At Mercury, we can help find the right professional indemnity insurance for you, enabling you to continue delivering a professional service without the worry of what might happen if your advice proves to be inaccurate.
What is professional indemnity insurance?
If you provide a professional service, advice or consultancy – or if you handle people’s personal data – you should consider indemnity insurance.
Professional indemnity insurance covers your business against compensation claims that may occur if a client thinks you’ve made a mistake in your advice or consultancy or if you accidentally disclose private information or infringe on a person’s legal rights.
Who needs professional indemnity cover
Professional indemnity cover is suited to a wide range of consultancies or service providers, including, but not limited to:
- Business consultants
- Fitness professionals
- IT professionals
- Solicitors and barristers
- Surveyors and estate agents
- Teachers and tutors
What does professional indemnity insurance cover?
Generally, your indemnity insurance policy should cover all legal costs, awards and settlements for claims regarding a breach of professional duty or misconduct, professional negligence and claims brought against previous or existing employees.
Your policy may also include additional cover for:
- Breach of confidentiality
- Infringement of copyright
Other professional indemnity insurance considerations
If you sell your business or retire from a practice, you could still be liable for claims made against you for work carried out during your tenure. ‘Run off’ cover will insure you against claims brought against you after you have ceased trading or practising. Without it, you could run the risk of funding a defence yourself.