Commercial Legal Protection is designed to help SME businesses deal with unexpected legal issues not already covered by their other insurance policies.
Intended to complement traditional SME policies, rather than substitute core insurance cover, the policy provides expert legal assistance when an insured really needs it and protects them from potentially crippling costs which will have to be incurred, regardless of any fault on the client’s part.
Have you heard of it?
Not quite sure how it could benefit your business?
Imagine if you could have access to a legal advice service managed by one of Australia’s prominent legal firm.
Allowing you to receive targeted advice from a lawyer relating to any problem directly associated with your core business activities…
What does the Solution Commercial Legal Protection Policy cover?
In general terms, legal expenses insurance provides advice and cover for the legal costs of pursuing or defending certain classes of legal action.
It is not a substitute for General Liability, Professional Indemnity, Directors and Officers Liability insurance, or Management Liability insurance, but it aims to cover legal expenses not covered by those insurances.
Legal expenses insurance complements other classes of insurance as it lowers the financial burden associated with legal disputes and also provides access to legal advice and assistance which could curb the need for full-scale litigation.
Depending on your fee income/turnover, premiums start from just $200 (plus fees and charges).
Here is an example of a Contractual Dispute claim.
A retailer policyholder entered a contract with a marketing firm to run some events to promote a new product. Despite all invoices being paid in a timely manner, the marketing firm refused to complete the job originally agreed, stating that they had already exceeded the brief as set out in the contract.
The policyholder lodged a claim and a lawyer was appointed who wrote to the firm, requiring them to comply with the terms of the agreement and complete the work to the retailer’s satisfaction. They failed to comply, so the policy paid the legal fees of the lawyer to then sue the marketing firm which resulted in contractual damages being awarded to the policyholder.
Some of the key features of the policy include:
- Designed to defend and pursue potential legal disputes related to the Insured’s core business activities
- Broad definition of Insured — includes any individual, corporation, partnership, joint venture, trust, limited liability company, unincorporated organisation or other legal entity
- No proposal form required
We look forward to discussing the benefits of this policy in greater detail should you have any questions regarding the policy and its benefits.
(There’s no need to wait until renewal time to receive the benefits of this policy addition, we can add this to your insurance package today and have you protected in no time at all).
The advice on this website is general in nature and has been prepared without taking into account your objectives, financial situation or needs. You must decide whether or not it is appropriate, in light of your own circumstances, to act on this advice. You should ensure you obtain and consider the Product Disclosure Statement for the policy before you make any decision to acquire it.
Need Anything? Has something changed?
Contact info@sptinsurance.com.au or talk to your Account Executive.
