Commercial legal expenses insurance is important as it adds an extra level of protection for business owners. Our underwriting team have a depth of experience and have a long track record or writing complex and unusual cases.
What is commercial legal expenses insurance?
Our commercial legal expenses insurance is a comprehensive cover which has no waiting periods, as our cover begins from the date your policy starts. It covers business owners against the costs in case they need to take legal action against a third party. It also covers them if they’re defending themselves against legal action being held to your business.
Here at Lawshield our protection is one of the widest available. Taking out insurance also means that affinity products can be created by our expert underwriters.
What does this insurance cover?
Commercial legal expenses insurance protects business owners against unexpected legal costs, including:
- Employment disputes
- Contractual disputes
- Tax disputes
- Commercial tenancy
- Criminal prosecutions
- Debt recovery
- Property disputes
Whilst these may be uncommon issues within their business, they can be costly if they arise. Without cover they could lead to bankruptcy, which can be very stressful. This is why so many business owners decide to take out this insurance to make sure they are sorted, just in case.
Who can get commercial legal expenses cover?
Business owners will most likely want to take commercial legal expenses insurance, so they’ll come to you as the broker for A rated insurance cover. This gives them that extra layer of protection when it comes to their business. It removes the risks of unexpected costs which they may not be able to pay.
A lot of the time when people start their business, they will be advised by a professional on what insurance to take out to cover them. At this point, they will most likely be looking for commercial legal expenses insurance. This is when they might seek out a broker or underwriter to help find the best policy for their needs.
Why is this cover so important?
Excess protection is designed to reimburse the cost of any excess which the business owner must pay, this is up to the maximum policy limit set out in the schedule.
Owning a business can sometimes be unpredictable, so it’s best that business owners are prepared for anything which comes their way. They never know when they might need to make a claim, and this cover gives them that peace of mind.
When do my clients need to take out commercial legal expenses insurance?
It’s important that business owners take out commercial legal expenses cover as soon as possible. Ideally they would take it out when they start the business. However, there is no time like the present, so if they can take it out as soon as possible this will be the most beneficial.
When business owners come to you needed to take out insurance, you can best understand their needs and provide them with information which can help them come to a decision. It can be very overwhelming when you’re just starting a business, so the more informed they are on their cover, the better.
It’s important to remember that they cannot take out cover if they are already in the middle of action. This should have been taken out prior to the incident.
Where can I get commercial legal expenses insurance?
Here at Lawshield we provide commercial legal expenses insurance to brokers and underwriters for their clients. You can speak directly with a member of our team to find out more, so make sure that you contact us today.
We operate under several delegated authority schemes. This means that we provide a fully sourced claims management solution for not only commercial, but also motor, household, healthcare and property classes of business.
