Construction businesses face an assortment of legal issues that can have an impact on their bottom lines. That’s why legal expense insurance (LEI) has become a critical tool in one broker’s toolbox when advising clients in this industry.
“LEI is relevant when it comes down to contract disputes and debt recovery, and a lot of smaller businesses have huge exposure to that, where they get into a conflict with a bigger business or a customer that refuses to pay them for the work they’ve done,” said Stanislav Kojokin, managing partner at KASE Insurance, a division of Lyon & Butler Insurance Brokers. “Normally, they don’t really have any legal recourse because they’re a small company and they don’t have a legal department, and their only action is to pay a lawyer and spend a lot of money on legal expenses.”
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