Employers' liability insurance
If your business employs any staff then you will usually be required by law to have employers’ liability insurance to cover them in case of injury or illness at work. Here’s what you need to know about employers’ liability insurance.
What is employers’ liability insurance?
As an employer, you are responsible for the health and safety of your staff while they’re at work. Employers’ liability insurance covers you and your business against any claims made by employees who have been injured at work or experienced illness as a result of working for you.
Employers’ liability insurance is usually compulsory even if you are a small business employing just one other member of staff or a larger company with a team of 50, regardless or whether they are full or part time.
Holding employers’ liability insurance means that you’ll be able to cover the cost of any claim brought by an employee – or former employee – for an injury or illness acquired while working for you. These costs can now also include claims made by the NHS for the cost of treatment.
Employers’ liability insurance is there to ensure that you’re able to pay any compensation claims without compromising your company’s financial stability. Employers’ liability insurance also guarantees that insured staff will receive compensation even if your company has gone into liquidation or receivership.
You need a minimum amount of cover
You must be covered for at least £5 million by your employers’ liability insurance, though many employers’ liability insurance policies offer cover of at least £10 million.
You can also be fined up to £2,500 for each day that you do not have up-to-date employers’ liability insurance.
How uSwitch for business can help
Let uSwitch for business work out exactly what you need. We’ll compare business insurance on your behalf to save your business time and money – and we’ll take care of all the paperwork too.