Employers Liability Insurance Comparison

As a business owner the pressure to stay within the law, protect your business and maitain a hold on business costs is intense. The ecomice downturn has led many businesses to examine all their costs from staff to premises and insurance. If you are downsizing staff numbers increasing staff to meet a new business opportunity or are simply working to maintain your current staff levels employers liability insurance comparison online can save you both time and money.

 

Employers Liability Insurance facts

• Employers Liability Insurance Certificates must be displayed (and valid) at each of your works premises.

• Employers Liability Insurance Certificates must be kept for 40 years.

Employers are required by law to insure against liability for injury or disease to their employees, which arises due to their work. The Employers’ Liability (Compulsory Insurance) Act 1969 ensures that you are covered by the minimum level of cover against liability claims.

What Does Employers' Liability Insurance Cover?
Employers’ liability insurance enables you to cover the cost of compensation claims made against you by employees for accidents or illnesses, which occurred during their work.

This insurance does not cover you for claims made against you by members of the public or other businesses, only for claims made by employees.

Who can I purchase Employers’ Liability Insurance Cover from?
You can use any insurer as long as they are authorised. Authorised insurers are individuals or companies working under the terms of the Financial Services and Markets Act 2000. The Financial Services Authority (FSA) maintains a register of authorised insurers, you can check whether a company is authorised by searching their register on http://www.fsa.gov.uk or telephoning 020 7676 1000.

How Much Employers Liability Insurance cover will I need?
The minimum amount of cover required is £5 million. When taking out cover you should consider the risks related with your work and consider whether more than £5 million is required.

Should my employees be made aware that I have Employers Liability Insurance?
Your insurer will provide you with a Certificate of Employers’ Liability Insurance which must state clearly the minimum level of cover provided and companies covered by the policy. You must display the Certificate of Employers’ Liability Insurance where your employees can easily read it.

Do I need to keep copies of previous certificates of Employers Liablity Insurance?
Copies of certificates of insurance must be kept for a minimum of 40 years after the date of expiry. This is because claims for diseases can be made many years after the disease is caused. Copies can be kept electronically if this is more convenient.

What Happens If I Do Not Have Employers’ Liability Insurance?
The Health and Safety Executive or Enforcing Authority inspectors enforce the law on employers’ liability insurance and will check that you have insurance in place with an approved insurer for at least £5 million. Certificates will be asked for during visits and you can be fined up to £2500 for any day which you are without suitable insurance. You can also be fined up to £1000 for not displaying the certificate of insurance or if you refuse to make it available to inspectors when they ask.

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Employers liability insurance comparison - saving employers time and money