Norwich Union has reviewed its legal expenses cover provided under shop and salon, office and surgery, pub restaurant and hotel, and self-employed policies, resulting in a five-fold increase from £100,000 to £500,000 in its indemnity limit.
Norwich Union has reviewed its legal expenses cover provided under shop and salon, office and surgery, pub restaurant and hotel, and self-employed policies, resulting in a five-fold increase from Ł100,000 to Ł500,000 in its indemnity limit.
Matt Frost, product manager at Norwich Union explains: "The number of employment tribunals has started to rise again and there has also been a noticeable increase in the number of employees bringing multiple claims. This has resulted in longer, more complex cases, which are therefore more expensive to defend."
Norwich Union found that SMEs are concerned about compliance with new legislation, particularly employment related, and cash-flow problems caused by slow payment from customers and suppliers.
Norwich Union’s package policies provide commercial legal protection as standard, including comprehensive employment cover, contract disputes and debt recovery. Policyholders also receive access to a legal and tax helpline and an online human resources manual, which provides advice and template letters to help on a wide range of employment related matters.
This cover, along with the new limit of indemnity, offers policyholders an increased level of protection as well as access to advice and information when they need it.
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Norwich Union research was conducted by Holden Pearmain.
For further information, please contact:
Clare Schofield at Staniforth on 0161 274 0100
Sally Leeman at Norwich Union on 01603 684225/07800 699670
Notes to editors:
About Norwich Union Insurance
Norwich Union is the UK's largest insurer with a market share of around 13 per cent
With a focus on insurance for individuals and small businesses, Norwich Union insures:
- One in five households
- One in seven motor vehicles
- More than 800,000 businesses
Norwich Union products are available through a variety of distribution channels including brokers, corporate partners such as banks and building societies and Norwich Union Direct.
Aviva, Norwich Union’s parent company, recently announced its acquisition of the RAC. The acquisition brings together the RAC's powerful brand and customer base with the expertise and leading position in motor insurance of Norwich Union Insurance.
Norwich Union's news releases and a selection of images are available on the Aviva internet press centre at www.aviva.com/media.
An ISDN facility is available for studio quality broadcast. Call the press office on 01603 682264.
Norwich Union Insurance Limited Registered in England No 99122.
Registered office: 8 Surrey Street, Norwich, NR1 3NG
Authorised and regulated by the Financial Services Authority
Member of the Aviva group