Epoq Legal recently announced the launch of its new ‘re-imagined’ legal expenses insurance for businesses in partnership with Temple Legal Protection, and after this successful launch went on to unveil the same service for landlords.
Traditional legal expenses insurance (LEI) is typically a reactive approach to legal and compliance risks by covering the costs of pursuing or defending a legal claim, and only covers legal costs if there are reasonable prospects of success by the underwriter winning a case. But Epoq’s new ‘re-imagined’ LEI is proactive, providing policyholders with day-one value with access to LegalAde, helping brokers meet their FCA Consumer Duty obligations.
From outstanding debts to employment issues or health and safety matters, every business is at risk of legal and compliance disputes. According to YouGov, SMEs encounter, on average, eight legal issues a year and the sector as a whole is losing more than £13.6 billion per year through legal disputes.
Similarly, landlords face the risk of a range of legal issues including rent default, eviction, property damage and regulatory compliance matters, exposing them to thousands of Pounds in solicitors’ fees – or worse.
Epoq’s legal expenses policy provides policyholders with day-1 value through access to LegalAde.
Emile Gerber, Director of Strategic Partnerships says,
“Both businesses and landlords face a barrage of legal and compliance obligations, which, if not complied with, can have devastating results. Many also contend with the hazards of poorly drafted contracts because of the often-prohibitive cost of traditional solicitors. Though LEI provides an invaluable back-up for when things go wrong, preventing legal disputes from happening in the first place is at the heart of Epoq’s proposition. LegalAde helps to prevent disputes and mitigate risks before they arise.”
Adding, “Our range of legal expenses products for businesses and landlords are designed to support the FCA’s Consumer Duty. This approach delivers day-1 value, ensuring businesses and landlords are legally compliant right from the start.”
LegalAde offers a comprehensive selection of smart contracts, notices, and letters tailored for use in England, Wales, Scotland, and Northern Ireland, together with lawyers who are on hand to check and tailor documents to meet the policyholders needs and circumstances. It also includes 24/7 legal advice, a tax advice helpline, a legal health check, a range of legal guides and a monthly legal bulletin keeping businesses abreast of changes in the law. Further, policyholders can submit pre-existing documents to Epoq’s lawyers for review advice. Notably – policyholders have access to barristers to draft bespoke letters before action to help avoid filing an LEI claim.
Unlike most providers, the legal team offering advice and document reviews is regulated and authorised by the Solicitors Regulation Authority. This ensures that brokers can trust in the quality and reliability of the legal support their clients receive.
Sean Fayle, Senior Underwriting Manager at Temple Legal Protection says, “At Temple Legal we believe informed and empowered policyholders hold the key to reducing damaging legal disputes and insurance claims. Our joint proposition has been developed with this in mind. By combining the practical and accessible legal advice and document services with the safety net of legal expenses insurance, policyholders are afforded a more complete and holistic way to manage their legal and compliance affairs.”
Epoq’s legal expenses insurance is available for distribution via brokers and includes A-rated insurance underwritten by RSA, administered by Temple Legal Protection.
