Protecting Your Business with Legal Expense Coverage Insurance

legal expenseEven if you've never spent an hour in an attorney's office, we all instinctively know that lawyers cost a lot of money. Three or even four hundred dollars an hour is not unusual.

An hour or two may just about be affordable, but what do you do if you want to sue someone or you're faced with days of legal services including, perhaps, the services of an attorney in a prolonged court case -- and you don't qualify for legal aid?

The only way to avoid this type of risk -- and it's more common than you might think -- is to insure against it.

You may think you're already covered through the liability protection in your home and auto insurance policies or, if you're in business, through your commercial liability insurance.

But these don't cover you if you initiate action against someone else -- in other words if you want to pursue your legal rights by suing another person or organization.

And it won’t protect you with legal costs where liability is not an issue or in other cases such as a disciplinary hearing, a dispute with a contractor, or criminal disputes.

Legal expense insurance or legal protection insurance, LEI or LPI for short, could be your solution. This type of policy includes business legal expense insurance.

Legal Expense Insurance Explained

What is legal expense insurance? It enables you to meet or offset the costs of taking legal advice, employing lawyers on your behalf and of meeting other legal expenses.

It's a fairly new yet affordable type of insurance in New Brunswick and most of Canada. Now, with litigation cases and lawyers' fees on the rise here, it could save you a fortune in the future.

What's Covered by Legal Expense Insurance?

Typically, legal expense insurance covers all legal costs and expenses (up to specified limits), including consultations, advice and representation in court or other hearings.

In addition to the risks outlined above, Legal Expense Insurance coverage can be used in cases and disputes involving:

  • Legal Defense
  • Employment disputes
  • Tax investigations
  • Property Protection
  • Contract Disputes
  • Bodily Injury
  • Debt Recovery

What Are the Benefits of Legal Protection Insurance?

The number one reason for taking out this type of coverage is to protect against exorbitant and open-ended legal costs. You can get professional advice, clarity on issues that you are not familiar with and a course of action to address your issue.

In reality a great benefit of this Insurance is that, statistically, you increase your chances of winning your case, compared with having inadequate or non-existent legal representation.

In fact, most Canadians don't employ a lawyer when they first access the legal system precisely because they don't have the legal expense insurance. They may lose out as a result. The potential legal costs could be so prohibitive, you may decide not to pursue a case even though you feel sure you're right.

You're much more likely to consult a highly-qualified lawyer if your insurance company is going to pick up the tab!

How Pearson Insurance Can Help You

You need expertise when you purchase legal expense insurance because your policy needs to be customized to a particular set of requirements and events.

You'll find that expertise at Pearson Insurance, where our team of professionals already has the right experience and understanding of the way this coverage works.

We work with the small number of insurers who specialize in this field, so we're able to secure the right coverage at the right price.

Find out now -- for free and without obligation -- how legal expenses insurance can help you and how little it costs to get protected. Just call us at (506) 432-1550, email us at info@pearsoninsurance.ca or use the quote form on this website to contact us.