If you’re a business owner and you do not have legal expense on your existing policy, you should seriously consider it. We’ve explained the reasons why Legal Expense Insurance is essential.
Many businesses purchase insurance to protect against potential losses, such as fire, theft or breakdown of equipment, to name a few. However, many do not think of purchasing coverage that protects in the event their business is sued or they need to seek counsel.
What is Legal Expense Insurance?
Your legal expenses are covered, including disbursements, court costs, witness fees, and adverse costs if a judge orders you to pay the other party’s legal fees. Legal Expense Insurance gives you unlimited access to general legal advice for any legal question. All you have to do is pick up the phone, even if the issue is not covered by your policy. Many legal situations can be prevented or diffused when legal advice is given in the early stages.
Five Reasons Legal Expense Insurance Is Essential
Considering the costs involved with our legal system, and the frequency of legal proceedings, understanding how to protect your business will have a significant impact should something occur. The following are the top five reasons why you need Legal Expense coverage.
- Contract Disputes
- Employee, Contractor, Landlord Disputes
- Highway Traffic Act Infractions
- Tax Investigations
- Bodily Injury Disputes
How Do I Add This Coverage to My Policy?
If you’re interested in adding this coverage, please contact your trusted Insurance Broker for guidance and assistance. This coverage is available via a Specialty Provider, which means that you will also be covered for disbursements, court costs, witness fees and adverse costs if a judge orders you to pay the other party’s legal fees.