A legal expenses insurance is designed to cover costs (e. g. lawyers' fees, court costs, bail bonds) arising in connection with legal disputes. Some legal expenses modules include waiting periods and deductibles. The premiums for legal expenses insurances often diverge strongly and are based on the legal sector for which cover is sought and on the industry in which the respective company operates.
Alternatives of legal expenses modules at a glance:
- Employment contract legal expenses
- Employment law disputes cover
- Commercial legal expenses insurance
- Property owners legal expenses insurance
- Antitrust disputes cover
- Tenant legal expenses insurance
- Intellectual property legal expenses insurance
- Product safety legal expenses insurance
- Legal expenses insurance covering criminal law proceedings
- Traffic legal expenses insurance
- Financial loss legal expenses insurance and others.
In the context of legal expenses policies, some market players also provide consulting services free of charge (e.g. compliance trainings, telephone legal advice helplines). These added values should be considered when selecting the provider.
Some risks call for high premiums, such as commercial legal expenses insurance for intellectual property rights, construction risks, disputes concerning antitrust or competition law.
Legal expenses insurances without waiting periods are available on the market and are often requested. Your deas consultant will carefully explain the alternatives, and will be pleased to answer your questions relating to all aspects of legal expenses insurances, for example what type of benefits – even special solutions – can be agreed and what type of arrangements are reasonable for your company.
Legal expense insurances consist of several modules. It typically covers the costs arising in connection with legal disputes, such as lawyers' fees, court costs and in specific cases also expert costs, bail bonds (as a loan) etc.
The legal expenses insurance is a consulting-intensive insurance line, since the various insurance alternatives need to be discussed and carefully considered, always keeping in mind the respective company's risk situation and industry. Taking out a legal expenses insurance covering criminal law is generally recommended for industrial and trading companies, because the field of criminal justice always involves high expenses for lawyers and other costs. In addition, we strongly recommend that you have a discussion with your deas consultant to see whether taking out a commercial legal expenses insurance is reasonable for your current business situation.
In addition to commercial solutions and legal expenses insurances covering criminal law, the insurance industry offers personal legal expenses coverage for board members and managers which supplement an existing D&O policy.