RISK ALLIANCE DIRECT to be first to provide digital law firm, Epoq Legal’s new UK ‘Business Risk Protection’ (BRP) InsurTech bolt-on for SME insurance.
Understanding the needs of the everchanging insurance landscape, the call for innovation is continual. There are few online products already on the market that could be beneficial to SME’s. And now, in these unprecedented times, the call has been heard by one of the UK’s large regional insurance brokers, Risk Alliance Direct, as they add Epoq Legal’s BRP to their direct SME combined insurance policies.
Director of Insurance at Risk Alliance Group, Maurice Geller, says “The addition of the BRP ‘virtual’ legal services to that ‘package’ is seen as a major benefit for Risk Alliance customers. It compliments a comprehensive and competitive programme of core insurances already including traditional cover for legal expenses relating to litigation”.
Every business faces risks that could potentially present threats to its success, particularly highlighted by the current crisis for SME’s. The BRP offering is intended to help UK SMEs become more aware of their legal rights and obligations, as well as enhance the prospects of successfully defending and pursuing legal claims. Claims independent, it offers value from day one, providing access to a range of legal contract and document drafting services, qualified legal contract and document review, advice and assistance covering around 120 different services, and an independent declined and uninsured claims review service helping an LEI policyholder challenge their insurers decision or an uninsured customer find ATE insurance all fully backed by Epoq Legal’s SRA regulated legal team.
For brokers, BRP is a non-risk, high-value, low-cost income-generating product that can be sold independently of LEI.
Geller reveals that “No other insurance broker in our field is currently providing such a service as an integral part of a programme of risk protection within its overall cost. And importantly, it is seen by Risk Alliance as a major factor in securing and retaining customers”.
According to a survey of SMEs conducted by YouGov, SMEs are losing more than £13.6 billion a year by failing to take care of their legal issues. 43% of legal issues resulted in losses of £5,000 or more with an average annual loss of as high as £44,958 in the Business Administration and Support Services sector. The survey found that the average SME in the UK is likely to encounter more than eight legal issues a year. More than half of all issues were found to be in the areas of: Disputes (13.2%), Employees and Key Contractors (12.5%), Customers and Suppliers (11.4%) and Terms and Conditions (9.2%).
Research shows that SMEs believe that service providers can do more to support business, and this is exactly where innovation comes in to play.
Digital law firm, Epoq Legal, has vast experience in its field. Richard Cohen, Solicitor and Executive Chairman of Epoq says that BRP is a highly valuable bolt-on service for small business policies. “There are significant differences between traditional LEI and our non-insured BRP service. LEI will only cover the costs of a dispute. It won’t fix a broken claim or defence. BRP, on the other hand, will keep an SME legally compliant and enhance its legal position generally, resulting in improved outcomes if a dispute does arise as well as assist LEI policyholders whose claim for cover has been declined”.
Cohen concludes, “As a company that exists to make law easy it is vital to us that legal services evolve to reflect the changing times and that we continue to remain at the forefront of the global movement to make legal services more accessible, more affordable and more user-friendly. The new BRP product presents opportunities for insurance and financial services providers to expand their current business offerings and better meet their clients’ needs”.
Epoq Legal is currently in talks with numerous small to large insurance providers looking to update their offerings to meet the needs of a new cutting-edge marketplace, especially in these very uncertain and challenging times.