Understanding Legal Expenses Insurance (LEI) can be a confusing area. It is widely considered that many businesses avoid pursuing LEI claims due to the costs of court fees and legal advice, and the misconception that these claims are doomed for failure. Here at Abbey Legal, our experts take the challenges out of LEI, should you incur a potentially expensive dispute.
Here are five steps to consider when purchasing LEI in order to get a deal that works for you:
- Which areas will you need most legal advice on?
Dealing with contracts? Employees? Whatever you’re faced with, match your need with a LEI provider who can help with these issues. We do this for you via our legal helplines and panel of solicitors. Our cover includes access to legal advice from qualified lawyers and barristers 365 days a year.
- How much experience does the LEI provider have in your specific sector?
Always find out whether they understand the regulatory law and exposures facing businesses in your industry, and ask if their policy extends to certain business critical legal situations.
- Read the small print
It’s always worth comparing claims limits and the types of disputes that are covered before you settle on which LEI cover to buy.
- Talk to your LEI insurer as soon as you think a legal dispute is brewing
Early intervention is key to making sure the policy responds and that it is settled as quickly as possible.
- Ask how claims will be handled and how you are kept informed throughout the process
It is a misconception that there is no “freedom of choice”. At the point of proceedings, the clients has freedom of choice. Different LEI providers will work with your choice of solicitor in different ways, some of which can be a source of frustration. Their approach may not be to your liking, so you should always ask, be informed, and know this up front to avoid any surprises.
We believe working with brokers to educate buyers around LEI will encourage companies to use the legal advice on offer and save themselves both valuable time and money.