Why Your Company Should Seriously Think About Getting Commercial Legal Expenses Insurance

What is CLEI or Commercial Legal Expenses Insurance?

CLEI is a type of insurance coverage which protects a particular company, commonly known as a policy holder, from spending money in cases which involve commercial transactions. In other words, CLEI is the blanket that protects a company policy-holder from expenses incurred during litigation.

How Does CLEI Differ from Legal Expenses Insurance?

CLEI or Commercial Legal Expenses Insurance and Legal Expenses Insurance are more or less the same. The notable difference between the two is that the former is more general which covers most commercial transactions that a company engages in. On the other hand, the later is more focused on property-related cases. This means that the former is always chosen by companies in order to protect their interests from any legal dispute that may arise from transactions involving properties owned by the company policy-holder.

Its Advantages

Commercial Legal Expenses Insurance offers various advantages to a company. One evident advantage of CLEI is that it protects the money of the company. A business undoubtedly needs cash or money for it to continue operations. In the event that a company is involved in a suit, expenses are bound to come. With Legal Expenses Insurance, the expenses will be limited to a point specified in the agreements on the contract. That is why it is important to know the stipulations contained in the contract so as to likewise know the limits set forth in case of legal expenses.

Another notable advantage of this insurance policy is the fact that it protects the properties of the company. There are times when the company’s money will be depleted and will be forced to sell their property to settle their debts. Well with this insurance coverage none of this will ever happen – save for those incurred in bad faith and the like. One thing that companies want to avoid is to sell their properties. This is what Legal Expenses Insurance offers to you as a shareholder of a company.

The payment schemes offered by insurance companies to others are also worth mentioning because it offers various payment schemes that surely benefit the company. Many companies out there are reluctant of getting insurance coverage because of the high premium rates. However, it is worthy to note that security should be the utmost concerns of owners and shareholders alike to keep the company up and running.

Get It or Forget It?

The choice of having this insurance coverage boils down to you. If you want to protect your company from expenses that may arise of out litigation proceedings and the like then it would be best to get this insurance coverage. Conversely, if you are thinking about the added expenses when you get this policy then you can always choose not to get this coverage.

Three Types Of Car Insurance Coverage – What Are They?

Knowing what type of car insurance coverage need is not always a simple matter. What makes it difficult for car owners is the fact they just don’t know one form of coverage from another. They have not take the appropriate time to learn what sort of coverage is offered by individual car insurance companies and do not know much about even the basic form of car insurance coverage. This can be a big problem when you are searching for car insurance quotes because you need to establish a new policy.

There are three primary types of coverage offered by the majority of car insurance providers. They include liability, collision, and comprehensive. Each of these has their own ranges of coverage and each may also include extra services. Another distinction between them is based upon the price for each form of coverage. Since there are distinct price differences, with one form often being more expensive than another, it is tempting to go with the least expensive. The only problem with this approach is that less expensive may also include less quality coverage.

Of course, there are ways to find car insurance policy that provides decent coverage for the motorist at an affordable price. It is entirely possible to find a great combination of quality and cost. The only way to increase the chances of finding the perfect policy is to do the research and comparison shop for your policies.

Let’s take a closer look at the different types of coverage to give you an overview of what sort of protection each of these components affords the policyholder.

Liability – This level of coverage is the bare minimum that you can have to be a legally insured driver. Liability is to protect you, the driver, in the event that you are responsible for an accident or if you are held responsible even if you did not technically cause one. This coverage includes damages, medical expenses, lost wages, as well as other consequences suffered by those who sustained injuries as a result of the accident.

Collision – This level of auto insurance involves coverage for repairs to your vehicle that need to be made as a result of a traffic accident, no matter who is at fault. It also covers property damage and any damage to the vehicle that is a result of collision with trees, buildings, etc. Collision insurance also offers a replacement provision. This means that if your car is declared “totaled” by the auto insurance company, you may be able to obtain a replacement vehicle of the same market value or down payment for another one.

Comprehensive – With comprehensive insurance coverage, you will have coverage that includes replacement of the vehicle if it is stolen or damaged by natural disasters.

Bear in mind that each of these coverage levels represents basic categories. Each auto insurance provider may have their own unique coverage and policy provisions. You will need to determine what sort of coverage you need, what is required, and what other features may be beneficial to have.

Having Cheap Automobile Insurance is Not a Bad Thing at All

Some people think they need the most expensive of something, everything, to think that it will actually worth anything. This is simply not true. Maybe with some things the more expensive the nicer it is, like with a house, or car. But not with things like insurance. While it is nice to have the nicer things, it is not always necessary.

When you have material things that cost more than the knock off brand, it is noticeable. The appearance is different. If you compare a brand name diamond with a cubic zirconia, you will know, if you are jewelry savi which one cost most. When you look at some ones insurance card, do you really think you will know what it is that they are paying for their premium? Sure someone could go and look it up, but honestly, how often does car insurance come up in a conversation? Not very often, and what happens even less is someone asking you what you pay. If what you pay does come up, more times then not it will be because they them self are looking to save on their own policy, so they are asking for advice. Not many people use this for something to brag about.

You can get a descent cheap automobile insurance policy without having to break the bank. Most time you can find the exact same coverage that cost hundreds of dollars more per year. So you may be wondering how you can take advantage of this. It really is quit simple. Do a little research, it does not even take a lot of effort on your part. You can find websites all over the place that will let you fill out one information form and submit it to many different companies who will all come crawling to you begging for your business.

Sounds to good to be true, but really it is not. Just think of what you could do with that extra money. That is an extra day or two on vacation. The vacation that you are legally insured to drive to. You will be able to relax knowing that you are one step ahead of people who do not know that they can save money this way. So put some consideration into this. Even if you have tons of money you can always save a little more. Usually its the people with tons of money that know things like this and maybe that is why they are saving all that money!

Car Insurance – What Is The Cost Of Being Uninsured

Miss Robinson from Derbyshire knows the true cost of failing to insure your vehicle when she was hit by an uninsured driver. Miss Robinson was turning into her driveway when another car drove straight into the back of her. She managed to get out of the car and stop the other driver long enough to take down his contact details. But when she later tried to call him about the accident she found the number she had been given was fake. Miss Robinson immediately phoned the police and was told that there was no record of the cars registration details. It was at this point it became clear that something was wrong.

Miss Robinson suffered from whiplash and psychological trauma, but there seem no chance of compensation. When the awful realisation dawned that the other driver was most likely un-insured Miss Robinson phoned the Citizen’s Advice Bureau and was given the contact details for the Motor Insurance Bureau. Unfortunately there were limits to what could be compensated for, in this situation and Miss Robinson was forced to pay for all repairs to her vehicle and use her vacation time to attend medical assessments for her whiplash injury.

It took a whole year for the claim to be settled and Miss Robinson was finally compensation for the accident. It was a horrendous drawn out experience that Miss Robinson is now trying to forget, and the money offered little consolation for the trauma she experienced. The payout is also of no consolation to the other 500,000 legally insured drives in Derbyshire whose premiums were forced up last year to pay for these incidents. The Motor insurance Bureau said that £15,477,000 was paid out in 2006 to 19,674 cases of traffic accidents with an uninsured driver.

The problem in catching uninsured drivers is that they are very difficult to detect. Derbyshire police did prosecute 5,000 uninsured drivers last year but admit that they are nowhere near to catching everyone who commits this crime. It is believed in Derbyshire alone there could be as many as 20,000 insured drivers on the roads, three quarters of whom are not being caught. Motorists who decide not to insure their cars know the risks they are taking and aware of the risk of getting caught and this is not enough to deter them. In addition the penalties for driving without insurance are low. In Derbyshire during 2007 the average fine awarded for driving uninsured was £367.00, which considering the average insurance premium for the same year was £629 you can see why some people may be tempted to take the risk.

Something needs to change in this system to prevent more people from not insuring their car so that repeat occurrences of Miss Robinson’s situation can finally be stopped.