Employers Liability Insurance

Running a business can be a wonderful thing but it’s important to keep track of all your financial obligations. One of the most important things you need to think about is insurance, and this is particularly the case if you’ve got employees – employers liability insurance is an essential purchase, and always needs to be invested in before you can even consider hiring personnel.

This type of insurance is a legal requirement for any business that employs one or more members of staff. Failing to have an adequate level of cover can result in hefty fines not to mention the risk of huge financial loss should an employee make a claim against you, making it one of those purchases that should never be overlooked if you want to continue to operate smoothly and legally.

You only need to consider the potential costs involved to realise its importance. You’re entirely responsible for the wellbeing of your employees when they’re on your premises or when working for you off-site, and if they were to suffer an accident, illness or be injured in any way they could well be entitled to compensation. The nature of such claims means they can be incredibly expensive and the costs can quickly mount up, but with insurance in place you can be confident that any claims can be dealt with incurring minimum financial loss.

The minimum level of cover tends not to vary as that minimum level is designed to meet what
is required under law, but it’s often wise to go for higher levels of protection depending on your circumstances and the number of people you employ and your broker will help with this if you use one. But, this doesn’t mean you have to spend a fortune – there are ways that you can reduce the cost of this particular type of employer liability insurance, and one of them is to incorporate it as part of an all-inclusive business insurance policy. Combining employers’ and public liability together with other types of cover can sometimes be cheaper than purchasing them individually, and many specialist insurers will happily build your policy around you and your individual business requirements.

Always remember that employer liability insurance shouldn’t just be seen as a legal requirement – it can be invaluable in the overall protection of your finances, so never underestimate its importance and try to get the highest level of protection you can afford.