Prepaid Legal Insurance
Updated: 29 February 2024
What Does Prepaid Legal Insurance Mean?
Prepaid legal insurance is a legal insurance policy that is paid in advance. It protects people from losses that can be incurred in the course of working with an attorney.
Insuranceopedia Explains Prepaid Legal Insurance
Many businesses face lawsuits, even if they are diligent in their operations. A customer might, for instance, sue the company because they purchased a faulty product or a competitor might sue them claiming an infringement of their intellectual property rights. Prepaid legal insurance can help a business effectively deal with the legal costs associated with these lawsuits without having to pay for attorney's fees out of pocket.
Related Definitions
Related Terms
Related Articles
5 Types of Crime Insurance Policies Businesses Should Consider
The 6 Types of Business Insurance Many Companies Don’t Realize They Need
How to Insure a Business with a Remote Work Team
How to Get the Best Insurance While Self-Employed
Farm Insurance: 9 Essential Policies to Know
Commercial Insurance Premiums: How Are They Calculated?
Related Reading
Revealing the Most And Least Popular U.S. Insurance Companies
What Students Need to Know About Insurance Coverage During Internships
A Roadmap for Students Interested in the Insurance Industry
Strong Identity Verification in the Insurance Sector
How to Avoid Online Insurance Scams
How to Get Into the Insurance Industry With a Finance Degree
