First of all, we must ask; do you have any employees?
If not, then you don’t need it but if you do… then you should already have it.
If you’re thinking of employing someone to help you in your business then you must have employer liability insurance; it is a legal requirement.
Yes, that’s right it is essentially illegal for you to not have employers liability insurance once you have employees.
But what is it you ask?
Well, employers are solely responsible for the health and safety of their employees whilst at work.
This means that if a current or past employee injuries themselves or falls ill whilst under your employment they could make a claim against you and your company.
For example, if your employee falls and injures themselves due to unsafe working environment, for instance, or if they sustain a back injury from lifting heavy objects due to not being trained properly means they could claim against you and your company.
Even though employers liability insurance’s main aim is to help protect your business, the nature of this insurance means that it protects your staff too.
How does it work then? (what does it cover)
Health and safety is an important aspect in any working environment, and whilst we would like to think that all employers make it one of their priorities, sadly this isn’t always the case.
Some employer’s cut corner’s when it comes to health and safety, which, therefore, opens doors to potential accidents amongst employees as a result.
Therefore, employers liability insurance is a legal requirement in order to protect those who may become injured or ill at work.
But that’s a good thing because in the small cases that your best efforts of trying to improve health and safety and prevent injury collapses for whatever reason and the blame turn to you, you’re covered with employers liability insurance.
We all know that claims are expensive and time-consuming, so that’s why employer liability insurance will help cover you for:
- Any defending costs
- The compensation you’re liable to pay
This way you won’t have to worry about any huge fee’s.
Do I need employers liability insurance?
If you have employees, even if it’s just the one then the chances are you will need it as a legal requirement.
If you don’t take out employers liability insurance this could result in a fine of up to £2,500 per day until you take out the correct cover.
However, there are some cases where you can be exempt from having to pay for this particular insurance, for example:
- Companies where the owner is the sole employee (owning 50% or more)
- Unincorporated family businesses where all the employees are closely related.
How much employers liability insurance do I need?
In Great Britain as soon as your an employer, you are required to take out a minimum of £5 million in coverage costs.
If you think you will need more cover, you will need to consider how much the most serious claim you could face will cost you.
At Ipro we make sure you get the best plan and cover when it comes to getting your own employer’s liability insurance – read more about how you can get employers liability insurance here.
If you have any questions regarding employers liability insurance – don’t hesitate to contact our team
Get a quote here
