless breach lets it avoid the policy and keep the premium.
What This Means for Professional Bodies
A professional body can help by sharing a checklist like this one with members ahead of their renewal dates. It gives them time to fix a gap before the renewal deadline.
Organisations on the Parliament Hill platform can add professional indemnity cover to their member perks and benefits. The cover is arranged by our partners Marsh Commercial, Caunce O'Hara and Markel Direct, who handle quotes, policies and claims. Cover, limits and exclusions vary, so members should read the policy wording before buying.
Give Members Professional Cover Alongside Their Perks
Partner professional indemnity cover sits next to IT support and everyday member discounts on one platform. Book a demo to see how it fits with your other member benefits.
FAQ
How often should I review my PI policy?
At least once a year, starting six to eight weeks before renewal. Review it again whenever your services, fee income, structure or contracts change, as those changes affect your cover straight away.
Can I increase my limit of indemnity mid-term?
Usually, yes, through a mid-term adjustment with an additional premium for the rest of the policy year. Get the new limit confirmed on an updated schedule before you sign a contract that depends on it.
What happens if I do not tell my insurer about a new service?
Claims from that service may not be covered, because the policy usually covers only the professional business described in the schedule. Leaving it out at renewal can also breach your duty of fair presentation.
Parliament Hill is authorised and regulated by the Financial Conduct Authority for non-investment insurance mediation and credit broking only. You can check this out on the Financial Services Register by visiting register.fca.org.uk, under register number 308448. Professional indemnity insurance is arranged by our partners Marsh Commercial, Caunce O'Hara and Markel Direct. Marsh Commercial is a trading name of Marsh Ltd. Marsh Ltd is authorised and regulated by the Financial Conduct Authority for General Insurance Distribution and Credit Broking (Firm Reference No. 307511). Not all products and services are regulated by the FCA. Caunce O'Hara & Company Limited is authorised and regulated by the Financial Conduct Authority (Firm Reference number 306183). To verify this visit www.fca.org.uk/register. Markel Group Inc. is the ultimate holding company for Caunce O'Hara & Company Limited. Markel Direct is a trading name of Markel International Insurance Company Limited, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (Financial Services Register reference number 202570).
Sources
ICAEW, Professional Indemnity Insurance Regulations, effective 1 October 2026, icaew.com
Insurance Act 2015, legislation.gov.uk
Marsh Commercial, ICAEW PI renewal guide, marshcommercial.co.uk
Christina Loukissa is the Growth Marketing Lead at Parliament Hill, where she helps membership organisations grow, retain, and energise their communities through targeted perks and benefits strategies.
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