Commercial Legal Expenses explained
Disagreements can occur at any time with employees, customers, suppliers and contractors. Even the most organised business can experience unexpected disputes. The result can be extremely stressful, costly and time consuming. Especially if you’re an SME (small to medium size enterprise), as it’s unlikely you’ll have your own in-house legal team.
In order to protect your business, you can take out Commercial Legal Expenses Insurance. The policy is designed to meet the needs of your business, providing cover for legal costs that may arise from a claim or dispute that your business is involved in. Whether your need access to a telephone helpline for legal advice, or representation whilst an investigation is conducted, your Commercial Legal Expenses Insurance will cover the cost.
What does Commercial Legal Expenses cover?
This type of insurance policy can cover costs associated with:
- Employment Contract Disputes & Compensation Awards
- Contract Disputes for sale, hire, lease, goods etc.
- Breach of Restrictive Covenant
- Debt Recovery
- Legal Rights Defence of you and your employees’ legal rights
- Jury Service and Witness Expenses
- Statutory Licence Appeal
- Property Protection
- Data Protection
- Tax Protection such as a tax enquiry or VAT dispute
- Telephone Helplines for legal and tax advice, and other services like counselling
Legal costs and expenses are insured up to the value of £250,000 per incident, with an unlimited value for the period of insurance. As with most insurance, it doesn’t cover you for any disputes or problems that arose before the policy was taken out or claims which do not arise directly in connection with the insured business.
Your coverage will be dependent on your insurer and business – please check your individual policy for detailed information about what you’re covered for.