PII - limit of indemnity

Minimum level of indemnity based on the firm's turnover in the previous year (or estimated for a new firm)

Firm's turnover in the preceding year	Minimum limit of indemnity
£100,000 or less	£250,000
£100,001 to £200,000	£500,000
£200,001 and above	£1,000,000

In order to manage their risk adequately, some firms may wish to hold a higher level of indemnity.