Every business attempts to everything it can to run a professional company, offering high quality services to its clients. However, mistakes can still be made and even unintentional ones can lead to ill feeling with clients and prospective clients alike. In these cases, it is possible that your company could face possible compensation claims. Anything from copyright infringement to misleading advertising can leave your company footing the bill. Cheap professional indemnity insurance could be enough to help ensure that you and your business is protected from this eventuality.
Cheap professional indemnity insurance can provide protection not only against the legal costs of potential court cases but also the compensation that you need to pay if you lose the court case. If you employ a team of professionals, then this coverage protects you against potential mistakes and decisions made by the whole of your team rather than you personally.
The length of cover is obviously important. Most policies will provide coverage while the insurance itself remains active but problems can arise several months or years after you have provided a particular service. You should ensure that your policy offers protection in these instances. Even if you retire, sell your company, or close your business there is the real possibility that you may still face possible legal action from customers, former customers, or third parties.
It isn’t just disgruntled clients that you need protection from. Copyright infringements and intellectual theft cases are becoming increasingly common and it is possible to stumble on these accidentally, especially if you operate within a busy industry where many companies offer similar products or services. It may be unintentional, but if there is found to be a breach of copyright then you are still liable to pay for this. Even if the courts find in your favour, your cheap professional indemnity insurance will cover the costs required during the case.
Cheap professional indemnity insurance doesn’t have to cost a small fortune and you can tailor a policy so that it meets your specific needs. This helps ensure that you pay for what you need without paying over the odds for extras that are not required.