Downturn provides possibility of extra legal expenses sales
by Richard Kilner
The increase in employment and legal disputes has led ABC Insurance to advise brokers to be sure they are ready to take advantage of the extra SME legal expenses over the winter season.
There is an opportunity to increase sales of legal expenses coverage afforded by the current turbulent economic conditions, as firms seek to ensure they have adequate protection from difficulties in cash flow and the costs of redundancy.
The message from ABC follows a surge in calls to its legal advice helpline from policyholders desiring expert opinion on their difficulties.
ABC’s Commercial Insurance chief Mike Crane explains that lawyers are telling the firm that a large number of businesses are preparing themselves for redundancy schemes.
To pre-empt this, businesses are trying to ensure they take the best possible advice to avoid any potential legal difficulties when making tough employment decisions that may well include laying off staff.
ABC’s SME policies (Offices, Surgeries, Shops, Restaurants and Pubs) provide access to a legal helpline and coverage for legal expenses of up to £100,000 as standard.