As a legal requirement for anybody who has employees in the UK, employers’ liability insurance is something that no business owner can avoid. Whether your business employs one person on a part-time basis, or several full-time, it is your legal obligation to take out insurance. Aside from the legal requirements, there are also many benefits to being insured.
So what do these benefits involve? Due to the legal nature of employers’ liability insurance, those who continue to operate without it can face fines of up to £5 million if they do not comply with the law. Such fines could naturally put you out of business and can affect your ability to obtain finance in the future.
Aside from fines, those who do not have employers’ liability insurance leave themselves vulnerable to compensation claims that could also have a detrimental effect on their finances. If a member of staff is injured in the workplace, or they suffer an illness as a result of their work, your insurance will cover you for legal costs incurred. With a growing number of people making claims against their employers for conditions and precedents set by judges allowing them to do so, not having insurance could seriously damage your business’ finances.
What Is Covered?
At Livingstones we specialise in helping you avoid the costs and damages incurred by your business. No matter what safety measures are in place, there is a chance employees could be injured or become ill as a result of working for you.
You can also be protected if an employee contracts an illness as a result of working for you even if this doesn’t manifest itself until after they have left.
If you find that you are without staff suddenly, your insurance plan could also provide cover for temporary staff.
We make it our mission to discuss with you every aspect of your personal requirements. For example, certain industries pose more of a risk to their employees than others. Discussing your insurance needs and researching them carefully is the best way to ensure you do not pay too much and we’re on hand to help you with this.
Before choosing your policy, you need to define what is most important to your business. Basic aspects like damage caused to employees are covered in the majority of policies, but some are more specific. For example, if you use tools, or you have stock, you need to make sure that those aspects of your business are well-covered.
With our comprehensive understanding of the industry, you can be sure to find the best policy to suit you.