Legal Expense Insurance
What Does Legal Expense Insurance Cover?
At The Insurance Octopus, this extensive policy provides cover for those looking for the best in financial protection. We can create cover based on possible business errors, disputes or claims brought against you, ensuring your business doesn’t suffer the consequences.
Covering everything from employment disputes and property damage, we can also provide compensation for legal costs related to property protection, tax liabilities and contract and debt recovery. These situations can be daunting, which is why we make insurance easy, and our supportive team is always here to help. A Feefo platinum awarded company with superb testimonials, our policies are built with our clients in mind.
Please fill in our quote form to get started, or request a call back, and we’ll take you through the process.
What may be included in a legal expenses insurance policy?
Legal and Tax Advice
Useful when it comes to HMRC investigations, ensuring you know how to navigate them correctly.
Contract and Debt Recovery
Unpaid fees due to financial struggle, or disagreements over services provided? Your losses are restored with this compensation.
Compliance & Regulation Support
Ensuring your business complies with industry standards is a number one priority.
We can offer phone counselling to help employees in much need of support.
What is legal expenses insurance?
Business protection for court and associated legal costs
Our Legal expense Insurance (LEI) cover can be added to core covers and is there to help protect you and your business from costly legal situations. Legal expenses insurance has ultimately been designed to ease the financial burden of litigation and our cover is provided by ARAG.
As a business you’ll be dealing with all types of customers, employees and suppliers, however with all these different and unique relationships you share with people relating to your business, problems can and sometimes do occur. With each encounter there’s the potential for dispute, and a disagreement can at times prove costly for a business when it ends up going through legal channels. Dealing with the stress and financial costs of a legal battle is something no business owner wishes to go through.
Understanding Legal Expenses Insurance (LEI)
Legal Expenses Insurance cover ensures that you, the policyholder are covered financially in the event of legal action being brought against you or by you. Sometimes referred to as legal protection insurance the cover can be taken out on a ‘before the event’ basis. By taking out Legal Expenses Insurance before the event a business might seek to protect itself against potential legal costs associated with certain legal actions.
Legal expenses cover might well come in handy in the following situations:
- You need to defend an employment dispute having been taken to an employment tribunal.
- A business or individual pursues you for claims of property damage.
- Legal costs involved with Property protection.
- Your business becomes liable to a tax enquiry by HMRC and suffers from a tax investigation.
- Costs involved with defending alleged non-compliance such as data protection breaches.
- Prosecution from The Health & Safety Executive following an accident at your business premises.
- Legal cases related to bodily injury.
Get standalone Legal Expenses Insurance or add legal cover to your business insurance policy.
Quotes from an FCA Regulated broker
As an FCA regulated broker we take pride in what we do, just like you and your business. Our legal expenses cover can be purchased as a standalone cover or as part of another policy. Speak to our insurance specialists today and discuss the needs of your business. Our friendly team is able to compare quotes from a wide panel of major UK insurance providers.
Arrange your cover
We are able to provide you with your business insurance and documents on the same day in most cases, offering a range of flexible payment options, including Direct Debit. Speak to us today to get a quote.
How Legal Expenses Insurance works
Examples of Legal Expenses insurance in action
An expensive tribunal
Having taken out legal protection cover a financial advisory firm is faced with an employment dispute. The now former employee has claimed that they had been arbitrarily demoted to a much lesser role without reason. The former employee is making their claim on the basis that a breach of contract occurred resulting in them being forced to leave their role. With before the event legal expenses cover in place, the firm is able to make a claim through their insurers to cover all the associated legal costs involved with defending the case. The insurance on this occasion has covered the solicitor’s fees and expenses as well as associated court costs. The firm in this example loses their case versus their former employee, resulting in compensation also being due. The legal expenses insurance will pay out for the compensation awarded by the Tribunal as long as the overall cost does not exceed the policy limit of £100,000.
£5,000 legal fee avoided for CEO
A local company’s CEO was caught by surprise one day and made his concerns known to a newspaper reporter about a competitor’s practices. When published, this caused the competitor named to take legal action against the loose lipped CEO. A defamation court battle ensued which required the CEO to instruct legal representation on his behalf. The £5,000 legal fees were covered under his company’s ‘Directors and Officers’ insurance policy which meant he did not lose out personally.
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