Legal Expenses Insurance for Small Businesses 101
What is Commercial Legal Expenses Insurance?
Running a business comes with its challenges, and one of the ways to ensure your peace of mind is by having Commercial Legal Expenses Insurance. So, what exactly is it?
This insurance steps in to help you when you're faced with legal challenges. If a customer, supplier, or employee decides to sue your business, this insurance has your back. It covers things like contract disputes, employee disagreements, and even tax protection – things that might not be covered by your regular insurance.
But it's not just about being there when things go wrong. This insurance offers you a helping hand even before things escalate. Need advice about employment issues or taxes? Just give them a call. They're like your legal advisors on speed dial.
Guiding Small Businesses: Legal Advice Made Easy
Starting and managing a small business is a journey filled with learning. You might not be an expert in legal matters, and that's absolutely fine. That's where legal advice comes in – like having a helping hand who guides you through the complex world of laws and regulations.
At Admiral Business, we're all about supporting your business. We want to see you succeed in the long run. That's why we offer Commercial Legal Expenses Insurance as an add-on option to other types of insurance like Goods in Transit, Public Liability, and more. It's like giving your business an extra layer of armour.
What's Covered by Commercial Legal Expenses Insurance?
Admiral Business offer Commercial Legal expenses Insurance, which can be bought with Goods in Transit, Public Liability, Public Indemnity and Tool Insurance. This add-on option will give you and your business further protection.
This insurance will give you access to a legal advice helpline which can be called as frequently as needed, they will help advise on any commercial legal problem affecting your business. There is no call length limit, enabling the team to take time to fully understand the nature of your issue, providing you with relevant advice and guidance.
You’ll also have access to a tax advice helpline, which will provide you with advice on any tax matters affecting your business under UK law.
To help you out even further, you also have access to a counselling service helpline which is provided for the insured person, as well as their immediate family members permanently residing with them. You’ll have a confidential counselling session over the phone, which includes where appropriate onward referral to relevant voluntary or/and professional services.
You also have access to an employment manual and Business law manual, which provide a range of regularly updated business and legal guides with videos, which can help you with the day to day running of your business. Within these Business law manuals are document builders which can help you quickly create documents such as HR policies, Copyright licenses, and Employment contracts, to name a few.
What’s not covered by Commercial Legal Expenses Insurance?
Just to give you a better grasp on how this insurance works, we've put together a list of things that aren't covered:
- If the claim isn't directly related to your business
- Claims that you let us know about more than 180 days after you should've known about the incident,
- Civil cases where the lawyer we appoint for you doesn't believe you're likely to win your case,
- A dispute which arises out of the:
- Selling or provision of computer hardware, software, systems, or services,
- Buying or renting computer hardware or software,
- Systems or services tailored by a supplier to your own specification.
When Do You Need Commercial Legal Expenses Insurance?
We get it – knowing when you need this insurance can be confusing. Let's break it down with some examples:
Employment Disputes: If a former employee claims unfair dismissal, this insurance provides access to expert legal advice to navigate the situation. If it goes to Court, it might cover legal representation costs too.
Legal Defence: The policy will cover the costs and expenses to defend your legal rights subject to policy conditions, covering areas such as criminal pre-proceedings cover, criminal prosecution defence, data protection, jury service, and court attendance.
Debt Recovery: Unpaid invoices can strain your business. The debt recovery section will provide costs and expenses for a dispute relating to the recovery of money and interest due from the sale or provision of goods or services. The debt must be greater that £500 inc VAT and claim made within 90 days of the money becoming due and payable.
Personal Injury: Costs and expenses for an insured person’s and their family members legal rights following an accident that causes death of or bodily injury to them. This gives policyholder’s the peace of mind that if a third parties negligence caused one of their staff or staff’s family members injury, the policy will provide costs for the legal representation in pursuing the third party for damages.
Who Can Benefit from Legal Expenses Insurance?
The best part? This insurance isn't just for specific businesses. Whether you're a designer, accountant, or a tradesperson, Commercial Legal Expenses Insurance is your safety net. You can add it to any policy to give your business that extra protection.
Our friendly Customer Service team is just a call away. Give them a ring at 02038087099 between 09:00 and 18:00 from Monday to Friday (excluding Bank holidays). They're here to help you make the right choices for your business's future.