Why should I have Rural Protect and what does it cover?
Rural Protect covers more than just Legal Expenses.
It’s a comprehensive form of insurance to cover allegations of wrongdoing directed at the Company as a whole or its managers, directors, officers or employees.
It really is highly recommended for agricultural businesses, as it covers issues such as:
- CAP Schemes - where issues arise with the level of payment.
- Rent Arbitration - when an issue arises with a tenant.
- Fraud - for accidental payments sent to a fraudster’s account
- Tax - including all types of HMRC investigations.
- Family Legal Expenses - covering the households of each insured business director or owner
- Pursuit - pursuing a third party to recover your money or put things right.
- Brexit - if regulations change and you fail to observe them.
- Fee for Intervention cost – cover for all UK regulators which includes the EA and HSE who charge £163 an hour for any investigation or farm review whether you are at fault or not!
Why insure legal and regulatory risks ?
Once your business's property, its contents, and the liabilities for employees and the public are covered, it’s important to ensure you are protected in the event of any mismanagement in the running of your business.
You wouldn’t think twice about insuring tangible things because you don't want to be affected by their loss, but it’s the intangible things, such as legal matters, that can have far more life-changing consequences if not handled correctly or prevented in the first place.
This is why you need to ensure that you have the best assistance and protection in place to cover you in these situations.