Legal Expenses Insurance Toronto
Legal expenses insurance (LEI), legal protection insurance (LPI), or simply legal insurance, offers protection from any individual or business from the often significant legal fees associated with litigation.
Everyone knows that hiring a lawyer is usually an expensive but necessary undertaking for many legal matters. The average experienced lawyer charges around $414 per hour, and the typical cost of a two day civil trial is $31,330. With many cases stretching for longer than two days, legal expenses can rapidly pile up and become insurmountable. With Canada becoming an increasingly litigious society, it is usually only a matter of time before a business or individual faces some kind of legal challenge.
If you wish to protect yourself, your business, and your loved ones from potentially catastrophic legal fees, legal expenses insurance in Toronto is essential.
What is Legal Expenses Insurance?
In essence, Toronto legal expenses insurance protects you from having to foot the bill on any legal fees incurred if you should face legal action.
Business and individuals alike can face difficulties with the law from many different angles these days. Customers that are dissatisfied with service, or hurt themselves on your property, can hit you with extremely expensive lawsuits. Disgruntled employees, failed product launches, or any other myriad of legal complications can leave you open to serious financial issues when it comes time to pay for your legal defense.
Similarly, individuals are more susceptible to litigation than ever before. Civil suits have steadily increased over the past decade, especially motor vehicle cases, and it seems people are ready to sue at the drop of a hat. Without adequate protection, an individual could be on the hook for hundreds of thousands of dollars in legal fees in no time at all.
Legal expenses insurance provides you with a safety net in the event you are facing legal action. Instead of worrying about how you will pay for your defence or prosecution, you can focus on getting through the stressful situation and working towards the best outcome.
Why is Legal Expenses Insurance so Important?
Legal expense insurance in Toronto is more important than ever to protect businesses and individuals from complete financial collapse should legal action arise. With costs for litigation climbing every year, a single drawn out lawsuit can cost hundreds of thousands of dollars. For larger business, this can often stretch into the millions of dollars. Legal expenses insurance provides you with peace of mind knowing that you will be able to cover whatever fees are necessary during your legal battle.
What Does Legal Expenses Insurance Cover?
Legal expenses insurance helps to provide financial assistance for a range of necessary legal services should you face litigation. These can include:
- Legal Representation: This is usually a requirement of facing any kind of serious legal action, and is by far the most expensive element. Legal expenses insurance will cover the fees charged by lawyers and legal representatives while they are working on your case.
- Court Fees: Even just the acts of heading to court costs money, which is collected in the form of court fees. Typically, both the plaintiff and defendant will need to pay some fees, ranging from a few hundred dollars to a few thousand. Legal expenses insurance covers all associated court fees so you aren’t left out of pocket.
- Witness & Expert Fees: If your court case heads to trial, it is possible that witnesses and experts will be called to testify. While many do not know it, this actually costs money and it falls on the people involved in the court case to pay for it. Legal expenses insurance covers any costs associated with witnesses or experts as well.
- Translation Fees: In a multicultural city such as Toronto, it is entirely possible that people involved in the case do not speak English well and may require the services of a translator. Additionally, official documents may need to be translated to be submitted as evidence. Legal expenses insurance covers the translators fees so your case can proceed.
While legal expenses insurance typically covers these things as standard, there are special inclusions you can request in your individual policy if you believe you might need them in the future. Simply speak to a qualified commercial insurance broker in Toronto to find out what can be covered.
Who Needs Legal Expense Insurance?
Legal expenses insurance is one of the most universally applicable insurance types, offering benefits to everyone from private citizens to multinational corporations.
Very few individuals could financially survive a serious lawsuit. Even if you successfully defend against a claim, there is no guarantee that your legal fees will be covered by the plaintiff. Should you lose a claim you brought against someone else, you might even be on the hook for the defendant’s legal fees as well as your own.
Businesses large and small are perhaps even more exposed to the risk of legal action. While huge corporations might have the deep pockets to protect against a big lawsuit, smaller businesses might find themselves insolvent in a matter of months should they get caught in a drawn out legal battle.
Legal expense insurance ensures you do not have to face the prospect of paying thousands of dollars in legal fees yourself, and enables you to get adequate legal representation should you face legal action.
Why go with KASE Insurance?
With more lawsuits happening than ever before, legal fees are a constant threat to individuals and businesses alike. From civil suits to class action, criminal to family law, legal proceedings are rarely fast or cheap. If you want to protect your finances from the potentially devastating effects of a legal battle, contact the experts at KASE Insurance today.
Our team of highly experienced commercial insurance brokers in Toronto have made it their top priority to create the most comprehensive legal expenses insurance policies in the GTA. We take the time to understand your specific needs and concerns and then create customized policies that cover you for things you need, so you don’t pay for things you don’t.
When it comes to legal expenses insurance in Toronto, look no further than KASE Insurance. Contact us today.
Read what clients have to say about KASE
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