It’s something we hope we’ll never need, but for those seeking assurance, SeedLegals has professional indemnity insurance.
Our PI cover is provided by AIG International Group UK and extends to any claim made against us, giving protection of up to £2 million.
This is a demonstration of our commitment to protecting our customers. The coverage should comfort existing and new customers alike when thinking about whether to use or continue to use our services.
We believe that the legal industry is changing, and that we are leading that change. We are continually striving to reduce the information asymmetry in the provision of legal services that law firms have traditionally relied on to charge high fees. Our deal data can reliably inform you where industry standards lie so you can negotiate with confidence with your investors. Our technology does all of the legal heavy lifting and ensures no mistakes are made. Our support team and explanatory text on the platform explain the meaning of legal clauses in language everyone can understand. We have over 11,000 companies on the platform and over 5,000 investors who are delighted that we have cut out the middle man.
But something that remained a concern to the more risk averse of you was the “but what if you can’t do what you say you do, and it all goes wrong?” fear. This is to be expected because 1) getting your legals done right is important; and 2) relatively, we’re still the new kids on the block when you compare us to traditional law firms.
Previously, we have relied on our proven successes to comfort such concerns. We would respond proudly “we have raised over £200m through the platform. We have obtained more SEIS advanced assurances than anyone else in the UK. Our deal documents are probably reviewed more than any other documents in the UK. We close more rounds than anyone else (law firm or startup) in the UK.” In other words, our track record shows that we are capable.
We are happy that we can now add to that response and say that even if things do go wrong (not that they will) your company will be protected. We hope installation of this additional cover demonstrates our ongoing commitment to the all SeedLegals users and the wider business community.
For further inquiries in relation to our coverage please contact us at [email protected] or head over to our live chat support where our team will explain things further.