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Prepaid Legal for Small Business
By Bob Sherman
If you control your own business, even a work at home business, you probably should carry some legal insurance beyond what your current business, auto and homeowner or renter policies encompass. Your coverage on these policies probably will not cover legal services required for such problems as false arrest, libel, slander, or invasion of privacy.
The increasing complexities of the legal system trigger the spiraling costs of lawsuits. This can be extremely costly to a small business proprietor, especially if you have a work at home business. You basically can't afford to hope that you will never be involved in a costly legal action.
Hiring an attorney to defend various claims against you or your business may ruin a small business. With money so tight these days, what small business owner can come up with the funds to pay a minimum of $200 per hour for an attorney who specializes in business law? Unless you are running a million dollar business, this sort of assistance is far too expensive for most people.
A couple of options are open to you.
First, check with your insurance agent to learn what additional policies or riders you can obtain that may cover legal expenses for typical legal actions arising out of the normal course of business. You may be able to get an umbrella plan that will expand both the dollar limits of your current coverage as well as boost the number of matters covered. An umbrella plan can be an inexpensive answer to your legal exposure.
A second alternative is a prepaid legal plan that protects you and your family as well as your business. Typically, for a fixed monthly or annual price your will qualify for a collection of legal services that are customized to the requirements of a small business.
One popular and beneficial feature of a prepaid legal plan is your option to have phone conversations with your attorney. You can discuss possible issues with your attorney and obtain his or her legal guidance before you do something that could result in a lawsuit. This is an important aspect of most plans and can help you avoid lawsuits, saving you a lot of time, energy, and worry.
Many prepaid legal plans also include your attorney's time for reviewing typical documents and contracts. Without a legal plan you might not think to have contracts reviewed. But, your attorney can recommend ways to enhance the contract language and call your attention to potential problems. This as well can rescue you from lots of headaches.
Prepaid legal plans will also include your attorney's time for preparing for and conducting a trial, should a legal situation demand a trial. Probably your plan details the specific types of legal concerns that are covered for trail related expenses.
Typical of any legal agreement, you should read over any prepaid legal plan carefully to understand accurately what services are covered as well as their limits. You do not want to believe you have extensive coverage when your coverage is extremely limited.
Most plans also provide reduced fees for services not expressly provided for by the plan.
You also ought to be interested in the choices you will get for your attorney or law firm. After all, legal specialization and skill play an important part in your legal standing,. Examine the options and ask each potential firm for references from prior clients. If you are acquainted with other small business owners who have utilized a distinct plan, discuss their experiences with them to determine their assessment of the law firm they are working with.
You ought to in addition check with your state's Bar Association and the Better Business Bureau to obtain the background of the attorneys and find out if there are some complaints, including fee disputes, against the firms. Find out about such items as your potential attorney's educational background, experience, and years of service in his or her specialty.
Also, determine how disputes with your legal plan provider are dealt with.
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Determine if they handle disputes within their own organization or present them to an impartial third party for resolution. This may well have a major influence on your relationship with your plan provider.
Overall, as a small business owner, you should contemplate the possibility of legal actions against you and make provision to resolve those situations. You will rest easier and perhaps avoid some pretty big expenses in the process
View the videos at the bottom of this page for additional information about prepaid legal plans.
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