Employers liability insurance gives protection to the business owner (employer) and the worker (employee) alike. It is effective in three cases. First, in case your employee falls ill, second, he suffers an injury and third, in case of an employee’s death. Acquiring employers liability insurance is a legal obligation for every business. There is no escaping it. However, if you are your only employee or you don’t hire anyone outside your family, only then can you make an exception.
Employers liability insurance is a legal obligation in many countries of the world, such as the USA, Britain and many others.
The protection employers liability insurance offers is great. In the event of an accident, and your employee(s) decide to sue you, the legal and medical fee will be covered by your insurance provider.
What the claims bring about will depend upon whose negligence caused the accident in the first place. If the employee was at fault, the extent of his fault will determine as to whether your costs are cut down or they completely vanish.
The punishment for not purchasing employers liability insurance is very severe. Your business will be fined heavily each day you do not have liability insurance for your employees. Furthermore, your business may be shut down entirely by health and safety regulators, in addition to heavy fines, if you fail to purchase employer liability insurance.
The insurance certificate that you get must be available for your employees to read. You can put up a copy of the certificate on your company’s information board and perhaps put another copy on the company website, whatever way suits you better.
EL insurance does not cover public. It only covers your employees. In the event a customer or third party is injured on your premises, your commercial/public liability coverage will cover the costs if legal action is taken.
Furthermore, EL insurance does not protect your from discrimination claims, wrongful terminations claims, harassment claims, etc.
Your insurer must be authorized, otherwise you will be breaking the law. Also, you would want to compare the premium costs of different insurers so that you get yourself a decent deal.
Employers liability insurance is a protection for both the employee and the employer. The employee gets coverage in the event of an accident, and the employer is able to save money. This insurance plan is surely a relief.
About the author: Ben Ashfalk is passionate about employers liability insurance and liability insurance.
Incoming search terms for the article:
Related posts:
- Employers Liability Insurance – a Necessary Employer and Employee Protection Scheme
- Liability Insurance Quotes – Finding the Most Affordable Insurance Premiums
- Public Liability Insurance Helps Protect Your Business and Home
- Public Liability Insurance Quote – Important Information for Your Quote
- Commercial Liability Insurance – Peace of Mind for the Business Owner
Leave a comment