What is Commercial Legal Expense Insurance?
Regardless of your business size, you require commercial legal protection. Your day-to-day operations may appear safe and normal – until something goes wrong. Legal issues can arise without you expecting them. That’s why it is necessary that you’re covered when such a time comes. Whilst your other insurance policies may be useful, some instances may not be within their scope. This is where Commercial Legal Expense Insurance comes in.
Intended as a way to work with the other existing policies, Commercial Legal Expense Insurance serves as your reliable protector against potentially crippling costs incurred due to a legal case – notwithstanding your culpability.
So, what’s covered? Commercial Legal Expense Insurance covers costs of lawsuits brought by other businesses, individuals, or other entities. It also covers lawsuits you file against another party. Costs When insured, you don’t have to worry about:
Lawyer Fees
Witness Expenses
Expert witness costs
Court fees
Together with General Liability and Professional Indemnity, you will certainly have a robust cover that will get you through any issue. It is what you need to maintain your business and protect its reputation.
What Makes the Commercial Legal Expense
Insurance Policy’s Exceptional?
At Grace Insurance, we strive to provide you with unbeatable offers. This is why the policy includes:
Free Legal Advice
That’s right. We’ll provide legal advice services, which you can benefit from for an unlimited number of times whilst covered by the Policy Period. No additional or hidden charges!
Lawsuits
Commercial Legal Expense Insurance is designed to cover your legal expenses. But it doesn’t end here. You can also be covered if you’re the one pursuing legal action.
Debt Recovery
Having positive cash flow is crucial to the life of your business. These policies also includes a Debt Recovery Service, which assists you as you recover the money due. This service is also useful if you plan to take matters to court if your desired outcome is not reached.
What Cover Can You Get?
$100,000
limit of liability for any single claim
$250,000
aggregate payout limit for all claims for the whole policy term
A $1,000
excess contribution which applies to all claims
$2,500
for all claims relating to contractual disputes in Construction Services
Cover immediately begins from the inception date of the policy. New policies have a 90-day waiting period for Tax Audits and Contractual Disputes. Premium finance is accessible to help you out with the monthly insurance payments. Please note that the terms expressed to you upon quotation will be subject to confirmation in case of the absence of contractual disputes in Construction Services.
To understand contractual disputes better, let’s have an example. You entered a contract with an advertising group to promote a new product through certain events. You paid the group with the agreed amount at the arranged time. However, this particular advertising group did not want to complete the job due to a loophole in the contract.
According to the other party, they already went beyond their limits based on what’s stated in the contract. You, as the policyholder, may be advised to lodge a claim. Your lawyer could talk to the other party on your behalf, obliging them to follow the agreement terms. Despite the word from the lawyer, requiring them to complete their task to your satisfaction, the advertising group did not comply.
As a result, Failure to comply results in you suing the group. Because you’re protected through Commercial Legal Expense Insurance, your policy will pay the legal fees of your lawyer. Additionally, you could receive payment for the contractual damage.
Talk to Us for Assistance
Here at Grace Insurance, we aim to make everything so much easier for you. We ensure we’re there for you and your Commercial Legal Expense Insurance requirements. Do you have contractual conflicts relating to Construction Services? Please talk to our customer support representatives to get further information, especially with contractual disputes in the last five years.