If you run your own business you know there are many legal risks associated with everyday operation no matter the industry. From contracts to taxes there are many things that can easily become major legal issues. Whether or not you’re pursuing or defending a legal claim against your business legal expenses can quickly add up. This can be an absolute catastrophe for a company and is incredibly frustrating for everyone. This is where DAS Legal Expense coverage can take over and provide valuable advise cover legal expenses and more.
What are some common legal risks that businesses encounter in Alberta?
No matter what industry you’re involved in there are some common legal risks that all businesses must deal with. These include:
- Government regulations
- Licensing requirements
- Office or worksite maintenance
- Staff management
More specific examples can include wrongful dismissal cases contract disputes liability claims after bodily injury on your worksite government investigations license revocations and tax audits. Of course your industry may have more specific legal risks you have to manage as well.
What does DAS provide when it comes to covering business legal expenses in Alberta?
DAS helps business owners defend or pursue their legal rights. As a policyholder you have access to legal advice at any time . Your legal expenses including lawyer fees court fees address costs and more will be covered in insured scenarios. Expert witnesses will also be provided.
Even better your directors officers partners managers and employees will be protected too as long as they have your consent.
You will have up to $200 000 of coverage per claim (tax cases have a limit of $25 000) after your deductible. According to their research this is adequate for these cases.
What are the limits of DAS Legal Expense?
It is important to note that this coverage extends to legal expenses only meaning it does not cover any legal damages you may be required to pay out. There are also certain cases that will not be covered.Your brokerwill have the full details on any exclusions for this policy.
How much does covering business legal expenses in Alberta cost?
Your premium will depend on your coverage and is also based on your revenue number of employees and type of business.
If you’re a business owner and are worried over the cost of potential legal expenses talk to your brokerabout this coverage. Not only do you have the peace of mind of coverage you will also have access to invaluable legal advice.