Norwich Union has reviewed its commercial legal expenses cover resulting in a five-fold increase from £100,000 to £500,000 in its indemnity limit.
Matt Frost, product manager at Norwich Union said: “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.
In its review, 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.
