The Importance of Professional Indemnity CoverTweet
Published on February 16, 2012 by TBO editor
Threats against your company financial security are very real and can come in all shapes and sizes. One of these threats comes from the very clients and customers you are aiming to please with your products or services. Professional indemnity cover is a real necessity for businesses of all sizes if they want to protect the financial status of their company against legal action brought against them for a variety of reasons.
The UK Compensation Culture
Whether it is a direct response to media coverage of no win, no fee claims solicitors, or simply down to people seeking extra money in times of hardship, compensation claims are continually on the rise. It is very simple these days to go out and seek legal representation if you feel you have been hurt or misled. With little to no financial risk for the claimant, companies are being ordered in front of the courts on a daily basis and face financial hardship and even risk losing their business because of these types of claims.
Be Prepared with the Right Professional Indemnity Cover
There is no way of knowing where such a claim might come from, or when to expect one. You might have no idea about the problems your business may or may not have caused until your receive a letter telling you that you are being sued. Should you be found guilty it is important to have some kind of financial reserves ready to pay out for the legal expenses and compensation. Seeing as this may amount to hundreds of thousands of pounds it is far more realistic to make sure your business has professional indemnity cover instead.
What Protection is Possible?
By taking out the correct indemnity cover for your company you can be protected against all sorts of problems. These include copyright infringement, breach of contract, legal expenses and compensation costs.
Call 0161 968 2041 to ask us about the correct indemnity insurance for your business. You are able to find the right cover depending on your industry to ensure you are not paying more than you need to. We provide bespoke packages that will suit your business needs. Ask the experts for a no obligation quotation and get your company protected today.