Cheap professional indemnity insurance is a must-have for modern businesses. Garretts (insurance broker) has warned professionals that clients are now more likely than ever to make legal claims should business transactions go wrong.
Why the Rise in Claims?
Economic downturn is largely to blame for the increasing number of loss and damages claims made against professionals.
- In this tough economic climate the margins are very tight. Clients may be unable to bear the brunt of financial disasters and could start looking around for someone to blame.
- This could well be the professionals they sought advice and services from. Whether these claims are valid or not they can put significant strain on your business finances.
- There have been a number of examples of businesses going under from being pushed to breaking point by legal action that in some cases was wholly lacking in merit.
- With No Win No Fee solicitors widely advertising there is also much more awareness about the benefits of claiming damages these days
- The western world has moved into a ‘blame culture’ in which people are seeking financial redress for negligence they may have experienced from professionals.
- Nothing is certain in business and all kinds of professionals can benefit from the protection of cheap professional indemnity insurance.
Finding Cheap Professional Indemnity Insurance
If you are a professional then you need to protect yourself against legal action just in case things go awry. Cheap professional indemnity insurance is an essential investment that can protect your finances from legal costs, compensation and claims for damages. With rising numbers of claims against professionals across a wide range of sectors you do need to make sure you have the right protection in place. The Insurance Octopus can help with this.
- When you search for cheap professional indemnity insurance quotes make sure you check the cover carefully. We can talk you through the whole quote to make sure you understand what it entails.
- You will need to make sure the policy is tailored to your profession and the risks you may be exposed to.
- Cheap professional indemnity insurance should fully cover the costs of defending you or your business against allegations and claims for damages.
Contact The Business Octopus now to get free cheap professional indemnity insurance quotes. Call us direct for help with your liability insurance needs.