Business growth usually leads to the need for more staff, temporary workers, or contractors. That growth in revenue and staffing comes with a few business risks, including the costs incurred by a sick or injured employee.
You can save both time and money by adding the necessary coverage to an existing business policy alongside your public liability insurance, and any other form of coverage your business calls for.
Carrying Employers’ Liability Insurance (sometimes called EL insurance) is a legal requirement for almost every business in the UK. You must also carry insurance for every temporary or contract worker you employ. Tradesman Insurance 4U serves that need by offering affordable policies for many types of business.
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The first line of defense should always be good health and safety practices. Taking reasonable steps to reducing the risk of accident, infection, or injury cuts your chances of facing a claim.
Review relevant regulations and best practices in your industry and always make sure they are being followed. Carry out a workplace risk assessment with the help of your employees and repeat this on a yearly basis.
You must have liability coverage for each full-time employee for every day they are on the job. Failing to carry this insurance could incur a fine of up to £2,500 per day.
Be sure to give your insurance company an accurate employee count when buying or renewing liability insurance- casual, part-time, and seasonal workers do count as staff so you must make sure your policy also covers them. However, you can omit immediate family who work for you as (for insurance purposes) they do not count as employees.
Sometimes employees who have already left your company have legitimate claims. This is so because it can take many weeks or months for some diseases and disorders to produce symptoms.
In rarer cases, a physical injury like Carpal Tunnel Syndrome might not show symptoms until just after the employee has left the company. If the condition in question could be connected with the former employee's work, they may have a valid claim.
Employer liability insurance helps protect you from these delayed claims.
Researching other businesses that are in your trade, as well as asking your clients what level of public liability cover they expect, can help you make wise and often business saving decisions, should accidents happen to you or your company.
Need more details? You can find out more about cover options that can help protect your business in the long run, by heading to our insurance cover types section. Simply choose the cover options you’re interested in and find out everything you need to know — if you don’t know where to begin, you can check out our business insurance FAQs.
Employers’ Liability Insurance protects you against the cost of compensation claims arising from employee illness or injury that’s sustained as a result of their work for you.
It is a legal requirement if your business employs one or more people, and every day you go without cover brings fines of up to £2,500.
In addition to being a legal requirement, Employers’ Liability Insurance provides affordable protection against expensive legal claims by current or former staff.
If you employ staff, even on a casual basis, you will need to carry Employers’ Liability Insurance. If you hire contractors you are also required to have cover for this. Self-employed persons and people who only employ immediate family are exempt from this requirement.