Legal costs can significantly reduce a company’s profitability and Titan business insurance is warning its clients to ensure that they are adequately protected against potentially damaging claims.
One of the country’s leading business insurance brokers is warning its clients that they must ensure that they have adequate legal cover in order to protect against the possible risk of being sued by competitors.
Titan Business Insurance is seeing a higher number of squabbles between companies who are tempted to see the courts as a recourse, especially in these troubled times when every penny counts.
The just announced spat between technological giants Hewlett Packard and Oracle (former corporate allies who are now arguing in the courts over the use of the Itanium chip) reinforces the point that the courts are seen as a legitimate business hunting ground and companies will use their lawyers to get satisfaction.
The problem for the company on the receiving end, says Titan, is that the costs can be dramatic and hard to swallow, even for the blue-chips like Hewlett Packard and Oracle. And companies being sued, have no choice but to defend themselves and that means bringing in expensive lawyers and committing valuable management time to the defense.
Chief Executive Officer of Titan Business Insurance, Basil Tsapralis, said:
“The technology sector is one that is especially prone to legal action as the whole question of who invented what, and who has a right to use what in their products, keeps cropping up. But any sector has its fair share of litigious companies and we advise all clients to keep their policies fully provisioned for possible legal action.”
Titan Business Insurance is one of the UK’s largest business insurance brokers and handles policies for clients throughout the country, offering a personal service and the very best rates.
Contact: Titan Insurance on 0207 731 3700 for any enquires.
