Cinematic Blue Light Logo Reveal
The Australian legal system is complex, not too expensive to mention. This is why many business owners, especially small and medium-sized enterprises, avoid dealing with legal issues. They do not want to defend or pursue their rights, so they only settle with the claimant. But this is not the right way. Also, it is possible that the accused entity is not at fault, which cancels the need to pay the settlement.
If you are facing a legal dispute, business legal expenses insurance provides financial protection and legal aid. Here's why you should consider buying it for your business:
- The hourly rate for lawyers in Australia can range from $ 350 to 50 650. This can be even more for you, depending on how complicated your case is.
- About 45,000 Australians choose to go to court without a lawyer because of the legal crisis, which is mainly related to attorney's fees.
Some business owners have lost their businesses due to legal disputes. Although there are debt recovery programs for Australian businesses, it would have been easier if legal issues had been resolved earlier. This is why legal expenses insurance is so important for a business.
How does commercial legal expenses insurance work?
To better understand, here is an example of a quick claim.
Suppose one of your employees had an accident while performing his duties on site. The employee reports the incident and makes a claim. You will then be charged with violating the Health and Safety Regulations set by WorkSafe Australia. You have to answer the charge, so contact your insurance broker, Grace Insurance.
After being notified of the situation, we speak to an expert lawyer who successfully defends your charge. It was later discovered that the employee's injury was his fault.
Based on the example above, insurance covers attorneys' fees, which initially cost you more than 500 2,500. You cover this legal expense because the insurance policy is automatically activated from the start date.
But it is important to understand that there are some limitations in insurance coverage. Your Business Legal Expenses Insurance only applies to anyone claiming up to $ 100,000. Similarly, if the total claim is more than $ 250,000, you will only be covered the entire amount.
Commercial Legal Expenses Insurance Essentials
As you can see, it is very beneficial to cover the legal fees and other expenses of your business. However, you need to understand that insurance policy is a product, which can vary from one broker to another. So it is important to know exactly what you need from your business legal expenses insurance.
Here are some points to consider:
- Business legal protection coverage does not provide a comprehensive cover. It is designed to work with other policies you already have.
- If you employ people, you have to pay workers. This legal obligation applies to every business, even when you run your home business. Failure to obtain a workers' compensation policy can result in heavy fines.
- Before signing your insurance policy, make sure you have read all the terms and conditions. You must have full control of inclusion and exclusion.
Cinematic Blue Light Logo Reveal : Download
Do you need commercial legal expenses insurance? Contact Grace Insurance to find out how we can help you get started..
