Finding the right professional indemnity insurance quote for your business is of paramount importance. Depending on your industry you will need to make sure that the policy is tailored to the type of legal action that could pose a threat to your company. It is possible to find an excellent quote if you turn to experts like The Business Octopus who specialise in insurance for businesses whether they be trading online, offering a service or serving the public directly.
Large and Small Businesses Could Face Problems Caused by Litigation Claims
Litigation claims are a real risk to businesses, especially small companies who have very little financial backing. Just one small claim could spell disaster. Legal action can be extremely costly but with the right type of indemnity insurance behind you it is possible to carry on. Full cover will be able to protect you against a number of problems such as:
- The cost of compensation which would be required to pay out if you are found guilty of negligence. This could range greatly in price from a few hundred to hundreds of thousands.
- The legal fees which come from hiring legal representation. These fees might need to be paid even if you are found to be not guilty.
- Copyright and intellectual property right infringement can happen without you realising.
- Breach of contract claims could be made against your business or you as an individual. You might have clients claiming against you if they feel you did not follow the terms of the contract, if their data was involved in a confidentiality breach or if documents relating to your clients are lost.
No Business is Free from Risk
There are so many different reasons why you might find that someone has decided to open a litigation claim against your business it is impossible to list them all. It is however worth noting that with so many no win, no fee claims advertisements and solicitor firms available more and more people are going ahead and seeking some kind of financial compensation.
You face all sorts of financial risk if your client base feel your business has caused them harm, not lived up to the contract, lied or misled them or even cost them financially due to your negligence. Call 0161 968 2041 and request your bespoke professional indemnity insurance quote today. We compare insurers to get the best options for your business.