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What is Legal Expenses insurance?
Legal expenses is there to help cover legal costs incurred in helping individuals and organisations navigate unexpected legal challenges.
What does a Business Legal Expenses Insurance policy actually cover?
The main area of claims on Legal Expenses Insurance for businesses is in respect of Employment Disputes and Compensation Awards, whereby the policy operates to defend your legal rights with employees, ex-employees and even prospective employees – providing you’ve followed the helpline advice and the ACAS code of conduct.
Closely following this section in terms of claims is the Contract Disputes section, which assists with protecting you in the event of a dispute with a supplier or customer. Debt Recovery can also be included in certain instances in your Legal Expenses Insurance.
Statutory Licence is another section of cover whereby the costs of appeal to a tribunal or court are covered in respect of a dispute with a licensing or regulatory authority.
Property Protection and Personal Injury is a really valuable protection to have, as it covers the legal costs of pursuing injury claims for your staff and also the costs of pursuing anyone who damages property you own or are responsible for.
Legal Defence is another really useful aspect of Legal Expenses Insurance cover because if, for example, the Health and Safety Executive or the Information Commissioner’s Office take action against you, then this is the section of the policy that will fund your defence costs.
Probably the biggest single reason people buy this type of insurance though is the Tax Protection section, as it funds accountant negotiations with HMRC in the event of VAT disputes and tax enquiries.
What does a Landlords Legal Expenses Insurance policy actually cover?
Broadly speaking, the cover provided by a Landlords Legal Expenses Insurance policy is similar to a policy for any other type of business but with additional sections to cover Tenancy Disputes and Lease Disputes.
In respect of residential landlords, the costs of repossession, eviction of squatters and, if the correct policy is purchased, rent guarantee.
What does a Family Legal Expenses Insurance policy actually cover?
This type of policy is targeted at families, so the covers are not designed for business owners at all.
Policy wordings can vary tremendously, That said, some of the headings are similar, but obviously geared towards individuals rather than organisations.
For example, Property Protection and Personal Injury covers are often included, as are Employment disputes, Tax protection and Contract disputes (all as mentioned above in the Business Legal Expenses Insurance section).
Some of the policies can also include Identity Theft assistance, and some of the better policies even have bespoke cover for Clinical Negligence claims and Jury Service.
How much does Legal Expenses insurance cost?
It depends if you’re buying it for your home or your business.
A policy will often cost under £100 per annum, but it does depend on what you need and (if applicable) how big your business is.
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It’s a well-known fact that a business is more likely to be involved in a legal dispute than to experience any other type of insurance claim. Legal Expenses Insurance should therefore be something that every business should consider.
This type of policy can often be tailor-made to a business’s individual requirements. However, a cheaper alternative may be to purchase a ‘package’ of covers, which cover the vast majority of Legal Expenses Insurance scenarios for a premium and can be as much as 90% cheaper than buying a bespoke policy.
We can offer both options for businesses, and also offer separate packages designed for private home-owners and landlords.
Irrespective of whichever type of policy for Legal Expenses Insurance you purchase, one thing they all have in common are free helplines, to give you advice for most legal, financial or employment issues. Quite often a confidential counselling helpline is provided too.
The insurance covers obviously vary according to whether you’re a business, a landlord or a home-owner.
If it’s free of charge, in the event of a claim you’ll probably get what you’ve paid for…
When it’s included free of charge, chances are the limits of cover are very low and/or the terms and conditions you need to comply with are very high.
We’ve also seen examples of ‘free’ Legal Expenses insurance included in Landlords policies which don’t include Tenancy Disputes…
At Prizm, we primarily deal with ARAG, DAS, ALPS, Markel and Lloyds underwriters although the companies offering this insurance may change as the market changes.
If you need to make a claim on your insurance, you need to call your insurance broker or insurance company straight away.
If you have a policy with Prizm Solutions, then you simply call us.
As your broker, we are here to help – and we will provide you with all the contact numbers you need to deal with a claim when you take out the policy.
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Prizm Solutions Limited
First Floor
The White House
16/20 Church Street
Tamworth
B79 7DH
Prizm Solutions Ltd are authorised and regulated by the Financial Conduct Authority.
Prizm Solutions Ltd are registered in England and Wales, Registration Number: 05936749, Registered Address: First Floor, The White House, 16/20 Church Street, Tamworth, B79 7DH.
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