Product liability claims and the importance of commercial insurance

One worrying aspect of recessionary times is the temptation to cut expenses such as insurance, an omission that can have devastating consequences in the event an uninsured business receives a letter from a no win, no fee solicitor detailing the grounds for a product liability claim.

In 2009 during the midst of the UK recession, insurance company Aviva reported that 12% of small and medium sized enterprises confessed to not having any commercial insurance cover.

Not only is lack of cover in many cases illegal, it can also expose a business to financial ruin in the event of an accident involving damage to valuable property or in the event a worker or customer sustaining serious personal injury.

Aviva's Commercial product manager, Dave Bruce, commented, "Britain's small business community remains entrepreneurial, creative and opportunist at heart, with an innate ability to be both flexible and versatile. The ability to anticipate and adapt to the changing environment is key for any successful business, and business owners are clearly leading the way in this regard.

"However, it is worrying to see how many businesses have admitted they have no insurance at all. If one of your staff, or a customer, has an accident at work it is unlikely you would be able to pay out a claim that could run into thousands of pounds yourself. Protecting what you've already got and what you're trying to build for the future should be fundamental for any conscientious business owner."

There are other reasons why it makes sense for businesses to fork out for cover: there is evidence to suggest that as times get tough genuine claimants are more likely to realise the imperatives of making a product liability claim.

A leading lawyer comments, "The reality is that when purse strings get tight, people become less likely to say ‘It's not worth the hassle'. Margins become tighter and necessity becomes stronger as the effects of medical expenses, inconvenience and lost earning capacity become compounded by negative economic trends."

Leading product liability claim solicitors for 100 percent compensation
All manufacturers and sellers owe their customers a duty of care, whether they are small to medium sized enterprises or large corporations.

Defective and faulty products can cause injury, sometimes serious injury; the civil justice process ensures that affected consumers have recourse to monetary compensation, this is enshrined in our legal rights.

YouClaim delivers its clients UK-leading product liability claims that are free of all possible charges, regardless of the outcome of a case.

We do this by ensuring that you are insulated from all costs, fees and disbursements associated with your claim.

Our client-first service is also manifest in our 100 percent compensation promise: we never take a cut.

If you would like to talk with an advisor about the benefits of instructing one of our Solicitors Regulation Authority specialists in a product liability claim, echat, complete an online claim form or call us directly, on 0800 10 757 95.