Four great reasons why you should consider legal expenses insurance
Posted on 9th June 2021 by Phil Ainley MCIM, CMktr, Dip DigM - Marketing Manager
As a freelancer, contractor or self-employed business owner, you will no doubt be aware of the need for professional indemnity and public liability insurance, and in some cases employers’ liability cover if you employ staff.
An insurance policy that we also offer, that you might not be aware of, is Legal Expenses Insurance (LEI).
We've put together 4 great reasons why we think you should consider what we deem to be a low-cost policy to enhance your business protection.
1. ‘Whoa, whoa, wait a minute Mr Tax Man’
It is commonly known that you could be approached by HMRC for a tax investigation.
You never know if this could be you, as each year the taxman can select any one out of 1,000 tax returns for scrutiny via random selection.
It can be an expensive exercise having your accountant prepare your records if you are selected. The LEI policy will help cover the costs.
2. ‘Invoice still outstanding’
Poet Robert Frost, once wrote “Don’t ever take a fence down until you know why it was put up.”
This analogy can be applied to contract agreements. You never know when a contract dispute may arise or for what reason.
Disputes can cause delayed invoice payments, leaving you out of pocket until the issue is resolved. The policy covers contract disputes.
3. ‘He said, she said’
As a director or employer, it’s great to have a supportive team behind you, but what happens when even your most reliable employee starts acting out of line?
When you employ staff, it puts you at risk of a potential employment dispute, such as unfair dismissal, which can result in legal proceedings and hefty court costs.
The LEI policy will cover the costs incurred by employment disputes.
4. ‘The court hereby summons you’
Should you be called up for jury service you may suffer a loss of earnings, this is especially relevant to self-employed professionals.
Many people will still be paid by their employer while they sit on a jury. However, if you are self-employed, you could find yourself out of pocket.
The LEI policy will pay the insured person’s net salary or wages for the time spent on jury service less any amount the court pays.
5. Access to business resources
A bonus fifth reason to purchase Legal Expenses insurance is the access it provides to the Markel Law Hub.
This is an added value benefit which isn’t available with our public liability or professional indemnity policies.
The Law Hub provides value for freelance professionals, contractors and small business owners, and to business leaders from larger organisations.
At Caunce O’Hara we don’t want you to be at risk. The Legal Expenses Insurance policy provides you with added protection in the event of various unforeseen situations.
How do you benefit?
The Legal Expenses policy provides you with up to £100,000 of cover in any one claim and includes:
- Employment disputes
- Identity theft
- Contract disputes
- Employment compensation awards
- Property and landlord and tenant disputes
- Criminal defence
- Tax protection
- Regulatory compliance
- Court attendance costs
- Employment extra protection
Some of these issues can leave you having to pay thousands of pounds in costs out of your own pocket if you are not insured.
The policy costs just £75.00 per annum, which we think is great value. At this price is it really worth missing out on?
Law Hub benefits at a glance
- 800+ DIY legal resources including contracts, policies, forms, and letter templates from Markel’s solicitors.
- Free legal updates, templates, guidance documents, checklists, and useful links.
- 460+ straight-forward guides.
- 350+ links to key resources.
- Up-to-date information on new legislation and case-law.
- Live Chat available Monday to Friday 09:00 – 17:00.
- 24hr legal helpline.
How do you access this treasure-trove of information and resources?
There are two ways you can access the Markel Law Hub.
- Purchase a Legal Expenses Insurance policy from us for only £75.00.
- Or, if you feel you don’t need Legal Expenses Insurance you can purchase an annual subscription to the Law Hub for only £189.00 +VAT.
Prices quoted are correct as of June 2021.
Caunce O'Hara offer a range of business insurance products to protect freelancers, contractors and small businesses. Please contact us for a quote for your business insurance on 0333 321 1403 or click the button below to start your quick and easy online quote.