Article date: 18 September 2002
Norwich Union has produced one of the most comprehensivebooklets in the market aimed at helping brokers advise their smallbusiness clients on commercial legal expenses insurance.
'Commercial Legal Expenses: Understanding the Brief' is acomprehensive guide and reference tool for brokers, explaining thevarious factors affecting the market, the role of commercial legalexpenses cover, the importance of combining cover with riskmanagement and the latest legislation affecting businesses.
The booklet's publication follows the inclusion of NorwichUnion's new commercial legal protection as standard cover withseveral recently launched package products, including 'Shop andSalon', 'Office and Surgery', and 'Pub, Restaurant and Hotel'. Thespecialist legal cover is also being extended across the company'sentire portfolio and new non-package products during the next 12months.
Matt Frost, commercial product manager at Norwich Union, said:"Only one in ten businesses actively keeps up to date with changesin the law, and this leaves them in a highly vulnerable position.Commercial legal expenses can no longer be just an after-thoughtfor SMEs. There is a skills gap in the market and we think it'stime to demystify legal expenses and equip brokers with theknowledge they need to help their clients.
"The broker channel is the route to making commercial legalexpenses insurance a mature market and to redefine the advisoryrole the broker plays in terms of legal issues affecting smallbusinesses. For brokers, it is a clear opportunity to add value totheir clients by helping to protect their bottom line, and tonurture long term relationships."
The booklet outlines Norwich Union's commercial legal protectioncover, which contains certain new elements:
- No waiting periods for cover to take effect
- No restriction on contracts entered into before the inceptiondate of the policy
- Indemnity limit of £100,000 - among the highest in the marketfor this type of product.
In addition, other covers have been broadened, such as theemployment section, which will now cover statutory employmentlegislation affecting a policyholder's business.
It also offers a 24-hour legal and tax helpline and a claimsservice administered by one of the UK's leading legal expensesinsurers, DAS.
Frost added: "With the wealth of new legislation that nowaffects UK businesses, including employment rights, working timeregulations and disability discrimination, it has never been morecritical for companies to manage their risks and seek suitablelegal expenses cover."
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For further information, please contact: Jenny Chapman, NorwichUnion press office, on 08703 666864/07775 822642 or Jon Clements atStaniforth Communications on tel. 0161 274 0118
Notes to Editors:
Norwich Union is the UK's largest insurer. In general insuranceit is more than 1.5 times the size of its nearest competitor, andhas a 19 per cent share of the market.
It has a focus on insurance for individuals and smallbusinesses. It insures:
- one in five households
- one in five motor vehicles
- more than 700,000 businesses
Norwich Union products are available through a variety ofdistribution channels including brokers, corporate partners such asbanks and building societies and Norwich Union Direct.
- Norwich Union's news releases are available on the Aviva plcwebsite at www.aviva.com
- A selection of images are available from the Norwich UnionNewscast site at www.newscast.co.uk
- An ISDN facility is available for studio quality interviews.Call the press office on 08703 66 68 68
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