What is employers’ liability insurance?
As an employer, you are responsible for the health and safety of your employees whilst they are at function. If they suffer an wound or illness ascribable to the work they do for you, they may try to claim compensation. Employers ’ indebtedness insurance is there to protect you in these circumstances. The prerequisite for employers to purchase this type of insurance was introduced under the Employers ‘ Liability ( Compulsory Insurance ) Act 1969. This Act ensures that employers have a minimum level of insurance to cover claims for the cost of recompense awarded to employees .
Employers ’ liability insurance is different to public liability indemnity, which provides fiscal auspices for claims made against you by members of the public or customers .
What does employers’ liability insurance cover?
Employers ’ liability insurance protects you if an employee sues you as a result of a work-related injury or illness. It covers the legal costs in defending the claim ampere well as any recompense payments due.
The most common claims tend to be slips, trips and falls. An model would be if an employee tripped over a computer cable or loose floor tile and broke their sleeve. They are unable to work for respective weeks and decide to seek recompense for their injury from you. Apart from slips, trips and falls, early examples of accidents and injuries that can result in employers ‘ indebtedness claims include :
✔ Accidents caused by defective tools or machinery
✔ Manual handling accidents
✔ Repetitive try injuries
✔ Occupational diseases such as occupational dermatitis or occupational asthma
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Why is employers’ liability insurance important?
Employers ’ indebtedness indemnity is essential for a count of reasons. first, it is a legal prerequisite in the UK for most businesses that employ at least one penis of staff to have this type of embrace in invest. thus, unless you are excuse from this necessity, you will be violating the police if you lack this fiscal protection. The Health and Safety Executive ( HSE ) is responsible for enforcement and can fine businesses up to £2,500 a day if they don ’ t take out the necessity blanket. It can besides fine businesses £1,000 if they fail to display their employers ’ liability insurance certificate .
Another reason why this type of indemnity is so authoritative is because of the character it can play in protecting your clientele ’ finances from the risk of potentially big compensation claims. Regardless of how careful you are when it comes to safeguarding the wellbeing of your employees, there is constantly the possibility that person will be injured or suffer an illness due to the work they do for you. If this happens and the hurt party takes legal action, you could find yourself facing significant costs unless you have appropriate indemnity in place .
Why choose employers’ liability insurance from Markel?
At Markel, we offer employers ’ liability indemnity that you can rely on. hera are good some of the reasons to purchase your shroud from us :
✔ Excellent value for money
Our policies are designed to provide you with the protection you need at a price you can afford, with premiums starting at just £5 a month* .
✔ Cover you can trust
We are a division of Markel International, a Lloyd ’ randomness and London marketplace insurance company that wrote arrant premium totals of £1.09 billion in 2020 .
✔ Get a quote in seconds
Simply fill in our agile and easy on-line quote mannequin today to get a employers ‘ liability policy quotation that you can tailor to suit your businesses ’ individual needs. It takes equitable 90 seconds .
✔ Sector-specific insurance
We provide insurance blanket designed to suit the specific needs of humble businesses, contractors, freelancers, charities and community groups .
✔ Positive customer reviews
We presently insure more than 200,000 businesses and are highly rated by our customers on Feefo.com .
* The £5 a month referenced is based on a business with less than five employees and a £10 million specify of brood .
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Do I need employers’ liability insurance?
If your business is located in the UK and you have one or more employees, it is identical probable that you need employers ’ liability indemnity. There are a small number of exceptions to this, as outlined below .
Is employers’ liability insurance a legal requirement?
You are legally required to get employers ’ indebtedness indemnity unless you are nontaxable from the Employers ‘ Liability ( Compulsory Insurance ) Act 1969. Examples of those who are nontaxable include :
- Businesses that employ only their owner (where that employee also owns half or more of the issued share capital of the company)
- Family businesses where all employees are direct family members (excluding family businesses that are incorporated as limited companies)
- Businesses whose only employees are based abroad
- Certain public bodies
If you are not sure if your business is excuse, you can find more in this HSE lead, or you can contact our team for advice.
How much employers’ liability cover do I need?
Most businesses are legally required to have employers ’ indebtedness indemnity of at least £5 million. however, some businesses opt for more blanket than this. Our employers ’ liability policy provides £10 million deserving of cover. When deciding how much fiscal protective covering you need, you should consider the specific risks and liabilities that your clientele faces .
How much does employers’ liability insurance cost?
Employers ‘ liability insurance from Markel starts from lone £5 per month*, and we give you the option of paying over 10 interest-free monthly instalments. When you buy cover charge from us, you can rest assured you won ’ deoxythymidine monophosphate be hit with any hidden fees. besides, if you want to cancel your policy, you won ’ thymine face any cancellation charges .
How can I buy employers’ liability insurance?
Simply fill up in our flying and easy on-line form today to get a quote that you can tailor to your individual needs. Receive an on-line quotation mark in less than two minutes .