Your small business is incredibly important to you so you probably already have great insurance in place like product liability or stock insurance. Did you know you can stop worrying about small business emergencies and focus on growing your business by adding some other types of insurance, like legal expenses insurance?
For small business owners like you, legal expenses insurance can be a valuable way to protect your business against unexpected legal costs and to get access to legal advice and representation when needed.
Find out more about small business legal expenses insurance below or click here to get a quote:
Having any kind of legal dispute can be costly and can quickly add up to thousands of pounds if there is a court case (yikes). Legal expenses insurance covers the costs associated with legal disputes including advice and representation, help with court fees and lawyer fees. Legal expenses insurance can protect you from legal expenses costs caused by:
Employment disputes like wrongful dismissal or discrimination
Contract disputes like breach of contract and supply or sale of faulty goods or services
Debt recovery for things like unpaid invoices
Intellectual property disputes such as trademark or patent infringement
Regulatory compliance issues like health and safety, data protection
Property disputes for things like lease or rent disagreements
Tax investigations by HM Revenue & Customs (HMRC)
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Do I need legal expenses insurance cover?
There are many reasons why it pays to have legal expenses insurance cover as part of your policy. A legal claim can happen to any business no matter what the nature of your business actually is. If you think your business is at risk of facing legal disputes, pay some extra time and attention to putting legal expenses insurance in place so that it can provide protection against unexpected legal costs and access to legal advice and representation when you need it.
Frequently asked questions about Legal Expenses
What types of legal disputes does legal expenses insurance cover?
Legal expenses insurance can cover a range of legal disputes, including employment disputes, contract disputes, tax disputes, and property disputes. The specific coverage will depend on the policy and the insurance provider.
What is the limit of indemnity for legal expenses insurance?
The limit of indemnity for legal expenses insurance varies depending on the policy and the insurance provider. Read the policy limits carefully, you want to make sure that the policy limits are enough to cover potential legal costs.
What is the excess for legal expenses insurance?
The excess is the portion of the legal costs that you will have to pay out of pocket before the insurance coverage kicks in. The amount of the excess will depend on the policy and the insurance provider (a bit like car insurance excess).
What is excluded from legal expenses insurance coverage?
Legal expenses insurance policies may have some exclusions, such as intentional or criminal acts. It is important to carefully review the policy exclusions to understand what is not covered.