Employers' Liability

It’s important for businesses to accurately disclose their workforce, the nature of their activities and any potential risks to the insurance provider when obtaining Employers’ Liability insurance. This ensures that the coverage is appropriate for the business’s needs and that employees are adequately protected in case of work-related injuries or illnesses.

Description

Employers' Liability insurance is a type of coverage that provides financial protection to employers in the event that their employees become injured, fall ill, or sustain any other work-related damages during the course of their employment. This insurance covers the legal costs, medical expenses, compensation payouts and other associated costs that may arise from such incidents. It is often a legal requirement for businesses that employ staff and it helps ensure that employees receive adequate compensation and support if they suffer harm while performing their job duties.

Cost

The cost of Employers' Liability insurance in the UK can vary widely depending on factors such as the size of the business, the industry it operates in, the number of employees, the nature of the work, claims history, and more. The size of the business is a crucial factor in determining the cost and requirements of Employers' Liability insurance. Larger businesses with more employees inherently have a higher risk of workplace injuries or illnesses due to the increased number of individuals working for the company.

Requirements

In the UK, Employers' Liability insurance is typically legally required for most businesses that employ staff, with few exceptions. The Employers' Liability (Compulsory Insurance) Act 1969 mandates that businesses must have at least £5 million in coverage. This insurance must be obtained from an authorised insurer and failure to have proper coverage can result in substantial fines. As laws and regulations can change, it's advisable for businesses to stay informed about any updates or changes in Employers' Liability insurance requirements and seek guidance from insurance experts to ensure compliance and proper coverage.

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Expert Advisor

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Stuart Deacon

Insurance Practitioner

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