employers liability insurance
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About Employers Liability Insurance
What is Employers Liability Insurance?
Something as simple as an uncomfortable chair or desk can lead to
employee injuries and health conditions.
When you hire people to work for your company, you make a commitment to ensuring they enjoy excellent working conditions. Nobody should work for a business and find that their health deteriorates. Unfortunately, this happens in companies up and down the country – and throughout the world as well. Something as simple as an uncomfortable chair or desk can lead to employee injuries and health conditions.
For example, someone may start working for your business as fit as can be, but their job causes them to develop musculoskeletal problems – such as chronic wrist pain or arthritis in the neck. Likewise, they may develop some sort of illness thanks to the working conditions, or they might get injured while on the job.
In scenarios like these, they can make a legal claim against you – the employer.
Employers Liability Insurance means that you are protected if claims like this are made.
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What does Employers Liability Insurance Cover?
Something as simple as an uncomfortable chair or desk can lead to
employee injuries and health conditions.
The short explanation is that it covers the cost of compensation claims made by employees for work-related injuries or illness.
When claims like this are made, the court can rule that you have to pay the employee compensation to help pay for various costs. For example, this typically means you have to pay for:
- Medical bills
- Lost income as a result of the injury/illness
Employer’s Liability Insurance can cover the cost of this compensation payment. What’s more, it will also help cover the cost of any legal fees you accumulate through the claims procedure.
The amount of coverage you get depends on the policy limit. If the compensation and legal fees exceed your limit, then you will have to pay what’s leftover by yourself. But, in most cases, the insurance will cover the full costs of everything.
It’s important to note that claims can be made by current and former employees. In some cases, injuries or illnesses develop quickly. But, it’s common for health issues to develop later on in life. As a result, you may have former employees making claims against you if they believe that working for you caused their injury/illness. Thankfully, this type of liability insurance will cover you against these claims as well.
Who needs Employers Liability Insurance?
Something as simple as an uncomfortable chair or desk can lead to
employee injuries and health conditions.
Do you have at least one employee? If the answer is yes, then you most probably need this insurance. In fact, the majority of businesses in the UK are legally required to have this insurance with a cover level of at least £5 million.
If you don’t have this insurance, then you can be fined up to £2,500 for each day that it’s not in place.
However, not all businesses will need this insurance. If your company falls under any of these categories, then you don’t legally need it:
- Public organisations or companies that only employ close family members
- Companies that only hire ‘bonafide’ subcontractors – this refers to subcontractors who work under their own direction and have all their own materials and tools
- Self-employed business owners with no employees
- Businesses that hire independent contractors who work for other organisations
- Companies with absolutely no employees at all
Following on from this, here are examples of instances where you most certainly DO need employers liability insurance:
- Your business employs more than one person
- You employ part-time workers
- You hire volunteers to work for you
- You’ve got temporary staff or work experience people on your books
- You’re a limited company – even if you hire close family members, a limited company needs employers liability insurance!You use ‘labour-only’ subcontractors – these are defined as subcontractors that work under your specific direction, and you provide them with their tools and materials
Hopefully, this clears everything up regarding whether or not you need this insurance. If you’re still unsure, then contact one of our advisors, and we’ll help you understand if you legally need it or not.
Why do you need Employers Liability Insurance?
One of the major factors that have an influence on how much you are going
to pay for your business protection policy is the cover options that are
available.
First and foremost, it’s a legal requirement. So, unless you want to face substantial fines, then you need to take out a policy.
Along with this, it gives your business some much-needed protection. What happens if a claim is made against you? The chances are you’ll be taken to court and embroiled in a legal battle. As a result, you may be found guilty, and ordered to pay lots of money in compensation. Without this protection, all of that money has to come out of your own accounts. This can mean damaging the financial stability of your business or dipping into your personal savings. Either way, it leaves you in a dangerous situation that can lead to liquidation or bankruptcy.
By having this protection, you ensure that your business is protected and can handle any claims like this. Plus, you have the means to cover any legal costs – including those that can help defend your business against claims you believe are unfair. Therefore, this liability insurance policy can help you fight your corner and clear your business of any wrongdoing in situations like this.
How much does it cost?
Something as simple as an uncomfortable chair or desk can lead to
employee injuries and health conditions.
The cost can vary depending on a host of factors. Primarily, the type of business you operate, and the number of employees you have, are the two most significant factors.
Why?
Well, a company with one hundred employees has more chance of a claim being made than one with ten employees. It’s simply the law of averages; more employees means more possibilities that someone gets hurt or sick.
The type of business you operate is arguably even more critical. Companies that operate in risky conditions – like construction or manufacturing businesses – put their employees at more risk than companies who work in an office environment. The more risk there is of employees making a claim, the more expensive this insurance will be.
Additionally, the cost will depend on how much coverage you want. The industry standard is usually seen as £10 million, but you can opt for less or more. Smaller companies may not need this level of cover, so opting for less can help drive the overall policy costs down.
Another way you can save money is by lowering the chances of claims being made. To do this, you can improve the health & safety precautions in your work environment. Take action to keep your employees safe in the workplace, minimising the risks present. If you do this, then you can often get a lower premium because there’s less chance of employees being able to make a claim.
How do you get Employers Liability Insurance?
Something as simple as an uncomfortable chair or desk can lead to employee injuries and health conditions.
Don’t take any risks with regards to employers liability insurance. If you need it, then make sure you get it as soon as possible to avoid hefty fines. The best way to do this is by contacting us today. You can fill in your details on our website, and we will email you with full details of your quote. We will never be beaten on price, so you can be assured of the best possible insurance policy.
If you need more information on this liability insurance – or want advice on how much cover to get, then please feel free to call us today, and we’ll discuss everything with you.
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