One very important protection for a business is the employer’s liability insurance. The advantages associated with this kind of insurance are major, especially for companies with employees. Those businesses who tend to ignore the employers liability, often have to face severe consequences. Today it is a legally required to get employers’ liability insurance for all those who have a working staff under them. This is an indication that you take good care of your staff and are concerned about their welfare. Still, survey shows that many of the businesses remain uninsured.
Here are some very good reasons why one should go for the employers’ liability insurance.
- Legal obligation – If you are trading and running a business even with one employee, it is strongly recommended that you go for employers’ liability insurance. The minimum level of cover that is offered is £5million, but many insurers also offer £10 million. When you take out a policy, you will get a certificate from your insurer and a copy of this must be displayed for the employees. This is a legal requirement and in case you fail to take out the liability insurance, you run the risk of getting fined up to £2,500 for every day that you are uninsured.
- Financial protection – The financial security of a business gets covered under employers’ liability insurance policy in case of an accident that can harm an employee. The insurance takes care of the compensation claim that can be made against you. The policy also covers other costs like transport and medical facilities. It is only in the recent times that the importance and benefits of the employers’liability insurance have become even more apparent. A single claim made by the employer can easily bankrupt a business.
- Security of Employee – Employers’ liability policy will offer the employees a welcome security and they will be able to work with a satisfaction that their jobs are safe and the working environment is free of any risk and hazardous material. It is very essential for the business owner to take care of the health and safety of their workers and staff. It will give them a peace of mind that in case of any mishap, they will be taken care of all their costs met.It is apparent that it is very vital that one has a suitable Employers’ liability insurance for their company and business. You can be rest assured that your business is safe and so are your employees.