Is £5 million usually the limit for PII Insurance for Transcription and Translation?

Recently we have put in a bid for a transcription tender with a UK university with part of the requirement being for companies to have at least £5 million of professional indemnity insurance cover. Professional indemnity insurance (PII) is the insurance covering a business if a mistake is made and the client issues a claim for negligence. Is this the norm for transcription and translation? An article by TP Transcription Limited – https://www.tptranscription.co.uk/5-million-professional-indemnity-insurance-for-transcription-companies-is-this-the-minimum-you-should-ask-for/