UK-based MSL Legal Expenses, has launched a new updated legal expenses policy for businesses to provide up to GBP50,000 financial protection for legal costs per claim.

MSL said that the updated product, with new heads of cover, has been launched in response to a review carried out with its broker clients across the market. Brokers were asked for feedback on how they perceived the company’s commercial product in terms of documentation, processes, service delivery, the management of claims and overall back office support.

MSL has redesigned its commercial LEI product following the analysis of the feedback, which is now branded MSL Commercial and marketed to business owners through brokers and insurers.

MSL has improved the existing product and added heads of cover employment disputes, aspect enquiry cover for tax, undisputed debt recovery and an identity theft resolution service.

MSL Commercial offers policyholders access to the company’s 24-7 telephone claims line and expert advice on a range legal protection issues facing businesses through its panel of specialist solicitors. Brokers interact with the product through MSL Connect, the company’s bespoke quote-and-buy facility, offering instant cover and which also allows for tracking of claims in real-time.

The product was designed to operate online, allowing flexibility for brokers to build competitive premium quotes to match their client’s requirements and budget. In addition, premium quotes can be saved to be retrieved later and cover arranged instantly.

MSL has also simplified its back office bordereau facility and can provide brokers with management information on sales and claims. Renewals are notified automatically, prompting brokers to contact clients with a new proposal.

The rebranding of MSL’s range of legal expenses and assistance products coincides with the launch of new website

Nick Garner, managing director of MSL, said: “All UK businesses are affected by ongoing changes to regulation and legislation. When things go wrong, the financial burden of taking legal action can often have long-term damaging affects on a company’s financial health. Our enhanced commercial product offers a greater level of cover for business people, giving them peace of mind when issues do arise, coupled with expert legal advice at the end of a phone.”

MSL Commercial is underwritten in-house by Financial & Legal Insurance Limited, which is authorised and regulated by the Financial Services Authority.