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I would like to set up my own firm. Because I do property, PII is about £10k pa, and if doesn't work out the shutdown costs are £30k in run off cover.

Given that I'm a high street solicitor on what planet is that affordable for someone in my salary?

Go over to the lawyerist website and watch the Americans talk about how PII is optional for them and you can start a firm on as little as £2000.

PII as it stands both destroys small firms and prevents new ones. Sort it out and you won't need to worry about "advice deserts" or the SRA's new nonsense waiver scheme to encourage innovation.