Prepaid Legal Insurance
Definition - 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.