What is employers’ liability insurance?
Employers’ liability insurance safeguards businesses against legal and compensation expenses from employee claims. It’s a key type of insurance, because if one of your employees falls ill or sustains an injury in the context of the work they do for you, you could be held liable.
The health and safety of your employees is of paramount importance, and as an employer it’s vital to uphold that responsibility. Something as simple as slipping on a wet floor could lead to a claim. As accidents do happen, you can protect the vitality of your business with an employers’ liability insurance policy.
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How much employers’ liability insurance do I need?
Many businesses in Britain are required by law to have cover worth at least £5 million as soon they employ their first member of staff. Of course, the nature of work and the risks involved in each business may vary, meaning you may require more employers’ liability insurance. To work out how much you need, consider how much the most serious claim you might face could cost.
While there are some circumstances in which a company doesn’t require this cover, these instances are rare. The reassurance of having comprehensive cover is invaluable, as the cost of defending your business against a liability claim could prove damaging, especially for start-ups and SMEs.
The cost of your insurance policy will also vary in line with the value of the cover you take out. Quotes are based on factors such as how many people you employ and the type of work you do. Premiums are often higher in high-risk professions where you work in more dangerous situations, like plumbers, engineers or electricians.
The best way to get an idea of how much employers’ liability insurance you need and what it will cost your business is to get a free quote online. Once you have this, protect your world with the right level of business cover by speaking to an insurance specialist for a quote tailored to your specific requirements.
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