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.