Legal Expenses Insurance
What is Legal Expenses Insurance?
A Legal Expenses Insurance policy is designed to protect your business in the event of a legal dispute. It covers all the costs involved with solicitors, court proceedings and in some cases even the damages that are paid out to any claimants.
Due to the specific areas that this type of policy covers, it is sometimes referred to as Professional Fees Insurance as it can also be extended to cover the fees of required professionals such as accountants.
This type of insurance originally became popular in Europe before it became part of the UK's insurance portfolio. Prepaid commercial legal expenses insurance is essentially a UK innovation.
How does it work?
In most cases, a legal expenses insurance policy needs to be taken out before the event (BTE) occurs to protect against any unforeseen circumstances that may happen in the future. After the event (ATE) cover is still available to cover costs incurred from solicitors and other professionals in the event of a failed case.
Policies of this type can help your business with costs associated with:
- Court Proceedings
- Damages or compensation payouts
Why is it important?
The main reason to take out suitable Legal Expenses Insurance is to cover you if you have to pay any costs associated with losing a court case as well as any solicitor fees that you may incur.
A specialist legal expenses policy can save your business from the hassle of a lengthy and expensive legal dispute. Potential costs in this kind of area are always a bit of an unknown, and valuable management time can be taken away in dealing with a problem such as this. Legal Expenses insurance will guarantee you are protected in this eventuality.
For more information on Legal Expenses Insurance, speak to our team today.
Asset Protection Insurance
An Asset Protection Insurance policy protects your business against the potential gap in cover between Professional Indemnity (PI) insurance and the total amount of a third party claim.
Revenue Protection Insurance
A Revenue Protection Insurance policy protects your business against any significant drop in income, generally as a result of the incapacity of a key person or building, regardless of whether you are a retailer, manufacturer or wholesaler. It can also offer protection to businesses offering specific professional services.
Protecting the people that work for you is absolutely vital in any form of business. Employee Protection insurances are designed to provide financial support to members of staff that suffer serious injury or illness, or a fatal accident.
- Top 100 UK independent broker* with Chartered Insurance Broker status
- Free no obligation review and quotation
- Talk to a dedicated insurance expert to guide you through the process
- Bespoke levels of cover tailored to your individual requirements
- Competitive premiums underwritten by the UK's leading insurers
- Dedicated in-house claims team who will deal with any claim on your behalf
- Payment of premium by monthly instalment available (subject to status)
- Free access to online risk management services
* Top 100 Independent Brokers 2013 published by Insurance Age in association with Cornell Consulting
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