TORONTO, ONTARIO--(Marketwire - Oct. 15, 2012) - This week is Small Business Week, an annual salute to the risk takers and dreamers who propel our economy forward and create jobs by inventing new products and services. But when this week is over, we'll all go back to "business as usual," with countless entrepreneurs unaware of an insurance product that could save them from crippling legal fees down the road.
While these innovators know their products or services inside-out, few know about the existence of a new insurance product designed to protect them from costly legal disputes. While most know they need coverage for liability and property, awareness of legal expense insurance is only just beginning to catch on. Legal expense insurance has been wildly popular in Europe for decades, but has only recently become available in Canada. Though the benefits could mean the difference between success and bankruptcy, few small businesses are aware of the many compelling reasons to purchase such a policy.
"All businesses have employees, file taxes, and have clients who don't pay. As such, they will inevitably encounter legal issues, some predictable, others unimaginable," said Barbara Haynes, CEO, DAS Canada, a provider of legal expense insurance. "Look at the Toronto restaurant owner who was charged with assault for throwing spices at an intruder. Or the convenience store owner charged with forcible confinement and assault after detaining a shoplifter. Both of these small business owners faced huge legal defence bills."
While these are extreme and unusual examples, many much more common scenarios present themselves in small businesses across Canada every day; situations such as tax audits, business licence revocation or employment disputes. With the average price of a lawyer in Canada at over $360/hour, even minor issues can end up causing significant financial hardships to new companies.
Perhaps even more beneficial than having legal disputes covered when they arise is having round-the-clock access to legal advice when needed. DASbusiness policy holders have unlimited access to the insurer's legal advice hotline, which enables them to get answers to their legal questions and be connected to a lawyer who practices in that area.
Simply having access to such valuable support can make an enormous financial difference to a small business.
About DAS Canada
DAS Legal Protection Insurance Company Limited (DAS Canada) is a subsidiary of DAS Group, a global leader in the ten billion dollar legal expense insurance market. DAS Group is based in Germany and is a subsidiary of ERGO, Munich Re's primary insurer in Europe and Asia. DAS Canada is committed to bringing a fresh, modern approach to the marketplace, combining a forward-thinking attitude with almost a century of expertise. A full-service specialist in legal expense insurance, DAS Canada offers access to affordable justice for individuals, groups and small and mid-sized businesses. Policies are available in all Canadian Provinces and Territories. For more information, please visit www.das.ca.