R5,000,000 Professional Indemnity cover

• Established practices with individual contract or engagement values approaching or exceeding R5,000,000
• Professions with high consequential-loss exposure — architects and engineers on major projects, software companies serving enterprise clients, larger FSPs
• Firms appointed to panels for JSE-listed or large private-sector clients
• Practices that have experienced material growth in book size, representative count or largest client relationship since their last renewal

• A frequent minimum specified by large corporate clients, listed companies and national (as opposed to provincial) government tenders
• Often required for firms carrying SAICA-, IRBA- or ECSA-linked obligations once practice size crosses certain thresholds
• Standard requirement on many state-owned entity (SOE) supplier panels

Your limit of indemnity is the maximum amount your insurer will pay out for a covered claim, or across all claims in the policy period if your limit applies in the aggregate. Your excess is the amount you contribute toward each claim before the insurer's payment applies. The two are set independently — you can hold a high limit with a modest excess suited to your risk profile, or accept a higher excess to reduce your premium. Choosing a limit does not determine your excess, and vice versa; both should be set deliberately based on your claim exposure and risk appetite.

Some PI policies apply the limit of indemnity “in the aggregate” — the total available across all claims made during the policy period. Others apply it “any one claim” (each-and-every-claim), where the full limit is available again for every separate claim, regardless of how many arise in the period. An aggregate limit can be eroded quickly if you face multiple claims in one year, while an each-and-every-claim structure gives broader protection for higher-claim-frequency professions, priced accordingly. Always confirm which structure applies before comparing quotes on the basis of limit alone.