Norwich Union has produced one of the most comprehensive booklets in the market aimed at helping brokers advise their small business clients on commercial legal expenses insurance.
Norwich Union has produced one of the most comprehensive booklets in the market aimed at helping brokers advise their small business clients on commercial legal expenses insurance.
'Commercial Legal Expenses: Understanding the Brief' is a comprehensive guide and reference tool for brokers, explaining the various factors affecting the market, the role of commercial legal expenses cover, the importance of combining cover with risk management and the latest legislation affecting businesses.
The booklet's publication follows the inclusion of Norwich Union's new commercial legal protection as standard cover with several recently launched package products, including 'Shop and Salon', 'Office and Surgery', and 'Pub, Restaurant and Hotel'. The specialist legal cover is also being extended across the company's entire portfolio and new non-package products during the next 12 months.
Matt Frost, commercial product manager at Norwich Union, said: "Only one in ten businesses actively keeps up to date with changes in the law, and this leaves them in a highly vulnerable position. Commercial legal expenses can no longer be just an after-thought for SMEs. There is a skills gap in the market and we think it's time to demystify legal expenses and equip brokers with the knowledge they need to help their clients.
"The broker channel is the route to making commercial legal expenses insurance a mature market and to redefine the advisory role the broker plays in terms of legal issues affecting small businesses. For brokers, it is a clear opportunity to add value to their clients by helping to protect their bottom line, and to nurture long term relationships."
The booklet outlines Norwich Union's commercial legal protection cover, which contains certain new elements:
- No waiting periods for cover to take effect
- No restriction on contracts entered into before the inception date of the policy
- Indemnity limit of Ł100,000 - among the highest in the market for this type of product.
In addition, other covers have been broadened, such as the employment section, which will now cover statutory employment legislation affecting a policyholder's business.
It also offers a 24-hour legal and tax helpline and a claims service administered by one of the UK's leading legal expenses insurers, DAS.
Frost added: "With the wealth of new legislation that now affects UK businesses, including employment rights, working time regulations and disability discrimination, it has never been more critical for companies to manage their risks and seek suitable legal expenses cover."
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For further information, please contact: Jenny Chapman, Norwich Union press office, on 08703 666864/07775 822642 or Jon Clements at Staniforth Communications on tel. 0161 274 0118
Notes to Editors:
Norwich Union is the UK's largest insurer. In general insurance it is more than 1.5 times the size of its nearest competitor, and has a 19 per cent share of the market.
It has a focus on insurance for individuals and small businesses. It insures:
- one in five households
- one in five motor vehicles
- more than 700,000 businesses
Norwich Union products are available through a variety of distribution channels including brokers, corporate partners such as banks and building societies and Norwich Union Direct.
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