If your enterprise employs any members of staff, there is almost certain (subject to just one or two exceptions) to be a legal requirement for you to hold an adequate level of employers’ liability insurance.
Essentially, this is to ensure that you have adequate cover in the event of a claim from one of your employees that you are liable for an injury they may have suffered or an illness they may have contracted as a result of working for you.
What does employers’ liability insurance cover?
Just as it says, this is designed to indemnify you against claims from your employees:
- in other words, it aims to ensure that an insurance settlement is available to you in the event of an employee claiming injury (even death), an illness, or other loss or damage, arising from their employment with you;
- the law requires that you are covered in this way for a minimum of £5 million – erring on the safe side, to encounter even worse case scenarios, however, business insurance policies may typically provide cover for up to a maximum of £10 million;
- the legal obligation extends to your securing cover with an approved insurer;
- your obligations and responsibilities under the law are (at the time of writing, June 2017) regulated by the UK’s Health and Safety Executive, which has the power of imposing fines of up to £2,500 for each and every day that you run your business without adequate employers’ liability insurance;
- reason enough, therefore, for you to count this particular element of business insurance as a likely necessity.
Buying it
A simple search of the internet might discover any number of insurers prepared to offer you employers’ liability insurance.
Given your legal obligations and responsibilities, not to mention the potentially crippling costs of getting it wrong, however, you might prefer to seek the advice, guidance and expertise of a specialist provider.
Such experienced providers are likely to understand not only the particular needs of your business but also to have long established contacts and working partnerships with those insurers capable of offering the suitable cover for your needs – at a competitive price.
Conclusion
If you employ any staff to help rum any type of business, therefore, the chance are that you are likely to require employers’ liability insurance. Although this may be offered as part and parcel of many business insurance schemes, you may take greater confidence and reassurance by arranging such cover through a specialist provider.
