There has been a significant increase in the number of freelancer invoices that are going unpaid according to Bectu officials. In the broadcasting industry alone there are an estimated £500,000 worth of unpaid invoices which signifies a 25% increase from the previous year and officials also believe that this figure will only increase in the next twelve months. Unpaid invoices typically range from £1,000 to as much as £15,000. In one instance, a single freelancer has lost out on payments totalling £32,000 which is a significant amount of money for any individual to lose.
Becoming a freelancer within any industry does mean taking certain risks and unpaid invoices are certainly one potential cause for headaches. Fortunately, there are a number of ways in which you can help protect your interests and ensure that financial losses are kept to an absolute minimum. One such way is through adequate insurance cover including professional indemnity cover. We can also offer a Legal Expenses option, which will help protect you and fight for your legal rights including enforcement of judgement to recover and money and interest due from the sale or provision of goods or services.
Call Business Octopus on 0191 968 2041 today to speak to one of our skilled and knowledgeable Insurance Consultants. We can help create bespoke insurance packages that are tailored to your needs and include professional indemnity as well as other policies that are especially suited to freelancers in any industry.