The purpose of employer liability insurance is to cover costs if any of your employees or ex-employees sustain an injury at work or become ill as a direct result of work. To keep costs down and ensure that you purchase the right product, you should always carry out an employer liability insurance comparison. This is one of the core insurance policies for business owners.
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If you have a business that employs people, it is a legal requirement that you hold employer liability insurance. If you operate a business without it in place, it’s possible that you could be fined up £2,500 for each day that you do not have this insurance in place.
– The type of business you run, what it does and the sector it operates within
– How many people are employed by your business
– Whether or not you have made any previous claims under a different policy
As you might expect, certain professions and businesses are at a higher risk of claims as they require employees to work in circumstances where there is more likely to be an accident or injury. These include professions such as plumbers, electricians, gas professionals, builders and engineers.
There may be a situation where an employee has injured themselves by failing to carry out the necessary safeguards to prevent this; the employer will still be liable. This will especially come into play where a court deems that the employee was not in receipt of sufficient health and safety training in order that they were equipped with the knowledge to prevent themselves from sustaining injury.
In all of these cases, employer liability insurance comparison and purchase will result in the compensation and legal fees being covered. Without this cover, the employer will be required to pay these expenses out of pocket and is likely to be fined a hefty amount for failing to have this policy in place.
Don’t wait for an accident or employee injury claim to happen, compare employer liability insurance quotes now and get cover for you and your business.
If an employee or ex-employee successfully brings a claim against your business for illness or injury sustained at work, the policy will cover the agreed amount of compensation and any legal costs.
There are many workplace hazards that could result in employee accidents and/or injury. Often these arise from poorly maintained office spaces. Examples could include pieces of loose carpet that cause an accident, trailing wires and cables that cause an employee to trip or an unstable piece of equipment or furniture that falls on and injures an employee.
An employee could become ill after exposure to a dangerous substance in their place of work. The employer will then not only need to meet any compensation amount and legal costs but may also need to reimburse the employee for loss of earnings.
The exception to these two exemptions is where the company is incorporated as a limited company, in which case the cover must be held. Regardless of the legal status in relation to whether or not the cover is required, many companies feel that it is worth the cost as any claims for compensation and legal costs can be very high. The peace of mind offered can be invaluable and the avoidance of any damage to your reputation in the event of any serious claims should also be considered.
This insurance is designed to cover not only the amount of any compensation due, but also your legal fees. However, you should always read the policy details before purchase and ask any relevant questions if anything isn’t clear or there are elements that you are unsure about.
The policy must cover all permanent full time or part time employees. It should also cover seasonal and contract employees and contractors carrying out labour only work. The policy must also cover temporary staff. This includes work placements, interns, apprentices and students. If the firm uses volunteers, advisors or any other unpaid positions in any capacity, these must also be covered.
For the purposes of this insurance, an employee is defined as someone who pays income tax and National Insurance contributions from their salary. Their place of work, working hours and conditions are at the discretion of the employer, and if they are unable to work they can’t be replaced by the employer. When you carry out an employer liability insurance comparison, you should check that the policy you select covers anyone who works for your organisation.
You may be unsure as to whether someone is considered to be an employee in the eyes of the law. Subcontractors are usually not included while labour only subcontractors are, for example. If you are in any doubt about whether or not employer liability insurance is needed for your business, always seek advice.
The eventual costs of the policy will depend on a number of different factors, including the level of cover. The legal minimum you must be covered for is for compensation of £5 million. However, most policies will give cover of at least £10 million. To help you to decide how much cover you need, work out how much the most serious claim your business could face would cost you in terms of compensation and legal fees. Research this online by looking at typical claims faced by businesses in your sector and by companies of a similar size to yours.
Yes, for most businesses in the UK which have at least one employee on the payroll, the law says that employers’ liability insurance must be in place. Furthermore, there must be a minimum cover level of £5 million for each policy.
The cost of employer liability insurance policies varies greatly. If you use a price comparison site, you will be able to see the best policies for your business’s needs, at the best prices – and apply online directly for speed.
Bright Compare compares the latest, most up to date Employer Liability Insurance policies available on the market, so you can obtain the right policy for your business at the best possible price – from a trusted insurer. Simply search and apply online through us.
Yes, in most circumstances, if your business has one employee or more, you will need employer liability insurance to the value of £25 million or more, although there are exemptions. This commercial insurance is a legal requirement for most businesses to operate.
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